This Week in Miami Real Estate: Luxury waterfront condominiums, Century Lakes III and more

by Chase Conner

Riva, the first luxury condominium residency located along the Middle River across from the George English Park in Fort Lauderdale, announced it received certification for compliance with applicable residential building codes, as well as its Partial Certificate of Occupancy. This means the development located on a 2-acre site at 1180 N. Federal Highway is ready for immediate occupancy. The 15-story luxury condominium features 100 two-bedroom residences that range in price from the mid $700,000s to $2.29 million for penthouses.

A few of the amenities include a 400-foot riverwalk with private boat slips and a visitors’ dock. Riva’s private dock runs a 22-foot electric water taxi, shuttling residents across the river for tennis in the park or to the Galleria Mall. It also has a luxury indoor-outdoor resort, featuring a 65-foot lap pool and sundeck, fitness center, and a two-story kitchen/lounge and wine room.

Elsewhere in the real estate news:

  • A plot of land on Indian Creek Island recently sold for $27.5 million, marking a new record for waterfront land, according to The Real Deal. SMM Sunny Holding LLC, a Delaware company, paid about $345 per square foot for the site at 9 Indian Creek Drive. Mirce Curkoski and Albert Justo of One Sotheby’s International Realty represented Vladimir Krasavtsev, a Miami Beach resident, in the sale of the 80,000 square-foot vacant lot.
  • Century Lakes III, a single-family home community from Century Home Builders, will break ground in April, The Real Deal reported. The developer paid $8.85 million for the 12.5-acre vacant lot west of Tamiami this week, averaging at around $16 per square foot. The site is set for 59 one- and two-story single-family homes ranging from 2,500 square feet to 4,100 square feet, with 40 percent of the homes facing a lake. The homes, which are set to be completed by December 2019, will range from $439,000 to $527,000.
  • Miami has the third-largest proportion of renters versus homeowners in the country after Newark and Jersey City, N.J., according to a new study by RENTCafe. Miami’s proportion of renters, 68 percent, even outranks New York City and Los Angeles. Overall, renting surpassed homeownership in 97 of 100 large cities measured for the study.
  • Luxury real estate advisor Luis Gonell of Engel & Volkers Miami recently closed some record-breaking deals around the city. He set the record for the highest price per square foot in Miami-Dade County in June 2017 after the purchase of UPH 5 in The Residences at W South Beach at $3,502 per square foot, as well as the highest price at The Residences at W South Beach for $10.2 million. Gonell has been invited to join the exclusive invitation-only network of top brokers at Haute Residence as a partner representing the high-end luxury real estate market in Key Biscayne, Miami.
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