The Appeal of Boutique Condo Living in Bay Harbour Islands
- Mar 23, 2018
A hidden gem tucked between North Miami on the west and Surfside and Bal Harbor on the east, Bay Harbour Islands once housed the largest concentration of mid-century Miami Modern style structures in the country. Bay Harbour’s East Island—that only allows multifamily and commercial structures—was named one of the most endangered historic places in the U.S. by The National Trust for Historic Preservation in 2014. This marked the beginning of an important change and paved the way for a new trend: the concept of boutique living.
One of the new developments in Bay Harbour Islands is The Puder Group’s 101 Bay Harbor project, a boutique property featuring 12 townhomes and marketed by Pordes Residential. Mark Pordes, CEO of Pordes Residential, talked to Multi-Housing News about the Bal Harbour-Surfside-Bay Harbor Islands condo market and how 101 Bay Harbor fits into the scenery.
What is the current status of the luxury condominium inventory in Bay Harbor Islands?
Pordes: There are currently approximately eight new projects in various stages of construction in Bay Harbor Islands. Because of the neighborhood’s zoning, all of these projects are boutique in size and each only has a handful of inventory still remaining. While other neighborhoods within the South Florida market may have an oversupply of inventory, Bay Harbor Islands has limited amounts of new inventory remaining around the neighborhood.
What can you tell us about the Bay Harbor sales trends?
Pordes: Demand from end-users has been strong for Bay Harbor Islands. The area has one of the best school systems in Miami, which is a big draw for our buyer demographic. This is a supply-constrained market and that’s why sales continue to be strong.
We have had an amazing 2018 and have experienced a large pickup in sales in Bay Harbor. This area has always attracted local buyers and that continues to be the case. Many of our buyers are existing Bay Harbor Islands residents who are looking to upgrade to a larger space and new construction.
What are your predictions for the Bal Harbour-Surfside-Bay Harbor Islands condo market in the upcoming years?
Pordes: There is no land left in Bal Harbour and no new preconstruction projects underway. There’s very little land in Bay Harbor Islands and Surfside and we do expect to see a handful of more boutique, upscale projects coming to market as everything built in those two markets has been successful. As the projects are boutique in size, it’s appealing to developers because it makes the acquisition and development process attractive and less risky.
I think values will continue to rise in the Bal Harbour, Surfside and Bay Harbor Islands because of the limited supply and because the neighborhoods continue to improve with new restaurants and upscale retail brands.
Which is the main demographic drawn to the 101 Bay Harbor development?
Pordes: The project is primarily attracting younger families and buyers in their mid-30s to mid-50s, with children. The fact that the development is in a quiet, safe neighborhood with an amazing school district is very attractive to end-users. Also, 101 Bay Harbor is conveniently located steps away from Bal Harbour and a short distance from Miami Beach, in close proximity to two international airports, two seaports and high-end shopping and dining.
What is the primary appeal of 101 Bay Harbor that sets it apart from other projects?
Pordes: Perhaps the most standout feature of 101 Bay Harbor is the rooftop. Each residence features a 600-square-foot private roof deck complete with a summer kitchen, grill and jacuzzi. 101 Bay Harbor is a gated community of only 12 residences. All of the townhomes include four bedrooms, 3.5 bathrooms and a two-car garage. The generous size and floor plans truly set the development apart from other projects in the area. Residences are modern and spacious, ranging from 2,227 to 2,503 square feet.
Images courtesy of 101 Bay Harbor and Pordes Residential