Ultra luxury condos in Miami – Will they work?

I’ve personally always been very interested in Miami luxury Real Estate condos and their viability for the ultra-wealthy as a proper investment or a “safe” place to store your money in.

Miami has always been the city to show off wealth with flashy supercars, 200 foot Yachts, mansions with lots larger than football fields and of course super-expensive condos. For example, One River Point with two-towers of 60 stories each, it will have such amenities as a valet boat service which would require the building to hire a permanent boat captain 24/7 and possibly a crew, biometric security, automated parking on which in my opinion can be a very dangerous thing to rely on read: BrickellHouse’s catastrophic turnout on automated parking,  a complete resort-style living with a private club containing a Spa, a state-of-the-art 6,000 square feet gym managed by The Wright Fit, and at least 1 high-end restaurant all conceived by Adrian Zecha a world-renowned hotelier and lifestyle curator, private elevators.

If that is not enough for you and you are interested in the top of the top, 2 of the units will be what they call “Sky Villas”, larger more exclusive units with a generous 14,000 square feet of double-height living space, and an extra 10,000 square feet outdoor area, not bad at all if you have $35,491,200 to spare for one of these.

The starting prices for a 890 square feet 1 bedroom apartment is $748,490, on which you can probably buy a 3 bedroom apartment on the building next door The Mint inside the same Riverfront complex, there’s no question both buildings are very different but the question remains, is it worth it? Would it be like buying a brand new Ferrari where you are going to be losing a large part of your investment as soon as you take it out of the dealership or will there be some actual resale value on the investment?

According to the developer they have already sold over 50% of the units and is expected to break ground in the fourth quarter of 2017 so we will have to wait and see.

 

 

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