MIAMI HEAT
Y OU could call it a comeback. Over the past few years, the Miami real estate market has gone from serious lows (thousands of unsold condos) to serious highs (the in-contract Faena House rooftop penthouse that will reportedly sell for a record $60 million). And new developments continue to debut: in Greater Downtown Miami alone, nearly 18,000 units have been proposed since 2011, according to CraneSpotters, which tracks local development.
But the Miami scene is about dollars and developments — with a nice stock of homes priced over $10 million, says database Zillow. New Yorkers and foreigners are likely buyers. As they arrive in Miami, here is what they’ll find.
1 LAUDERDALE LUXE
With beachfront running low in Miami, Ft. Lauderdales is attracting heavy-hitters like Fortune International and the Related groups. They’re teaming up here with the Fairwinds Group to build the 171-unit luxury beachfront condo Auberge Beach Residences Spa. “Fort Lauderdale is primed for Miami-style high-quality projects,” says Fortune International’s Edgardo Defortuna. When finished, the property will be managed by Auberge and span over two buildings. Units will measure 1,500 to 5,000 square feet, have two- through five bedrooms, prices ranging $1.5 to $8 million and all will have ocean views. Some units will also include oversized terraces with private pools. Construction starts in 2015; and in Miami itself, Auberge is behind the 60-story Auberge Residences & Spa at 1400 Biscayne Boulevard, which the Related Group is also developing.
2 NEW FEST IN TOWN
Maison & Objet — the long-standing Paris trade fair dedicated to high-end lifestyle, decoration and design — makes its stateside debut in Miami Beach from May 12-15. But this solo show happens at the end of the season — months after Art Basel and Design Miami draws hordes of deep-pocketed folks to the city. The annual fair will set up shop at the Miami Beach Convention Center. The show has already grown internationally after launching in Singapore this past March. Now in Miami, the intent is to expand the show to lure the “sizable” and “untapped” Americas and Caribbean markets. “Miami is an American city that pulses with the energy of Latin America, and has already proven itself to be conducive to the convergence of art and business,” says Philippe Brocart (inset), managing director of SAFI — the organization that owns and operates Maison&Objet ( maison-objet.com).