MIAMI BEACH, FL - The Residences at W South Beach reports a total of $250 million in sales to date. This noteworthy milestone for the project follows a series of 40 closings between May and September 2011 with prices averaging over $1600-per-square-foot.
The 408-unit oceanfront condo-hotel has consistently maintained its premium price point since the inception of sales in 2006, just prior to the market crash that caused the South Florida real estate bubble to burst and a high percentage of projects to halt efforts. Pricing at W South Beach continues to far exceed that of its neighbors, with many of surrounding properties selling at over $1000-per-square-foot.
"I am thrilled with the sales results we are seeing at W South Beach," said David Edelstein, the property's co-owner and developer. "We launched this project before the market crashed, worked our way through the worst economic downturn in our lifetime, and have come through it with sustained and well-above average pricing. At the end of the day, we are delivering a truly exceptional product in a remarkable location."
The high quality and unique residential experience at W South Beach has proven to be a driving force for sales, with experienced, existing owners purchasing additional units. Forty percent of sales in 2011 were from repeat buyers or a direct result of referrals from other unit owners at the property.
The trend of repeat buyers at W South Beach has been particularly prevalent among American families. Citing three specific transactions between May 2011 and March 2012, two owners upgraded to units more than double the size of the original purchase, and one upgraded from a two to three-bedroom residence. Traditionally, the owner will enter one or both in the hotel program.
The portfolio of buyers at W South Beach is a global mix, with 65% from international markets that include Brazil, the United Kingdom, France, Spain, Portugal, Poland, Russia, Turkey, and Nigeria. The property's domestic buyer profile includes residents with first homes primarily along the East Coast, including New York and South Florida, as well as those from other U.S. cities such as Nashville and St. Louis.
The diverse range of buyers has helped push sales for all unit types. Studios sell in the largest volumes with upper penthouses selling at the highest absolute dollar amounts and highest price per square foot. Resales have also become a focus for W South Beach with the recent addition of an in-house division dedicated to these specific types of transactions.
W South Beach has become the go-to destination on Miami Beach's bustling Collins Avenue for both locals and jetsetters. Its extensive list of services and amenities has distinguished it from other hotels and condominiums; offerings include a designated residential concierge and W's signature Whatever/Whenever service. Additionally, W South Beach is home to the internationally renowned Mr Chow, New York's famed eatery, The Dutch, Bliss Spa, Warren-Tricomi salon, retail outpost, Therapy, and Miami's hottest nightclub, Wall. The property has attracted a slew of high-profile events and happenings during Art Basel, South Beach Wine & Food Festival, Winter Music Conference, and Super Bowl in 2010. Famous faces spotted at W South Beach include Tom Cruise, Katie Holmes, Bono, Jamie Foxx, Jessica Alba, Kate Walsh, Hilary Swank, Rob Lowe, Cameron Diaz, Alex Rodriguez, Sean Penn, Leonardo DiCaprio, among many others.
The Residences at W South Beach is the ultimate oceanfront condominium ownership opportunity. Located in one of the world's most vibrant cultural and entertainment districts, W South Beach provides privileged owners with access to every conceivable resort living luxury, including a Private Owners' Beach Club, lush pools and gardens, renowned Bliss® Spa, glamorous international hotspot restaurant MR CHOW®, the famed New York eatery, The Dutch, the chic Warren-Tricomi® Salon, basketball, tennis, and a complete fitness facility. Residents at W South Beach benefit from an exclusive, multi-lingual, international team of service professionals who are dedicated to ensuring an effortless ownership experience, including the personalized attention of the Residential Insiders. The Residences at W South Beach is fully finished and exquisitely furnished. Units range in size from 556 to over 3,000-square-feet; all offer mesmerizing ocean panoramas and generous outdoor space. Rental management programs are available. ONE Sotheby's International Realty is the exclusive marketing and sales agent.