Aston Martin Residences – Is it Truly a Big Deal or Just Smoke and Mirrors?
Is the Aston Martin Condo in Miami Truly Luxurious?
Excuse me for being blunt, but my first instinct when I hear about a luxury condo launch in Brickell in the tale end of 2017 is: “That’s a little crazy!”. Why? To the well-educated, Brickell is going through a state of ‘market correction’. There is a high number of resales from brand new condos, which are hitting the market almost immediately after closing. This makes me wonder if everybody is jumping off the boat, why jump on?
Please read on because this gets interesting! I promise.
Is Aston Martin really a ultra-luxury condo? An impartial approach
So I kept hearing from an associate on the inside of the Aston Martin project, (Lets call her ‘M’ for the sake of this blog) that the project was really amazing and I should come see it. Of course I am used to hearing agents sell up a project, especially when they are being paid to sell it. I mostly hear; “We are selling like crazy. I am doing deals almost every day“. After 10 years of hearing the pre-construction pitch you will excuse me if I am less than convinced. I am just so used to hearing embellished stories: percentage of the building sold, reaction of the market and commitment of the developer to follow through and deliver unique excellence. I have heard it all and seen the truth fall short too many times. But the need to be impartial and report the facts, not my feelings has to override and so I called ‘M’ and came to the sales center to analyze and scrutinize the project.
Brickell’s lack of ultra-luxury condos
Brickell is home to a lot of mid-range quality buildings among which many brand new condos that are set back from the water. Miami’s financial center offers just a small number of high-quality buildings, which are sadly a little bit dated nowadays (Carbonell, Asia, Santa Maria and perhaps Jade). There is nothing that is truly ‘ultra-luxury’ in Brickell. For that you have to travel South to Park Grove or head to Oceana Key Biscayne or go across the beach to Fendi, 87 Park, Four Seasons Surf Club and a few others (but will pay much more). Also you could look at One Thousand Museum which is further into the Downtown corridor.
I can say that there is a legitimate demand of buyers who want a luxury condo in Brickell, but not faux luxury. Real luxury.
What defines a Miami ultra-luxury condo?
So what defines real luxury? In my last decade of being a realtor in the luxury market I have established a set of rules for what is truly luxury. This set includes:
- High ceilings (10ft+)
- Large terraces
- Private elevators
- Very high-level finishes
- Nothing smaller than 2,300 SF
- Water views.
- One other less considered point: you must also have minimum room dimensions; A 10ft by 10ft master bedroom is not luxurious, Architectural substance is key, not trickery
If you lack one of these, I am sorry to say, but you are just not luxury. You ‘want to be luxury’, but you are not.
So we stacked up the very best at different price ranges and wanted to see how Aston Martin compared. We took three of the best Aston Martin units in the ranges of $3M, $4M and $5M and compared it to other ultra-luxury condos such as Fendi Residences, Eighty Seven Park, Park Grove, Porsche Design Tower, Oceana Key Biscayne and One Thousand Museum.
Compare Aston Martin Residence 3904 with other luxury condos in the $3M range
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Compare Aston Martin Residence 1101 with other luxury condos in the $4M range
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Compare Aston Martin Residence 4802 with other luxury condos in the $5M range
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So is Aston Martin Residences truly a Luxury Condo?
It is honestly very hard (if not impossible) to find a truly ultra-luxury new building in Brickell/Downtown. This may truly be the only one. Regardless of the name, the statistics stack up to suggest that this is a project of some substance.
Comparing the $3M range condo of Aston Martin with some of Miami’s most luxurious products we see that it is definitely able to compete with their offering of private elevators, 10ft ceilings, water views and superb dimensions. The only negative aspect is that unit 3904 has less exterior SF. When we then compare the price per SF we see that with $881 per SF, the Aston Martin residence is considerably more affordable than other luxury condos in that range.
Comparing within the $4M range, we see that the Aston Martin residences keep up with its luxury competition, although once again the residences offer the smallest outdoor space. Price-wise is it more affordable than Park Grove yet less affordable than Missoni in Edgewater (which in our opinion is also the least impressive comparable)
In the $5M range, unit 4802 offers one of the most attractive prices, with the One Thousand Museum project (Also located in Downtown Miami) being a fierce competitor. Regarding dimensions the Aston Martin residences are keeping up with the competition although the bedrooms are relatively small.
But we are are still 5 years away from seeing the project completed and it may be hard for some buyers to start putting money into a project this early.
If you are used to seeing 10% returns on your portfolio year on year then paying 50% (10% each year) before you close might leave you with thoughts of waiting and paying the higher premium when the building is truly ready. With this said there are some buyers who want to ‘park their money’ and are happy to wait. This building is NOT an investment play. This is a play for the opportunity to live in the heart of Miami, in what may soon be seen as the No1 building in the urban core. However there are definitely pro’s and con’s here so it is not for everyone. If it’s right for you? Pick up the phone and call me and I will be able to provide you with current inventory and advice on the best line for your budget.
We truly analyze the who market. Please read our 2017 Miami Real Estate report to gain an holistic understanding of the Miami Residential market.
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