30 Nov WHAT DOES LUXURY MEAN TO YOU? MIAMI BUYERS SEEKING WATERFRONT AND WORLD-CLASS AMENITIES
November 30, 2018 — In Miami, the word condo is nearly synonymous with “luxury condos.” Those purchasing condo properties in Miami, whether for home or investment are largely in the market for luxury condos. Upscale, opulent finishes and resort style amenities have become expected and developers are in fierce competition to outdo each other in order for their properties stand out.
Beyond the concierge services, lush, tropical pools and health-club level gyms, the definition of luxury is a personal one and often varies from buyer to buyer. The majority of buyers in Miami are looking for their purchase to deliver a certain lifestyle. With some of the best weather, beautiful bodies of water, and a plethora of activities, people in Miami want their condo to compliment their lifestyle.
LUXURY CONDOS IN MIAMI HAVE IMPRESSIVE WATER VIEWS
As we’ve previously reported, and as featured in Robb Report, having a water view is much more than just access to recreation. Water views can bring a sense of well-being, stress relief, and that all-important stamp of luxury. So much so, that condos in Miami with water views can demand as much as a 100% premium over a similar condo with a city view. For a waterfront condo to be truly luxurious, open and dynamic water views mean more than just looking at a canal or the Miami River. A luxury Miami waterfront property should have several layers and lots of activity day and night.
If property owners in Miami are looking to entertain, or to maximize the rental value of their investment properties, condos set up for maximum livability and guest accommodation are a must. High ceilings, open floor plans, outdoor kitchens and large terraces are an absolute must. Additionally, a seamless flow between indoors and outdoors is essential for both daily living, entertaining and taking in the big views from the social space. Most luxury properties in Miami are built with expansive rear facing windows and doors, which can be fully opened to expose the outer decks and water views. In addition to inside one’s own condo, many luxury properties have lavish, resort like poolside common areas that can be reserved and used for entertaining.
Of course, if the Miami condo is on the ocean, it will primarily face east. If not on the ocean, a north facing property is ideal in Miami. A northern exposure avoids direct sun in winter and high temperatures in summer, plus it offers some of the best light without overexposure from the sun – which can be intense many months out of the year. Also, north facing unit owners tend to enjoy more of the seasonal weather and the outdoor space year round.
DESIRE TO ENTERTAIN AT THE TOP OF THE LIST FOR MANY LUXURY BUYERS
Entertaining and being comfortable at home is one thing, but in Miami, you’re not truly living unless you’re taking advantage of all the city has to offer. In additional to year-round festivals and events, such as Art Basel and South Beach Wine & Food Festival, Miami has many natural resources that make it one of the most ideal places for luxury living. With easily navigable intracoastal waterways, Miami offers some of the best boating adventures in the world. A building with direct dock and water access make for hassle-free and enjoyable boating experience. Within just miles of any Miami dock are many waterfront restaurants with dockage – such as Monty’s Sunset, Seaspice and the infamous Garcia’s Seafood. There are also weekly impromptu boat parties where boaters can drop anchor at one of several sandbars. Haulover sandbar is adjacent to Bal Harbour, while Elliot Key is only a short trip past the historic Stiltsville and offers beautiful parks for recreation and picnicking.
LUXURY ALSO CALLS FOR HEALTH AND WELLNESS
With recreation and activity comes wellness. Whether or not you buy into the mantra that Miami is ‘year-round bikini season,’ the Miami lifestyle easily lends itself to health and wellness. In addition to the world-class on-property fitness centers, buyers in Miami look to be near other popular fitness offerings. Yoga classes, spinning studios, greenmarkets and healthy dining options have made their way to the top of the list for many buyers. Fitness, luxury and fashion have become so prevalent in Miami that numerous similar positioned brands have got into the real estate game.Versace, Stella McCartney, Bulgari, Giorgio Armani, Aston Martin, Porsche, and Maserati are all hoping their brand recognition will help sell real estate. Just this week, denim giant Diesel has teamed up with Bel Invest Group to build 143 Diesel Living-designed residential units, as well as approximately 24,000 square feet of street-level retail space in the Wynwood arts district.
“Diesel Living is the first true concept of modern living by a fashion brand. It reflects the lifestyle of today’s young generations… their ‘social’ way of interpreting their residences, spaces where they live, work, entertain friends,” said Renzo Rosso, founder of Diesel.
Diesel is hoping to take advantage of the growing trend in Miami to create a true urban pedestrian-friendly neighborhood, similar to what is found across Europe.
Thankfully, in Miami, our weather, ocean and beaches are the ultimate luxury. This gives our developments a significant leg-up on condos in other cities. It’s up to the developer to maximize this luxury – and to the savvy buyer to recognize these amenities to find and purchase the condo that best meets their lifestyle needs and wants.
The team at Ross Milroy Realty specializes in Miami’s waterfront luxury properties – allow us to help you determine what’s important for your lifestyle, and to find the condo that delivers it.