The Ritz Carlton Residences Miami Beach: Is this the Best Condo in Miami?

Is the Ritz Carlton Residences Miami Beach the Best Condo in Miami?

This article and our other associated articles will endeavor to answer the question: “The Ritz Carlton Residences Miami Beach, is this the best condo in Miami?” Our analysis of the building will break down the superiority of this building over others and provide enough data and information to help buyers recognize that we are truly analytical experts in this market with the optics that make us an essential partner when looking to buy.

A Hybrid Between a Condo and a House

The average or typical unit size at the Ritz Carlton Residences in Miami Beach is 3,500 SF, which is very large for a condo residence.  This is the closest thing to living in a house without living in a house and therefore this is the perfect residence for those buyers who cannot decide between a home and a condo. If you value the privacy and the space of a single-family home while also appreciating amenities and the “lock-up-and-leave” concept then this is the project for you! Imagine 3,500 SF on the water with no or minimally shared elevators, large balconies and 5 star services and amenities.

The 2 bedrooms at the Ritz Residences vary between 1,900 SF and 2,700 SF, while the 3 bedroom units vary between 2,600 SF and 4,600 SF.  The 4 and 5 bedrooms vary between 3,400 and 10,000 SF+.  Most of the residences come with a den, office or family room and all of them have beautiful outdoor terraces with views over the Biscayne Bay, Surprise Lake, Downtown or the garden. As these Ritz Carlton Residences are located in a residential area your views cannot be blocked. The maximum building height in the area is 40 ft which means that from the 4th floor u will have views of the ocean, Biscayne Bay and Downtown. These are not cooky-cutter units. Buyers here look for space, for outdoor areas, for security and for privacy. Buyers vary from families with younger kids to retirees who are all looking for space and amenities and were attracted by the impressive brand name.

How Does the Ritz Carlton Residences in Miami Beach Stand Out?

The Ritz Carlton condo on Miami Beach offers just 110 residences in the middle of Miami Beach on a large lake (Surprise Lake) with access to the Bay. What sets this Ritz Carlton branded condo apart is the fact that this is a true hybrid type of a product with over 60 different floor plans. This means that the same floor plan is not seen more than 3 times in the building.  This new Miami Beach condo is a very horizontal building with no less than 20 different residential elevators. This translates into one elevator for every 5 residences and adds to the condo’s privacy. Of course this is also a very welcome feature in times of Covid-19 and social distancing.

There are only 13 condo projects in the world that are branded by the prestigious Ritz Carlton label and residents of the Ritz Carlton Residences Miami Beach will enjoy the brand’s signature 5 star services and lifestyle. There have been several branded Miami condos that did not perform very well in the last years.  Without naming these condos (call us for more information and unfiltered opinions) the big brands behind these projects had nothing to do with real estate or white glove services. Those condos sold uniquely on its very high-end brand, but could not deliver the levels of luxury and services expected by today’s buyers.  This resulted in declining resell prices. The Ritz Carlton brand however has a heritage and the brand has a proven track record with residential towers. Much like the Four Seasons, the Ritz brand never seems to disappoint. Important to mention here is that this condo does not offer a hotel component and all units are purely residential units.

There are only four 1-bedroom units available, which is positive for the condo’s resell value. Oftentimes these smaller units are used by investors as rentals and any building with high levels of short term leases or rentals is vulnerable for changes in the economic cycle. These units are investor-driven and will sell (often with discounts) at the first signs of an economic decline. This is a primary building, people want to live in this condo full time or part time, but most of the buyers have bought this condo just for private use. Those who would like to rent their unit out, can only do so with a minimum period of six months.

The units come ready with high-end finishes such as Boffi Kitchens with Gaggenau appliances, real stone and real wood floors. Architecturally and finish-wise this condo is also recommendable. I have seen many luxury projects in my 10+ year career and I have have developed an eye for these finishes. Finally the condo is located in a residential area. Unlike most of Miami’s luxury condos that are located on the sand this one is located on a lake in an area that is not congested by tourists. Residents however are able to reach the beach and South Beach’s best restaurants within 3 minutes.

Is this the Best Condo in Miami?

The Ritz Carlton Residences Miami Beach definitely thicks most of the boxes to be called a true luxury project and a smart condo investment. It sits on a lakefront lot in a unique, charming and non-crowded part of Miami Beach. It offers 60 different floor plans so each unit is quite unique. The floor plans are all very spacious, which is something that is very desired and often hard to come by. Finally the units are very well finished and services are provided by the prestigious Ritz Carlton brand. These luxury Miami residences come with a very competitive price tag and while many condos saw a decline in sales in the last months, this project saw continuous sales. If you want to be on the sand then these residences won’t work for you, but being right on the sand will not allow you the same lifestyle for that price tag.