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Setai Residences

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Neighborhood: South Beach

Year Built: 2004

# Units: 163

# Floors: 40

# Parking Levels: valet only

ROSS100 Condo Index Ranking +

46

out of 100

COST RATING: +

4.68 out of 5

LIFESTYLE RATING: +

4.00 out of 5

Ross’s Comments – What you Need to Know about Setai Residences

The Setai Miami Beach Hotel and Residences is split between the hotel suites in the art deco building and the tower residences.

The tower residences are one and two bedroom residences from floors 15 through 40, with a number of penthouses with approx. 6,000 sf of living space, private pools and outdoor entertainment areas.

Now a decade in the making, the Setai Residences continue to attract the ultra-luxury client looking for outstanding service, with a variety of resort, spa and restaurant options on site. The many outdoor pools, private beach area and resort services are big selling point as well.

In 2013, a 7,100 sf penthouse unit that spans the entire 40th floor, with a 3,000 sf rooftop terrace, summer kitchen and an infinity pool, sold for $27 million ($3,803 per sf) to group of European investors.

The amazing beach, ocean and city views from the high floor 06, 07 and 08 lines are unique for an oceanfront building in the South Beach submarket.

The 130 suite Setai Miami Beach Hotel was recently sold to a New York investment group for $90M, or $692,307 per room (Dec 2014).

BUILDING QUALITY +

MANAGEMENT +

LOCATION +

RENT FRIENDLY +

ACCESSIBILITY +

FINANCING +

DESIGN & EFFICIENCY +

AMENITIES +

WALKABILITY +

PET FRIENDLY +

PARKING +

SECURITY +

RECENT PRICE/SQ FT $2,406

RECENT PRICE/M² $25,898   

MAINTENANCE COST/SQ FT > $2.00

2 BEDROOM PRICE RANGE (2014-2015) $2,500,000 – $5,250,000

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UNIT SIZES  847 – 7,107 sq. ft (62 – 180 m²)

UNIT TYPES  1, 2 and 3 bedrooms

# OF UNITS  163

# OF FLOORS  40

# OF PARKING LEVELS  valet only

ARCHITECT  Schapiro and Associates

DEVELOPER  Setai Group, LLC

PET POLICY  Pets allowed subject to restrictions

24-hour concierge, valet & security

Onsite 5-star hotel, with many hotel amenities available to residence owners

Resort area on beach offering food, beverages, towels and beach daybeds

90-foot poolside bar

Spa services available to residents and hotel guests

On-site world-renowned boutique and art store

Maid and valet services available from the Hotel

Stunning two-story lobby featuring French limestone, teak and black granite floors

4 on-site culinary options: award winning Restaurant at the Setai, The Bar and Courtyard, The Setai Grill and The Pool and Beach Bar

SOUTH BEACH

South Beach, also known as SoBe, is a neighborhood within the city of Miami Beach. It is the area south of Indian Creek and encompasses roughly the southernmost 23 blocks of the main barrier island that separates the Atlantic Ocean and Biscayne Bay. This area was the first section of Miami Beach to be developed, starting in the 1910′s, due to the development efforts of Carl G. Fisher, the Lummus Brothers, and John S. Collins.

During the 1960′s, South Beach became even more famous when Jackie Gleason brought his weekly variety series, The Jackie Gleason Show to the area. Beginning in the late 1970′s and continuing through the 1980′s, South Beach was used as a retirement community with most of its ocean-front hotels and apartment buildings filled with elderly people living on small, fixed incomes. This period also saw the introduction of the “cocaine cowboys,” drug dealers who used the area as a base for their illicit drug activities. The movie “Scarface“, released in 1983, typifies this activity. In addition, the television show Miami Vice used South Beach as a backdrop for much of its filming because of the area’s raw and unique visual beauty.

The area has gone through numerous artificial and natural changes over the years, including a booming regional economy, increased tourism, and the 1926 hurricane, which destroyed much of the area. The South Beach section of Miami Beach is a major entertainment destination with hundreds of nightclubs, restaurants, boutiques and hotels. The area is popular with both American and international tourists, with many having permanent or second homes.

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