Cindy Crawford bought here…and so have nearly 30 others who’ve spent $130M in 2021
TEN OF 110 UNITS REMAIN AT THE RITZ-CARLTON RESIDENCES IN MIAMI BEACH
Supermodel Cindy Crawford and husband Rande Gerber are among the 30 buyers who bought in the Miami Beach Ritz-Carlton Residences since the first of the year — proof that the luxury condo market remains on fire.
Since January, the project has sold $130 million worth of units to 30 buyers. Ten units remain in the 111-unit lagoon-front building. At full sale, the total will be around $550 million.
Most of latest buyers are from California, Connecticut, New Jersey and New York, said developer Ophir Sternberg, CEO and founder of Lionheart Capital. Most work for a private equity firm, hedge fund or bank.
“The demand has been off the charts,” Sternberg said. “The stars are aligning for South Florida.”
Sternberg credits South Florida’s warm weather and tax savings for drawing buyers to his project and other condominiums during the pandemic.
Crawford and Gerber will be joining other well-known residents, including, former Miss Germany Petra Levin, American Eagle Outfitters CEO and Chairman Jay Schottenstein and Mike Piazza, a former 12-time All-Star who played for the New York Mets and the Florida Marlins.
The smallest unit sold — a 1,939-square-foot unit with one bedroom, 1 1/2 bathrooms — sold for $1.25 million. The team sold a $15 million penthouse — the largest unit sold since January — that spans 14,868 square feet and offers four bedrooms and 4 1/2 bathrooms.
Amenities include a pool and a marina.
The sales activity is eating away at the decreasing supply of luxury condo units — those priced over $1 million. Miami-Dade County has 24 months left of supply, a 50% year-over-year drop since January 2020.
“Options are out there,” Sternberg said, “but I would say that supply is tight compared to demand.”
Ten of 111 units remain, with a starting price of $2.295 million for a 1,934-square-foot unit with two bedrooms and 2 1/2 bathrooms.
The condominium opened in 2019 on 7 1/2-plus acres at 4701 Meridian Ave. The Ritz-Carlton Residences, Miami Beach launched construction of 15 villas on the site in January after seeing the surge of single-family home sales in 2020. Italian architect Piero Lissoni designed both the condominium and the villas.
Read via The Miami Herald.