Condos & Condo Hotel Units in Midtown Miami
July 30, 2014
Hello. Joel Greene here from Condo Hotel Center. I was reading The Miami Herald the other day and saw a local condo developer quoted. His words have been on my mind ever since. He said, “Miami is the sweetheart of the world. Everyone wants a place here.”
I couldn’t agree more. Miami has always attracted investors from Brazil, Argentina, Venezuela and Mexico. But now, I’m seeing almost as many buyers from Russia, England, France and Canada, among other places. I’ve even been talking with realtors in Hong Kong who say they have Chinese buyers with their eyes set on Miami.
South Florida continues to be a magnet for foreign wealth looking for a safe haven from political and economic instability in Latin America and elsewhere. It’s also become a place where owning a luxury condo is affordable when compared to properties at home.
Foreign buyers combined with U.S. buyers have revived Miami’s residential real estate market. It’s been gaining steam over the past three years. And developers are rising to the occasion.
Let me give you a few numbers. In the eastern swath of Miami-Dade County where the boom is concentrated, 40 condo projects with 6,781 units are under construction, 56 others with 10,807 units are planned, with approvals to go forward, and 36 more projects with more than 8,300 units have been proposed at early stages. What’s most amazing is that these projects are selling out, most before construction has even begun!
So, now that I’ve updated you on the lay of the land, let me tell you about a new Miami residential property that’s just been announced. This one is both a condo and condo-hotel. And yes, its units can be reserved for purchase in this pre-construction phase. Read on for details.
Hyde Midtown will be a mixed-use property located in the popular Midtown neighborhood of Miami. A 31-story tower, it will have 397 luxury condominium residences and 60 designer suite condo hotel units.
The condo hotel units will be fully furnished and available for daily rental with management by SBE Hotels. Owners will be able to use their units when they wish and receive rental revenue when they’re not there, helping to offset the costs of ownership.
In addition to its 457 total units of condo residences and condo hotels, Hyde Midtown will also have 21,745 square feet of retail space and a 526-space parking garage.
Luxury Features & Amenities
Amenities at Hyde Midtown will include:
- Elevated 7th floor level amenities resort deck
- Heated pool and spa with pool cabanas
- Sun terrace with stunning Biscayne Bay views
- Fully equipped fitness center overlooking pool and bay
- Only tennis court in Midtown
- High-speed internet access in public areas
- Museum-quality art in public spaces
Services at Hyde Midtown will include:
- 24-hour security and controlled access
- Concierge staff
- Complimentary valet parking
- Pool service
- Housekeeping services
- In-room dining available
Spacious Floor Plans
The condos at Hyde Midtown will feature open-concept, contemporary floor plans. Floor-to-ceiling, sliding glass doors and windows and oversized balconies will provide panoramic views of Miami’s skyline and Biscayne Bay from select residences.
Residences and condo hotel units will come fully finished. They’ll have gourmet kitchens with imported counter tops, designer porcelain tile floors, contemporary European cabinetry and a stainless steel appliance package.
Midtown Miami, Close to Everything
Located in Midtown Miami, Hyde Midtown will be just 10 minutes from Miami Beach, downtown Miami, the Wynwood Arts District, Miami International Airport, The Performing Arts Center, American Airlines Arena (home of The Heat), and much more. Premium retail shopping and upscale restaurants are also minutes away.
Neighboring Hyde Midtown is the Miami Design District, which is well into a $312 million renovation and expansion as it becomes home to some of the biggest names in fashion retail as well as an array of fine dining establishments.
A Quality Development Team
This 372-foot tall Hyde Midtown tower is being developed by The Related Group and Dezer Development, both well-respected South Florida builders.
The design of Hyde Midtown is by Arquitectonica, South Florida’s preeminent architectural firm. The Rockwell Group, known for its fresh, sophisticated take on chic urban living, is the interior designer.
Construction on Hyde Midtown is expected to begin in early 2015 and be complete by summer 2017. However, as of August 2014, condos can be reserved with a 10% deposit.
Choose a condominium residence from one-, two- and three-bedroom floor plans, ranging in size from 556 sq. ft. to 1,595 sq. ft. Prices average $500 per sq. ft. and range from $278,000 to $797,500. Floor plans and the exact sizes of the condo hotel units have not yet been confirmed. However, you can expect the units to be priced higher than $500 per sq. ft. as they’ll be provided completely furnished.
Want to know more? Just request my detailed data sheet on Hyde Midtown.
Request the Hyde Midtown data sheet here.
Miami on the Rebound
As I mentioned early on, Miami has seen extraordinary growth in the past two years. Along with that growth has come significant appreciation. The costs of land and construction in Miami have increased, and so have the prices for condo units. We expect this trend to continue, as it shows no signs of letting up.
A typical project in the downtown Brickell area that would have sold at $400 a square foot in 2012 is going for more than $600 a square foot today. Exclusive projects in South Beach fetch well over $2,000 a square foot. But there is still ample room for growth.
If you’re wondering how this condo construction cycle in Miami is different from the last, the biggest change is the deposits required. Unit buyers are putting up 50% of the purchase price in stages during construction, funding most of the hard construction costs for developers.
That level of commitment from buyers (which contrasts with the 20% down payments that were typical the last time) dramatically increases the likelihood that buyers will close on contracts when their buildings are complete. In other words, this condo cycle won’t be a repeat of the last downturn in the market when buyers skipped out on their contracts — not as long as the big deposits are required.
As always, thank you for your interest in my real estate musings and the properties we showcase here at Condo Hotel Center. If you or someone you know is interested in finding a luxury condo or condo hotel unit in South Florida, I hope you’ll give me a call. It’d be my pleasure to provide you with detailed data sheets on available inventory and arrange tours of those properties or areas in Miami that interest you.
P.S. If you haven’t already friended us on Facebook, please do. In between our Property Alerts, we post news of condo and condo hotel developments.
Licensed Real Estate Broker
Condo Hotel Center
1368 NW 165th Ave.
Pembroke Pines, FL 33028
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