Earlier this month, the recently approved Carlos Ott designed 49-story, 68-unit MUSE luxury condo tower (shown at right) planned for an oceanfront site in Sunny Isles, Miami Beach began converting refundable buyer reservations starting at $100,000 into non-refundable presale contracts, with purchase prices totaling in the millions of dollars.
The conversion to contracts from reservations, which were first signed just 3 months ago when presale reservations began in March, into presale purchase contracts with 50 percent deposits is an important step in a new project’s evolution. During this process, developers are able to quickly determine the total number of committed purchasers and find out who changed their minds after initially placing a refundable preconstruction reservation for that soon to be constructed development.
With more than half of the 68 luxury residences currently reserved in the MUSE condominium tower, a high rate of buyer conversions from reservations to contracts at this early stage, would propel the project’s development team to launching the construction phase as quickly as possible, most probably by the 3rd or 4th quarter of this year. The conversions to contracts will also often give an indication to the developers of the pricing structure they can move forward with as they set their sights at not just an early, sell-out but a properly priced sell-out of the project.
A groundbreaking in the 4th quarter of 2014 would have the Carlos Ott-designed MUSE condo tower on track for completion in early 2017. The MUSE Condominium, is currently asking for an average price of $1,650 per square foot.
As of June 2014, one project in the Sunny Isles Beach area - the 43-story, 39-unit Regalia tower – has been completed since the resurgence of the real estate new development market. Currently six more towers with just over 700 residences, including Jade Signature, The Mansions at Acqualina and the Porsche Design Tower, are under construction on the ocean in the Greater Miami Beach city of Sunny Isles.
Another three towers – including MUSE, the recently announced Turnberry Ocean Club and a 3rd tower still awaiting the official announcement – with nearly 400 units are planned with clearance to build on the ocean in Sunny Isles Beach.
MUSE Condos Sunny Isles BeachOne of the newest luxury oceanfront condominium projects in Sunny Isles, Miami Beach - The Muse Condominium. A 49-story oceanfront luxurious and full service condominium, soaring 649 feet high, and offering just 68 luxury condominium residences and two full floor penthouse homes on the top 2 floors.
Designed by the world-renowned architect Carlos Ott, this svelte twisting luxury tower will be a truly unique design among the many luxury condominium towers in Greater Miami Beach. The buildings exterior and residence balconies are all angled slightly from the previous floor as they ascend the tower, creating the illusion of a much greater twist in the tower. Muse is another stunning addition to the oceanfront luxury condominium towers in the Greater Miami Beach city of Sunny Isles Beach.
Slated for groundbreaking in the 4th quarter of 2014 with completion projected for early 2017, the Muse condominium in Sunny Isles, Miami Beach will offer residents 100 feet of ocean frontage, unobstructed ocean and bay views and a variety of spacious floor plans from two to five bedrooms starting at 2,360 square feet. All of the residential floors will feature no more than two residences per floor. Either an eastern side oceanfront residence or a western side residence which will offer western bay views and ocean views to the northeast and southeast.