The city of Miami is continuously growing and the demand for luxury residences follows suit. The eclectic array of international cuisine, the abundance of entertainment and the ease of travel makes the city one of the most desirable cities to live in.
Miami is a thriving global destination. It is home to many entertainment industries ranging from television and film to music and fashion. With this, A-list celebrities and prominent socialites and businessmen flock to the city. For this reason, residential condominium developers are spending good money to cater to the rich and famous – building luxurious residential towers equipped with impeccable and elegant finishes.
As the market grows, Miami is becoming home to some of the finest and most affluent condominiums, with towers having penthouse units having a price tag not less than $5 million.
Luxury condominiums in Miami offer a wide variety of amenities and services that are truly world-class, making South Florida living truly one for the books. Many of the luxurious condominium projects are in the famous Miami Beach neighborhood, which hosts some of the best recreation areas. It has beautiful white sands, amazing international restaurants, nightclubs and bars, shopping destinations and lush greenery that locals and tourists enjoy visiting.
Miami has 80 elementary school, 53 middle schools and 46 high schools that cater the students. Miami-Dade County Public School supervises many top-rated elementary schools including I-Preparatory Academy, Springview Elementary School, Ada Merritt K-8 Center, Henry S. West Laboratory School, Coral Gables Preparatory Academy, South Pointe Elementary School, Flagami Elementary School, Coconut Grove Elementary School, Coral Terrace Elementary School and South Miami K-8 Center.
Middle Schools in the city include Coral Way K-8 Center, South Miami Middle School, George Washington Carver Middle School and Young Women’s Preparatory Academy. High schools in the area are New World School of the Arts, Design and Architecture Senior High School, School for Advanced Studies-Wolfson, Mast Academy, Law Enforcement Officers Memorial High School, Coral Gables Senior High School and Miami Jackson Senior High School.
Miami Luxury Condo Amenities
Many of the Miami luxury condos have onsite restaurants, state-of-the-art fitness center that feature views of the ocean, multi-story lobby, elegant spa with steam and sauna rooms and beachside and poolside food and beverage services.
It is not unusual to have a full-service concierge that provides restaurant reservations, ticket purchases and transportation services. Some of the buildings even provide residents a number of services including housekeeping, room service, laundry and dry cleaning services, childcare services and pet services.
Some of the most luxurious condominium complexes even offer a personal shopper and a covered private parking with car wash area and electric car charger.
Many of the Miami luxury condos offer lush greenery beautifully designed by top landscape designers like Enzo Enea.
The living spaces of Miami luxury condos are spacious, with a square footage of not less than 3,000 square feet. Each unit also has private elevators that open to private foyers. The floor plans are mostly flow-through to allow residents to bask in the wonderful view of the Atlantic Ocean and the city of Miami.
Residences have private and oversized terraces with glass railings and hurricane proof glass. Some of the penthouse units even have an outdoor pool or an outdoor Jacuzzi.
Homes usually have smooth painted walls and ceilings with a minimum height of nine feet. The homes have top-of-the line appliances and fixtures from international and well-known brands such as Kohler, Dornbracht, Grohe, Franke, Miele and Sub-Zero, to name a few. Some of the Miami luxury condos even have a midnight bar.
The bathrooms are also a reflection of uncompromising elegance. Master baths come with custom cabinetry and flooring and have sinks and vanity made from top quality finishes. Some units have shower enclosures, Roman tubs and Jacuzzi.
Real Estate Trends
While the Miami general real estate market is undergoing a slowdown during the first quarter of 2016, the luxury residences market seems to be doing well.
In the latest report by Elliman, the luxury condominium market experienced only a slight decrease of 3.3% in its average sales price from $3,657,032 in 2015 to $3,127,469 in the present year. Miami luxury condos, at present, have a median sales price of $2.65 million, a 10.4% increase compared to the $2.5 million median sales price from last year.
In comparison to the 2015 4th quarter data, the average sales price per square foot of luxury residences in Miami increased by 0.4% from $1,206 to $1,211.