Five Park Miami Beach | Is this new Condo worth buying?
Introduction to Five Park in Miami Beach | Five Park Miami Beach prices
As a group that spends more time analyzing the South Florida market than most, we at the David Siddons Group decided to answer the fundamental question: Is Five Park going to be the best new Condo on South beach, and is it worth it? Continue reading if you want to learn more about Five Park’s best floor plans and the value of this new luxury condo in South Beach compared to other condos and Five Park Miami Beach prices.
With this said, we are not sycophantic! In addition to pointing out what we love about this project, we will also mention some things we DO NOT LIKE. These observations may not be factors in weighing up your decision, but they may be. So keep reading. Ultimately, we provide alternative options to consider if this project is not for you.
As always, we recommend you pick up the phone and call me. I have been selling Miami real estate for 15 years. The David Siddons Group ranks number 15 in the nation (according to the Wall Street Journal annual rankings). We want you to feel comfortable that in your decision-making, you are listening to the voice of an experienced and seasoned professional.
What Five Park in Miami Beach offers
Five Park is a new construction condo on 500 Alton Rd in Miami Beach. This new project will offer 98 residences, which makes it a low-density project.
The building unites timeless glamour with a new, multidisciplinary approach to development. The site pairs a residential building with 48 floors with an expansive three-acre public park. Tasteful retail and the creation of an art-inspired bridge that makes the South of Fifth community a walkable wonderland surrounded by pristine waters.
The Condo provides amenities that underscore the importance of living well and wellness. On-site work spaces, thoughtfully designed fitness areas, pools with sweeping views of the Florida coastline, events and areas designated for families, and units designed to accommodate your every need invite you to embrace the transformative nature of a place like Five Park. The project is scheduled for completion in Q1 of 2024.
The larger residences will start from the 27th floor and up. Below the 27th floor, the building offers 1-3 bedroom-smaller units, which will also have a separate elevator entrance.
The Floor Plans at Five Park
The most important aspect of buying a unit is choosing the right floor plan. Five Park offers 2 to 5-bedroom residences ranging from 1,434SF to 6,000SF. Residents come fully finished and offer 10ft ceilings and private elevators. There are five different floor plans, which offer views over the ocean, bay, city, and park or a combination of these. We have included the floor plans below.
The premium floor plans are the 01 and the 03 lines. According to the developer, the 03 lines will be the most sought-after line. The 01 line is a large 3,186 SF unit with a 1,083 SF balcony providing 180-degree views (East, South, and West), which includes the bay, the city, the port of Miami, and the ocean. Ocean views from the living room as well as two of the bedrooms (not the primary bedroom).
Currently, in the early pre-construction phase, an 01 line on the 30th floor is asking $7M. The 03 line offers 180-degree views on the other side of the building (North, East, and West) of the bay, city, park, and ocean. This line offers 2,615 SF with just under 1,000 SF of the terrace. The 03 line starts at $7.3M. The 02 line offers just bay views, and the smaller 04 and 05 lines offer just ocean views.
The Finishes at Five Park
Residences will be delivered fully finished and range from 1,434SF to 6,000SF. We do not know much about the level of finishes in this building. It is always tricky with pre-construction condos until you see a model residence.
What is known is that the residences will feature Gabellini Sheppard’s custom-designed kitchens and bathrooms, Italian-made kitchen cabinets as well as Italian-made vanities, and textured glass shower doors in the bathrooms. Kitchens will feature Gaggenau appliances. Secondary bathrooms will offer Hansgrohe bathroom fixtures.
Please call me for more information about the finishes. Additionally, this is one of my favorite topics. With my wife as owner and operator of Design Solutions, I am one of the few realtors who truly understand high-level finish costs and buildout costs.
The South of Fifth area is very walkable and offers trendy and world-class restaurants such as Carbone, Planta, Prime 112, and Smith & Wollensky.
The beachfront is not walkable for everyone, it is, however, a 3-minute drive in the car. For shops; Sunset Harbour is a hang-out spot for locals offering more trendy restaurants and bars.
Amenities and Services
Five Park Miami Beach offers the services and amenities expected from a condo of this caliber. Two pools, a pool bar, a gym, a Spa, and a screening room. They also offer a children’s learning lab and teen club as well as a co-working working space and luxury short-term guest suits. For a full run down on the amenities and services please visit the building page of the project. Click here.
The condo offers an owner-only private club featuring private dining, a wellness lounge, a club room, and a spa. The project expects to charge $1.50 per SF for HOA fees.
The Value of Five Park Miami Beach prices
The developer behind this project is David Martin from the Terra Group. David is the mastermind behind some of Miami’s top buildings (Eighty Seven Park and Park Grove) that sold out very fast and saw their values appreciate at an impressive rate. Both condos are popular and have few available units for sale. Of course, Arquitectonica is one of Miami’s most desired architecture firms. Gabellini Sheppard is a strong name out of NY.
Five Park starts selling at $2.5M for the 2-bedroom units that offer 1,400SF. More specific price details will follow later, but the average price is around $1,800 or $1,850 an SF. Comparing Five Park’s asking prices to other newer condos on Miami Beach we see it will be competing with condos such as 1 Hotel and Homes, Fendi, Beach House 8, L’Atelier, and Oceana Bal Harbour.
Prices are also in the same price per SF range as Continuum and St Regis, desirable condos built before 2015. All of these condos are located right on the sand. The project is one of only two in Miami Beach and the only new condo project in South Beach and South of Fifth. Whether this is worth the value depends on your floor plan, the level of finish we will be seeing, and the specific price of the unit.
What we do NOT like about the project
We appreciate that needs and wants are very subjective. Below we detail some of the negatives. These may matter to you or they may not. Regardless its important to discuss the good and the bad regardless of what you are analyzing.
- The project does not have direct access to the sand! Many buyers factor in beach life with beach access. As this is located on the back end of South Beach it is realistically walkable to the beach.
- The project is relatively high density. For those who want a boutique condo experience this is not for you.
- Low level units and some south facing units may be more acutely aware of traffic noise.
- This building will not be as appealing to families with very small children as the walkability to large parks such as the South Pointe park is a little further than others such as Murano Portofino or Continuum.
Other projects to consider if the above are deal killers: Continuum, Murano at Portofino, 321 Ocean, Monad Terrace. Please call me for specific analysis on these.
Please contact David Siddons at 305.508.0899 for specific prices per unit and for a more in-depth comparison between the different condos and specific floor plans!
Average Sales Prices per SF in the last year for condos constructed after 2015 in Miami Beach, Surfside and Bal Harbour.
Image taken from CondoGeeks. Condo Geeks is the most advanced analytics tool ever created for the Miami Condo Market.
These are the most commonly asked Google Real Estate Related questions
1. What are the Current Best New Condos in Miami?
If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023.
2. What is the best New Construction Condo in Fort Lauderdale?
In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.
3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami?
Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!
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