57 Ocean in Miami Beach was announced just a few months ago. The luxury condo comes at a peculiar time, as the condo inventory in Miami Beach is seeing a sharp increase and the market is experiencing a softening. Although 57 Ocean won’t be delivered until 2021, we reckon the development team must have enough confidence in the condo’s success to start building this luxury tower at this very moment. We therefore compared 57 Ocean with several other high-end new constructions around the beach and Surfside to see if 57 Ocean will offer true luxury.
First of all, what is luxury? It is a term, which is often lightly or too easily used in Miami real estate for everything that is above $300K in a desired residential area. As true Miami market analysts, we designed a list of elements that are valued by our ultra-luxury condo buyers and a list of values that is often seen in condos that hold their value over time. These characteristics can be found in the table and include water views, balcony sizes, ceilings heights, etc. Please check the data in the table and read our descriptions to learn more about 57 Ocean and how it compares to other just released luxury condos.
57 Ocean will offer 81 units ranging from 1,245 SF to 3,623 SF (This includes the Penthouses. Units can be combined to create larger living spaces) on a 1.46 acre site. The building will provide for unobstructed ocean views to the east, but there are high-rise condos North and South of the condo, which might obstruct some of the side views. Some of the smallest and the most affordable units will only face west and will not have any ocean views. It is therefore essential to choose a good line in the condo. Balconies are quite large for the unit sizes ranging from 33% to 50%+ of the interior sizes. The penthouses at 57 Ocean will have private garages, other than that there is no self-parking or assigned parking, everyone will need to use the 24/7 valet services. The best line in the building is the 01 line that offers southeast views.
Asking prices here range between $1,200 per SF and $2,300 per SF with an average of $1,850 per SF. The 2 bedroom units in the back (West views) start selling for $1.5M and ocean facing 2 bedrooms plus den start selling at $3.2M. Units go up till $8M with 57 Ocean Penthouse prices upon request. Also check the amenities and services at 57 Ocean
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