Video: 52-Story Ritz Carlton Residences Sunny Isles Passes Halfway Mark, Selling One Unit Per Week

Construction progress at The Ritz-Carlton Residences, Sunny Isles Beach has passed the halfway mark, with level 28 of 52 now poured.

In total, seven units worth $24 million were sold in a recent 45 day span, an average of one unit per week.

 

THE RITZ-CARLTON RESIDENCES, SUNNY ISLES BEACH IS MORE THAN HALFWAY COMPLETE AFTER SURPASSING PIVOTAL BENCHMARK

Construction of the landmark luxury project has extended past the 28th floor,

with the tower’s completion anticipated for 2019

SUNNY ISLES BEACH, FL – The skyline of Sunny Isles Beach continues to transform with the ongoing rise of The Ritz-Carlton Residences, Sunny Isles Beach. Construction of the ultra-high-end oceanfront tower has surpassed the midway milestone point, signifying that the building is on-schedule for next year’s projected delivery date.

The tower, which is the first building north of Bal Harbour, is now up to 28 of 52 full stories, with a majority of glass cladding securely in place. Adding to the momentum, the property’s joint developers, Fortune International Group and Château Group, have reported a recent string of back-to-back sales: Seven units totaling $24 million went under contract over the course of a 45-day period — an average of roughly one sale per week.

Featuring 250 feet of pristine beachfront with no hotel on the premises, The Residences is considered to be one of the most highly anticipated projects to enter South Florida’s prime property market, and a transformative addition to the immediate area’s flourishing luxury sector.

In conjunction with announcing news about the tower’s rise and subsequent success, the developers unveiled fresh aerial footage of the building, illustrating its ascent past the halfway mark. The signature curvilinear silhouette of The Ritz-Carlton Residences, Sunny Isles Beach, crafted by Arquitectonica, has clearly taken shape – a design inspired by the tower’s prime location overlooking the Atlantic Ocean and Intracoastal Waterway, as well as the rolling dunes of the adjacent beach. Airy and sunlit interiors by acclaimed Florentine architect Michele Bönan will complement the unique exterior, blending the spirit of modern day Miami with its rich architectural past.

“This is a celebratory moment for our team,” said Edgardo Defortuna, President and CEO of Fortune International Group. “We are just steps closer toward delivering this spectacular offering to our buyers worldwide who are excited to call these stunning oceanfront residences their home.”

“We expect that this tower will elevate the standard for luxury real estate,” said Manuel Grosskopf, CEO of Château Group. “We have utilized the most innovative technology and craftsman-style techniques to create a product that is truly distinct – one that will ultimately be an icon on the coastline.”

Comprising 212 residences, The Ritz-Carlton Residences, Sunny Isles Beach will have a private club level on the 33rd floor, beach restaurant, pool deck, kids club, spa, fitness center and wellness center, among other top-line amenities. Residences start at $2.6 million, with penthouses offered upwards of $25 million. Additional highlights in each residence will include walk-in closets, laundry rooms with full-size washers and dryers, smart home technology and pre-wiring for high-speed internet access and Wi-Fi. Penthouses will feature lush garden terraces spanning 2,000 sq. ft. – 4,000 sq. ft., private pools and summer kitchens, custom-designed Italian cabinetry and well-appointed master suites with separate service quarters.

 

 

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Anonymous

Another sleek building.

Ashton Coleman

Trump Tower III owners once thought they had the very best views in South Florida – these views spanning South over Miami from Ritz Carlton are nothing short of awesome as are the penthouses and architectural design. This is in the top 5 developments along Sunny Isles and a game changer for the beaches. The Ritz-Carlton Penthouse sale at $16.5M will be considered a deal when delivered and I look forward to seeing it finished!

Anonymous

Sunny isles? Don’t you mean Russian mob isles?

Michael

Complete with front-row views of the nude beach!

Anonymous

Looks good – the website completely photoshopped the views of the beach and took off the parking lots, pathways, etc and makes it seem like the tower is facing an isolated beach with little to no foot traffic.

TheTruth

Keep in mind when developers claim “units sold” in the early to mid stages of a development those “sales” only mean reservation deposits which can range from 10-50% of the unit’s purchase price and from which those “Buyers” can pull out of at any time and for whatever reason, some even losing their entire deposits by doing so ofcourse and thus realeasing those units and adding them to the developer’s available inventory in the last stages of the project….something most project sales teams won’t tell you when they claim they have X “sold units” thus far…

mondocondo

This is completely untrue!!!!!

Once construction has started all sales reservations have long been converted to contracts with non-refundable deposits! How else do you think a developer could qualify for a construction loan?

By this stage all the Ritz buyers have up at least a 40% non-refundable deposit, with the remaining 10% due at top off. This is pretty much how it works for all the condo developments, and why there is such a high degree of assurance that once a project starts construction it will get built, and that all the sold units will close.
This is the fundamental underpinning of the business. Cheers.

TheTruth

Yes..atleast 40% Non-refundable deposits as you state which some “Buyers” have lost because they’ve backed out of their purchase in various projects for X or Y reason and therefore lost the unit they had reserved. I’m not trying to single out Ritz-Carlton Residences in particular but that’s how it has played out for some “Buyers” in other proyects specially in the past year and a half…You can blame things like inflation in their native countries, exchange rates etc.. because obviously the mayority of these types of high end projects aren’t being built for locals. The fact that they can pull out at any time does NOT mean there won’t be a consequence and they won’t lose their deposits. In this most recent cycle 90% of the time they do lose it and the developer now has more units to sell in the end stages of the development as those being released go back to their available inventory.

Anonymous

A reservation is basically a non-binding letter of intent that allows for 100% of the deposit to be refunded, and is generally only 10% of the purchase price.

A contract is a legally binding document that allows a developer to retain a deposit should a buyer cancel. Deposits begin to accelerate once a contract goes ‘hard’ aka out of rescission (a 15 day window to cancel the contract with NO penalty by Florida Law)

What would be the point of a contract if buyers could cancel a contract without financial penalty for tying up a unit for XX period of time (among other things)? Makes no sense for the developer and brokers would go out of business.

In fact, in almost ALL real estate deals, a deposit is required for a contract to be accepted, from warehouses to homes, to condos and office buildings,

Either you have a bad lawyer, you’re not educated on real estate sales, or both.

anonymous

??? Maybe in a project where prices start at $300,000 then maybe you could be right. Back in the last boom of 2002-2008, yes a lot of buyers backed out but back then they were only required 20% deposit – 10% at reservation and another 10% at contract. Developers now require 50% deposit: It is usually 10% at reservation. Another 10% at contract, another 20% when they break ground and remaining 10% at top off. The break-down can vary but usually by top off the developer has 50% deposit. The Ritz has buyers at 40%… developers need those 40% deposits to get the construction loan… otherwise, they will NOT get it. Individuals buying at The Ritz if they back out are going to lose easily over $1,000,000 and that is for someone who managed to get an apartment at $2mill. Right now the starting price is $2,9mill… Do you really think someone is going to walk away from almost $1,5mill – I don’t think so.

Anonymous

You’re really an idiot.

Banks don’t give construction loans without 50%+++ in hard contracts with hefty deposits. The only developers taking reservations are the ones not building, the whole point of reservations is to test the market. When a building is more than halfway out of the ground you can bet there is certainly a construction loan, many hard contracts and probably an even less aggressive deposit schedule because the loan was secured.

Shame on you for posting truly uneducated comments. “The Truth” is total false in the entire Miami marketplace and dumb people like you are what hurt the market with your dumb comments.

And btw, if you’re a broker selling at any project that is playing around with reservations in today’s market, you’re an idiot broker, too. All the real projects have contracts, even at launch. Reservations should never be more than 2-3 months.

Michael

I don’t believe anonymous is understating what “the truth” is saying… Clearly those buyers who have reserved vs. bought units at some projects and have backed out have in turn lost their deposits and have left the developer with more inventory to sell regardless of what stage the project was in when they did.

For example TNM’s “Una” article published a few days ago claimed 25 units were sold in 1 week but didnt specify those units were RESERVED Not sold…I think this is were all the confusion lies.

Link of that article below..
https://www.thenextmiami.com/just-one-week-brickells-luxury-una-tower-already-sold-25-units/

Anonymous

FYI Una doesn’t have reservations, straight to contract. More bad information.

Anonymous

LOL, good job, Michael!

anonymous

Thank you for clarifying that… so even better!!!

anonymous

I am not sure if UNA is still in the reservation stages… if that is the case, then yes technically they have sold 25 units but while in the reservation stages, those buyers can back out. Typically about 1/2 of the reservations end up canceling once the project converts to contract. Although I have worked on projects in the ultra-luxury market where the number is much lower (20-30% only back out). The Ritz which is the project we are all discussing is in contract. Therefore the buyers stand to lose a lot of money if they walk away. Starting prices are $2.9mill. Assuming they are at that 40% deposit stage that is over $1 mill. That is on the lower end priced condos.

Anonymous

Una was never in the reservation stage to begin with. The developer went straight to contact, no reservations at all.

anonymous

Well said!!! And in-house agents hate working on projects that are in the reservation stages longer than a month. Most of the projects selling right now are already under contract. I agree “The Truth” is clueless about real estate.