South Florida’s boutique condominiums, such as Ocean 2000, appeal to frustrated prospective … [+]
Given the ultra-tight supply of single-family homes in South Florida, buyers are turning to what they consider the next best thing: Luxury boutique residential buildings. These properties afford them the privacy they sought in a house, because the buildings have fewer units and therefore limited numbers of neighbors. At the same time, they offer the turnkey lifestyle and trappings of high-end, resort-like condominium properties.
The real estate brokerage RelatedISG Realty reports South Florida single-family home and condominium inventories are cliff diving to all-time lows. Just 5,300 single-family homes were available in December 2021, vis-à-vis 9,495 in December 2020 and 16,248 in December 2019. By February of this year, the number had fallen to 4,648.
In Miami Beach and the barrier islands, single-family home sales declined by 22 percent in 2021 versus 2020, while condo sales skyrocketed a dramatic 55 percent, according to Douglas Elliman’s Q3 2021 market reports.
The newest boutique buildings offer features that promote privacy, provide space and deliver tech-forward conveniences. Think private elevator entries, the latest in tech-enabled conveniences and SmartHome features and the kind of space associated with single-family. What follows are a few of the new buildings that serve up such luxuries.
2000 Ocean, Hallandale Beach
Expansive residences fill half floors and full floors in this 64-residence development from KAR Properties. For prices starting at $3.3 million, homeowners enjoy the services of trained staff and on-call aestheticians, massage therapists and fitness instructors.
Half-floor layouts encompass 2,913 square feet, offering three bedrooms and 3.5 bathrooms. Full-floor plans have five bedrooms, 5.5 baths and 5,832 square feet.
“We purposefully and carefully designed 2000 Ocean to be a tranquil enclave unlike anything that exists in south Florida,” says Shahab Karmely, KAR Properties CEO.
“At minimum, our residents have half of an entire floor to themselves, if not the entire floor, with private elevator landings providing the utmost privacy and scarce interaction with other residents. In this time of historic demand and scarce inventory in South Florida, would-be single-family home buyers are finding themselves dissatisfied with the options available and are turning to 2000 Ocean.”
Ten30 South Beach, Miami Beach
The pandemic’s impact on this four-story development? During the process of its construction, it was downsized from 43 to 33 residences. The one- to three-bedroom homes range from 786 to 3,005 square feet in size and are priced from $566,000 to $1.9 million.
Combining multiple condo units into larger residences has been the favored strategy of multiple purchasers. Residences feature mid-century modern design and offer chef-caliber kitchens, Bluetooth-enabled keyless entry and camera surveillance. Among the more high-profile amenities are a 6,000-square foot rooftop deck and pool.
Boutique developments are the ideal choice for purchasers who want to avoid feeling crowded, but do want resort-caliber amenities and a price point more affordable than single-family homes. So says Stephanie Shojaee, president of Ten30 South Beach developer Shoma Group. “Buyers were drawn to Ten30 SouthBeach because with just 33 units, it feels like an exclusive retreat in the middle of one of South Florida’s most attractive locations,” she says. “We originally highlighted Ten30 South Beach’s smaller units and studios in our marketing because there was demand for that product. That changed during the pandemic. We started to see buyers asking for two- and three-bedroom units, and eventually we eliminated studios and allowed buyers to purchase multiple units to combine them into larger residences.”
160 Marina Bay, Fort Lauderdale
Designed two years ago, this five-story development with four residences per floor launched sales last year on 16 water-view residences.
The three-bedroom, three-and-a-half bathroom condominiums range in size from 2,875 to 2,918 square feet, and feature sprawling terraces that bring homes to more than 3,000 square feet each. Prices start in the $2 millions, and penthouses start at $2.2 million. State-of-the-art features include in-wall SmartHome system controlling locks, lighting, thermostats and more.
