La Baia Bay Harbor Islands | An Independent Review

Reviewing the Details and Prices at La Baia Bay Harbor Islands

Introduction

Welcome to our independent review of La Baia Bay Harbor Islands. Here at the David Siddons Group, we are experts in the nuances of the Greater Miami residential real estate market. Our goal is to help our clients make intelligent, value-driven decisions when buying a home, second home, or investment property. We are fiercely independent, so you can trust that we strive to provide an accurate, unbiased opinion of the most prominent options beyond the developer’s selling points.

We’ve put together this independent review of La Baia North in Bay Harbor Islands by focusing on the factors we know are most important to determine the long-term value and attractiveness of a condo. If you are considering buying a unit at La Baia Bay Harbor, we expect this review will guide you to begin making an informed decision.

Our team consists of area experts covering every sub-market in South Florida. As part of our data-driven approach, we take great pride in our in-house analytics program, Condo Geeks, and its proprietary data to help you understand how the condo is positioned compared to existing condo units for sale. Whether you are interested in living or investing in La Baia Bay Harbor Islands, it is essential to have this level of data and analysis at your fingertips.

Of course, nothing beats personal guidance. If you are interested in speaking with me about the issues discussed in this independent review, or any other related to South Florida’s real estate market, do not hesitate to reach out to me (Stefania Cambarau, author of this blog) at 305.965.1232 or via email at stefania@siddonsgroup.com. You can also reach David at 305.508.0899.

Background Info on La Baia Bay Harbor Islands

La Baia Bay Harbor is a phased development spanning two sites in Bay Harbor Islands, an increasingly attractive town nestled in the middle of Biscayne Bay west of Bal Harbour, east of the City of North Miami, and just across the water from the ultra-exclusive Indian Creek community.

The first phase in the development, La Baia South, is currently under construction at 9201 East Bay Harbor Drive in Bay Harbor’s eastern isle (the one closer to Bal Harbour and the Beaches). The second phase of the development, La Baia North, is planned a few blocks away.

The South tower of the project is located on a relatively large lot, over an acre. It is slated to host 68 units, which the developer reportedly sold out less than six months after launching sales and expects to open at the end of 2023. The North tower is located on a smaller lot and is planned at 57 units. It has an expected delivery date at the beginning of 2024. Both buildings are being built by well-known developer Bruce Eichner, who famously also built South Beach’s Continuum towers, The Cosmopolitan in Las Vegas, and Madison Square Park tower in New York. 

Our detailed analysis of the project is below, with individual points arguing in favor or against the project. Here’s the bottom line: we believe this project would be an excellent option for buyers seeking waterfront condos at the upper end of the market but who do not wish to pay the top-dollar pricing being asked at ultra-luxury offerings nearby. This project will be attractive to families, those interested in having their boat docked on-site at their condo, and second-home investors who are planning to stay in South Florida for part of the year but will be leasing their units out at other times. It will not be as attractive to those seeking the high-rise experience or looking at only the most luxurious of new condos.

#1  La Baia Bay Harbor Is Expected To Deliver Quickly

Because it rises only eight stories, is planned at 57 units, and is being built by an experienced developer and construction team, La Baia North will come online quickly. As a result, buyers who put money into the project today will likely receive the keys to their new condo two years from now, by the end of 2024. That’s significantly faster than the standard three-year wait that most pre-construction high-rise condo buyers in South Florida face, making the project attractive to those itching to move in or who can’t wait three years to start making a return on their investment.

#2 La Baia Will Provide On-Site Docking

A private dock accessible only to condo owners is a big selling point that will bring boat lovers to this project. The developer plans to create 14 boat slips, which will be for sale once they receive all the appropriate permits. 

#3  La Baia Is All About Location, Location, Location

This newest La Baia tower boasts an incredible location. On the Indian Creek Waterway in the pristine neighborhood of Bay Harbor Islands, La Baia North is less than a 5-minute walk to the Atlantic Ocean’s sandy beaches, the world-renowned Bal Harbour Shops, convenient neighborhood services, and an array of dining and entertainment options. Due to its ideal waterfront location, La Baia North is thoughtfully designed for premiere outdoor entertainment and enjoyment.

Bal Harbour and Surfside to the east have world-class amenities, restaurants, and shopping, not to mention beaches that would make the cover of many travel magazines. Bay Harbor Islands is a charming town expected to continue developing, so even more local and neighborhood amenities will likely pop up in the short term. The City of North Miami, just over the causeway, has many convenient options for day-to-day shopping and living needs.

#4 For Families, La Baia Has Thoughtful Amenities

For those purchasing a primary or secondary home and who expect to live there with young children, La Baia North will include family-friendly amenities such as a rooftop kids’ splash pad and a play lawn. The A-rated public school Ruth K is within walking distance, and some of the best private schools are just 15 minutes away by car.

#5 For Investment and Second-Home Buyers, La Baia Has Generous Leasing Provisions

The initial condo docs drafted for La Baia North will allow unit owners to rent out their property for as short as three months, up to 4 times per year. That’s shorter than the minimum we see in most new construction condos, no less than six months. 

This provision strikes a balance. While truly short-term rentals are not allowed, the lower minimum rental term opens up more revenue possibilities to investor-owners or those who only plan to spend a few months of the year living in the property themselves.

The Pricing and Economics for La Baia Bay Harbor Islands Are Fair, and the Payment Structure is Standard

We consider this project to be an entry-level luxury offering. The least expensive units on the lowest floor, facing away from the water, are asking $1.3 million, less than $930 per square foot. Most bayfront two- and three-bedroom units are asking between $1,400 to just under $1,500 per square foot.

Those prices are significantly less than the $2,470-per-square-foot price tag of similarly-sized three bedrooms in the nearby Oceana Bal Harbour although these are located on the ocean. La Baia units are are still less than the $1,700-per-square foot rule-of-thumb price seen in other, older condos in Bal Harbour. The difference, of course, is that La Baia is not in Bal Harbour and has fewer luxe amenities than those condos. So these prices are not comparable on a one-to-one basis.

Given that, we consider the pricing for La Baia to be fair. In addition, the payment structure is standard for most South Florida pre-construction condos — 20% is due when the contract is signed, 10% is due 120 days after the contract is signed, and 10% is due when the building tops off. The remaining 60% is due at closing.

Comparing La Baia Bay Harbor Islands to other new construction condos in Miami

As can be seen from the graph below, La Baia shows very competitive prices per SF compared to other new construction condos. Contact me at 305.965.1232 for more information.

What Features of La Baia Will Not Work for all Kinds of Buyers?

• La Baia is missing some elements that would be expected At this price point. The large floor plans and luxury finishes speak well of this project. The architect, Luis Revuelta, is internationally regarded. C. Wright Studios are designing pools, and Durukan Design will curate interiors.However, some amenities are missing. There is no private elevator access to the units, which is a desirable feature at this level of luxury. While the interior floor plan is generous, the terraces are less so. At only 6 feet deep, the private outdoor areas will feel cramped to some buyers and limit their use in the future.
• The Amenities offered By the Project Developer are Limited, and the Initial HOA Assessment is High. La Baia North will offer 20,000 square feet of common outdoor amenities, which will be useful for entertaining and recreation. Among the amenities being marketed for passive lounging and hosting friends: open common green spaces, a poolside sundeck with lounge seating, a heated soaking jacuzzi, a grill station for outdoor dining, hanging nest swings, and a sunset lounge with a fire pit. However, unlike other projects competitive with La Baia, no on-site spa services, such as a sauna or steam room, are being planned. Parking amenities will also be limited. Owners are offered valet parking only. Self-parking in private spots is not contemplated as part of the project. The limited amenities contrast with the high initial HOA assessment of nearly $2 per square foot.  That does not mean the project will not be an excellent fit for many buyers. On the contrary, it will provide a more laid-back lifestyle than some higher-end projects to the east but still provide a luxury feel.
• The generous leasing provisions might be beneficial for investors and second-home owners, but it is not for people that live in the condo on a daily basis. The shorter the lease periods the higher the turnover of tenants.

Why work with me to buy your pre-construction unit?

As an independent analyst, I have researched, studied, reported, and MOST importantly helped hundreds of buyers purchase new construction and resale Condos for over 15 years. I am available to help, partner, and guide you to the best units without bias. I hold ‘super-broker’ status within the real estate community. In addition, I’m one of the few agents to be hired as a consultant on the development and marketing of four luxury projects over the past five years. I understand intimately the process, strategies, and legalities of new construction. Moreover, I have an insider’s understanding of how they work, advertise, market, legally operate, and sell – both the good and bad! My experience and connections allow me to navigate my way to direct dialogue with the developer on your behalf. Advising, protecting, and executing luxury pre-construction condo deals at the best prices and with the best terms for my clients. My advanced software allows me to provide a clear understanding of new and resale value history to clients. My Top 10 New Construction Condo Rankings enable buyers to see how any new condo stacks up against the competition throughout Miami. Finally, my understanding of project specifics and statistics is unmatched. Want to know more? Call me for an impartial chat at (305) 985-0642 and let me openly and freely share my knowledge with you. You can also email me: David@siddonsgroup.com or register on the Calendly app for a Zoom call.