Domestic Buyers Lead $74M Surge in Sales of Miami's Missoni Baia, Una Residences Towers
"The surge in sales reaffirms our belief in the region as a critical global gateway for business, travel and tourism, and residential living," said Vanessa Grout, CEO of OKO Real Estate. "I have no doubt that Miami and the South Florida region have longevity and will continue to prosper."
Two luxury condominiums have so far exceeded $74 million in sales within the last 60 days, with a majority of their units purchased by domestic buyers.
And Vanessa Grout, CEO of OKO Real Estate, the sales and marketing arm of OKO Group, LCC., said the recent surge in domestic buyers signifies how wealth migration impacts the Miami real estate market, as she cited nearly 1,000 people have been recently moving to Florida daily. The competition is so fierce in this market, some out of state buyers are making purchases with all cash as supply dwindles.
“The surge in sales reaffirms our belief in the region as a critical global gateway for business, travel and tourism, and residential living,” Grout said. “I have no doubt that Miami and the South Florida region have longevity and will continue to prosper.”
Billionaire real estate mogul Vladislav Doronin’s OKO Group, in partnership with Cain International, is developing the two condos, Miami’s Missoni Baia and the Una Residences towers, which has seen sales fueled by domestic buyers. This pattern of domestic buyer purchases has extended from Miami Beach all the way to Coconut Grove.
Grout said buyers are attracted by the South Florida lifestyle, diverse culture, business community and overall quality of life.
“The pandemic, coupled with people and businesses looking to relocate to tax-friendly states with reduced business and living expenses, is enticing out-of-state residents to make the move to Florida,” Grout said. “South Florida has always been a great place to live, but it’s becoming more obvious to a lot of new people.”
Now, a recent report by brokerage ISG World posits that domestic buyers have taken over as the leading source of new condo purchases in both Miami and Fort Lauderdale during the coronavirus pandemic. The report cited 3.9% of recently completed units remaining unsold since December 2020 in these areas.
The Missoni Baia is a 57-story luxury residential tower overlooking the Biscayne Bay in Miami’s Edgewater neighborhood. Hani Rashid of Asymptote Architecture designed the residential project.
The waterfront tower’s 249 residences range from one to five-bedroom layouts, measuring from 776 square feet to 3,788 square feet in size, with units priced from just below $1 million to upwards of $9 million.
Adrian Smith + Gordon Gill Architecture designed the Una Residences tower. The 47-story project is situated along Miami’s waterfront in the South Brickell neighborhood. Grout said a feature many recent condo buyers are actively seeking are private elevators, which are provided in the tower for 135 of its spacious residences.
These units at the Una Residences range from two to five bedrooms and are sized from 1,100 square feet to 4,786 square feet. Units range in price from $2.2 million to $7.4 million, with one penthouse priced upwards of $21.6 million.
“As far as next steps, Missoni Baia is approaching top off and is expected to be completed by the end of the year,” Grout said. “At Una Residences, subterranean construction is underway for the building’s parking garage, Miami’s deepest and one of the most expensive underground garages ever built in the city. Next steps are foundation pour and vertical construction later this year.”
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