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Yacht Club at Portofino

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Neighborhood: South of Fifth

Year Built: 1999

# Units: 362

# Floors: 34

# Parking Levels: 5

ROSS100 Condo Index Ranking +

53

out of 100

COST RATING: +

2.23 out of 5

LIFESTYLE RATING: +

3.33 out of 5

Ross’s Comments – What you Need to Know about Yacht Club at Portofino

Similar to the Floridian condo in South Beach, the Yacht Club has 12 units per floor with the odd numbers facing bay and even numbers the city.

Traditionally the most affordable waterfront option in South of Fifth with big bay views.

The building leases 115 parking spaces from the City of Miami Beach on a 101 year term lease that expires in the year 2099.

A big plus of owning in this building is that they have a flexible rental policy for absentee owners that wish to rent on a monthly or seasonal basis.

BUILDING QUALITY +

MANAGEMENT +

LOCATION +

RENT FRIENDLY +

ACCESSIBILITY +

FINANCING +

DESIGN & EFFICIENCY +

AMENITIES +

WALKABILITY +

PET FRIENDLY +

PARKING +

SECURITY +

RECENT PRICE/SQ FT $700

RECENT PRICE/M² $7,535 

MAINTENANCE COST/SQ FT $0.75 – $0.99

2 BEDROOM PRICE RANGE (2014-2015) $509,250 – $980,000

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UNIT SIZES  740 – 3,215 sq. ft (1,980 – 184 m²)

UNIT TYPES  1, 2 and 3 bedrooms

# OF UNITS  362

# OF FLOORS  34

# OF PARKING LEVELS  5

ARCHITECT Cohen, Freedman, Encinosa and Assoc.

DEVELOPER  The Related Group

PET POLICY  2 pets up to 50 lbs each, other restrictions apply

24-hour concierge, valet & security

2 story lobby with waterfall

Bay-front swimming pool & jacuzzi

Tennis courts

Business center

Fitness Center

Sun deck

Entertainment room

SOUTH OF FIFTH

As with many of Miami’s historic neighborhoods, the South of Fifth “SoFi” neighborhood in Miami Beach enjoyed its heydays in the 1950′s. Miami Beach had a reputation as the “American Riviera” with its beaches, hotels, tropical weather, mobsters and star power. However, the area was ethnically divided with SoFi as home to a thriving, mostly Jewish community, while the areas to the north and even some hotels had little tolerance for diversity. A number of hotels had “restricted clientele” rules and some properties transferred with deeds prohibiting “Hebrew blood.”

By the 1970′s, however, SoFi had become a haven for Jewish retirees and the younger generation stopped moving in. As the area declined, the city formed what was known as the “Committee to Keep Greater Miami Beach Young.” In an effort to eliminate most of the structures south of Fifth Street, the city created the South Shore Redevelopment Area in 1973. The city leader’s imagined that the $400-million plan would completely revitalize the area. Unfortunately, it all but guaranteed the area’s decline.

Many theories exist as to why the plan failed so dismally, but clearly it influenced property owners to stop taking care of their existing buildings. As the neighborhood was so cheap, it attracted the poor and crime and drugs became rampant. Unfortunately, things continued to get worse and it was not until the mid 1990′s that interest re-emerged to invest in the SoFi area.

Today the SoFi neighborhood represents the success that major redevelopment can produce. The area is very safe, it boasts a highly ranked elementary school, South Pointe Park, many successful businesses, restaurants, hotels, nightclubs and some of the most expensive real estate in Miami. Every weekend the beach is packed with locals and tourists. There are several iconic luxury condo projects in the SoFi area, including the Apogee, Murano Grande, Icon, Continuum North and South, Portofino Tower, Murano at Portofino, in addition to several currently under construction.

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Yacht Club 25.769755, -80.138385 90 Alton Road, Miami Beach, FL, United States (Directions)

NOW TRENDING IN ROSS100

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