Pavilion from the Ocean

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New York City Prices in Miami

The New York Times
Richard Meier has been an architect for half a century, and yet, thePritzker Prize winner has never bought an apartment of his own design. Until now.
Mr. Meier, who is based in New York City, was one of the first to buy a condominium at the Surf Club Four Seasons, his latest project in Miami.

“I thought, well, you know, everyone is going to Miami. This place is jumping,” said the 80-year-old architect. “I probably should have done this before. But I designed the building and it is great, and I figured I might as well enjoy it myself.”
Pamela Liebman, the chief executive of the New York City-based brokerage the Corcoran Group, which is marketing the project, also purchased a unit there. In fact, two-thirds of the buyers are New Yorkers, said Nadim Ashi, the managing partner at Fort Capital, the developer.

Over the years, Miami has been referred to as the city’s sixth borough, and it would appear that in the exclusive world of luxury real estate, this has never been truer. A wave of New York City developers has washed onto the Florida shoreline in recent months, bringing with them New York buyers, and increasingly, New York City-type pricing.

Over the past 18 months, prices have risen by 11.5 percent along the beachfront in Miami, with new condominiums averaging $1,011 a square foot, up from $907 a square foot, according to a December market report by the Miami brokerage firm ISG.

At the same time, the number of units for sale has dropped by nearly 64 percent, to 623 units from 1,717 units, over the same period. There are also a number of high-priced penthouses for sale, including several that surpass $3,000 a square foot. The priciest is a $60 million home for sale at Faena, the development where the Goldman Sachs chief executive Lloyd Blankfein and the Apollo Global Management co-founder Leon Black, both New Yorkers, have reportedly bought residences.
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