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Why Everyone Wants To Buy Into South Of Fifth Neighborhood

    

Why Right Now Is the Best Time to Buy in South of Fifth Neighborhood

By Robyn A. Friedman | January 29, 2016 | Home & Real Estate

The booming South of Fifth neighborhood continues its rapid growth with several new properties readying for 2016 grand openings.

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A condominium in the 12-unit Louver House, just one of the dazzling new residential buildings in South of Fifth.

Formerly known as South Pointe, the neighborhood now called South of Fifth has undergone an amazing transformation over the last two decades, from desolation to opulence, blighted to built-out. It was once home to drug dealers and vandals, but several visionary developers saw the potential in the southernmost tip of Miami Beach and took a gamble on the area.

Today, South of Fifth, or SoFi, boasts some of the most luxurious residences in South Florida, if not the country—along with some of the highest prices. Completed projects include the Continuum (continuuminsouthbeach.com), Murano Grande, Icon South Beach, and Apogee, and more are just days from opening.

“This is the epicenter of the highest-luxury-quality real estate that South Florida has to offer,” says Philip J. Spiegelman, chairman of ISG World LLC, an Aventura-based sales and marketing firm. “And it’s the one neighborhood achieving the highest price per square foot for new construction and resales out of all the markets in South Florida.”

Prices in South of Fifth range from about $2,500 to $3,500 per square foot, according to Spiegelman, with some sales breaking the $4,000 mark. “That starts to enter New York City territory,” he says.

Of all the developers active in the neighborhood, probably none has had a greater impact than Related Group, which has built eight projects in SoFi, according to Carlos Rosso, president of the firm’s condominium development division. “You are very lucky if you own a unit in that area,” he says.

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Marea has one last penthouse available, for $7.8 million.

Related’s most recent projects include Marea, a 30-unit boutique condominium building at 801 South Pointe Drive, which was completed in the fourth quarter of 2015. One penthouse remains available, priced at $7.8 million. Throughout Marea’s lobby and common areas will be commissioned artwork by Riccardo De Marchi and Markus Linnenbrink, creating the feeling of a private gallery. Another Related project is One Ocean, a 46-unit building (currently sold out) with four villas as well as a rooftop spa and solarium designed by Enzo Enea.

Even commercial property goes for a premium in SoFi. Related sold the ground-floor commercial space at Marea for about $1,000 per square foot, according to Rosso.

Within walking distance of these properties is Glass, an 18-story boutique building at 120 Ocean Drive, which has just 10 full-floor residences. The striking all-glass tower was designed by Rene Gonzalez and built by Terra, with landscape design by Raymond Jungles. Now sold out, it was completed in November and happily calls the steakhouse Prime 112 its neighbor.

At Louver House, a 12-unit condominium building at 311 Meridian Avenue, which broke ground in December, the prices range from $2.5 million to $3.9 million. It will boast a sunken lobby garden, an outdoor yoga studio, and a rooftop garden deck. About half the units are sold. Meanwhile, 321 Ocean, a 21-unit condo property completed last May by Aria Development Group, features two penthouses and two beach villas. Its units are equipped with sleek open kitchens and private elevators, and amenities include direct beach access and an oceanfront pool.

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One Ocean, featuring a rooftop spa and solarium.

Of course, luxury can have a conscience, too. Three Hundred Collins—a 19-unit property slated for completion in 2017, which has available units priced from $1.7 million to more than $9 million—is doing something a little different. Developer Jason Halpern of JMH Development is donating $20,000 of every sale to Charity: Water, a nonprofit organization that provides clean, safe drinking water to people in developing countries. South Beach restaurateur Myles Chefetz (of Prime 112) recently purchased a $3 million corner unit in the building.

Then there’s the very ambitious 800 First Street, a mixed-use project by Crescent Heights founder Russell Galbut, which includes two ground-floor restaurants—Red Ginger and Bakehouse—and three stories of parking, as well as a 17,000-square-foot private residence for Galbut.

South of Fifth offers more than just gracious living, however. In addition to Prime 112 and Red Ginger, it’s home to a wide variety of world-class dining establishments, such as Joe’s Stone Crab and Estiatorio Milos.

“South of Fifth is the only true neighborhood in Miami Beach,” says broker Dora Puig, owner of Luxe Living Realty in Miami Beach, who has sold about $150 million worth of real estate in the area. “It’s small enough to be pedestrian-friendly, and everybody comes to relax and have fun. You’ve got some of the best restaurants in the city, the marina, a beautiful beach, and a park that wraps the point. What’s not to love?”



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