Mondrian South Beach – Condo Hotel
April 26, 2010
Did you even know that The Mondrian has condos for sale? The Morgans Hotel Group, responsible for The Delano and The Shoreclub in South Beach, decided there was a need for short term rentals as well as a Condo-Hotel in South Beach, and instead of referring out the business, they would keep it in-house. Of course their reputable concierge service and celebrated design would remain, that’s how the Mondrian concept materialized. The Mondrian has a marina, meeting rooms and sits on the bay side in South Beach at 1100 West Ave with spectacular panoramic views of the Miami Beach islands, Monument Island, The Port of Miami and The Miami skyline. The interiors were done by Marcel Wanders, known for his theatrical use of space. Some people may find the place to be “OUT THERE”, meaning it’s a bit weird and overdone, but the truth is that The Mondrian takes you away to a fantasy world that fits South Beach so well and becomes the perfect getaway.
Here’s the marketing pitch for The Mondrian Condo Hotel:
FULL CONDOMINIUM OWNERSHIP WITH HOTEL SERVICES BUILT AROUND YOUR LIFESTYLE. Owners enjoy all the privileges of this exclusive Hotel, 5 Star Asia de Cuba dining, Sunset Bar, 2 swimming pools, fitness center, Agua Spa, 24-hour room service, maid service, marina and full access to Delano Hotel Beach Club. Interiors feature glamorous living areas, spacious bedrooms, modern bathrooms, fully furnished and designed by Dutch designer Marcel Wanders. Enjoy breathtaking views of Biscayne Bay from your private balcony.
Once you enter and go through the Sleeping-Beauty-castle-type interiors, you’ll find the suites and apartments to be whimsical and unconventional with amazing views and backdrop of Biscayne Bay and South Beach. We visited one of the Tower Suites and took some photos.
This Tower Suite is offered at $2,950,000 with a $1,759.45/month maintenance fee which includes all amenities, cable, water, electric, WiFi).
Features include:
- Unique residence – one of only 4 total units
- 2 bedrooms / 2.5 bathrooms
- 1,680 square feet of living space
- 791 square foot terrace/balcony
- Wine Cooler, Washer/Dryer, Flat screen TVs in every room
- Access to exclusive Tower Suite Lounge
- Complimentary valet
We also visited a 2-bedroom (1,190 square feet with bay views at $900,000); a 1-bedroom (740 square feet with city views in the $500k’s); and studio unit (534 square feet with bay views starting in the high $200k’s) to get a feel of size and views. The interiors are all very similar and very Marcel Wanders, and the kitchens are small (as can be expected from a condo-hotel).
The consensus is that the prices are still high. The project was opened during Art Basel in December of 2006 and was 80% sold, but like the rest of the projects in Miami, only closed the cash buyers and now have 140 units available. Pricing has gone from the $1000’s per square foot to the $600’s – studio apartments start in the $290,000 range and 2-bedroom apartments in the $900,000 range. The Hotel program is optional and buyers can of rent their residences on their own. The sales team did disclose that they are renting at an average of $4.70 per square foot and their studios rent for approximately $2,500/month for a six month rental period. They also claim that the rental demand is higher than the supply. (This is enough to merit the high prices, knowing you will have your unit rented and can benefit from rental income).
There’s currently financing available by the developer, which is not easy with condo hotels. They have a 5 year balloon for Domestic clients as well as foreign nationals. They require 40% down for foreign nationals with a 7.5% APR and 3 credit reference letters and 80% down for domestic clients with APR from 7% to 8.75% (1.5 points and 30 day closings – Full Doc but no dept-to-income ratios which is good for multiple property owners). I shouldn’t even comment on price gouging anymore because it’s sometimes so difficult to obtain financing and the risk is so high for lenders…..that they can ask whatever they want.
An interesting and exclusive amenity is the future use of Monument Island for a private beach club. The Mondrian was instrumental in the restoration of the island and will now have rights to its use by it’s residents and hotel clients. Residents also get 10% off spa treatments, they have 1 parking space with complimentary valet parking and a private entrance if you want to avoid the busy lobby. All in all, it’s an interesting project with a creative solution to the short term rental need in South Beach… AND …”everything is very negotiable” according to the sales staff <<< ya think?
Showing properties
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33139 zip code real estate.
(all data current as of
7/30/2010)
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$1,890,000 : 450 Alton Rd, Unit 2603, Miami Beach3 beds, 3 full bathsSize: 2,158 sq ftListed with One Sotheby's Int'l Realty
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$550,000 : 1200 West Ave, Unit 1526, Miami Beach2 beds, 2 full bathsSize: 1,226 sq ftListed with Esslinger-Wooten-Maxwell Inc Coconut Grove Office
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$4,500,000 : 50 S Pointe Dr, Unit 2201, Miami Beach4 beds, 4 full, 1 part bathsSize: 3,017 sq ftListed with Continuum South Beach Realty
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$1,799,000 : 101 20 St, Unit 2702, Miami Beach2 beds, 2 full bathsSize: 1,213 sq ftListed with Setai Realty, LLC.
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$1,595,000 : 50 S Pointe Dr, Unit 1206, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,698 sq ftListed with Continuum South Beach Realty
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$1,600,000 : 101 20 St, Unit 2302, Miami Beach2 beds, 2 full bathsSize: 1,213 sq ftListed with One Sotheby's Int'l Realty
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$1,725,000 : 101 20 St, Unit 2301, Miami Beach2 beds, 2 full bathsSize: 1,198 sq ftListed with One Sotheby's Int'l Realty
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$17,000,000 : 50 S Pointe Dr, Unit PH 1, Miami Beach5 beds, 5 full, 1 part bathsSize: 6,360 sq ftListed with Continuum South Beach Realty
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$699,000 : 400 Alton Rd, Unit 2509, Miami Beach2 beds, 2 full bathsSize: 1,437 sq ftListed with Weichert Realtors Int'l. Group
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$549,000 : 1700 Meridian Av, Unit 202, Miami Beach1 beds, 2 full bathsSize: 995 sq ftListed with The Keyes Company 2
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$4,431,000 : 50 S Pointe Dr, Unit 2502, Miami Beach4 beds, 4 full, 1 part bathsSize: 3,017 sq ftListed with Continuum South Beach Realty
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$4,390,000 : 50 S Pointe Dr, Unit 2802, Miami Beach3 beds, 3 full, 1 part bathsSize: 2,621 sq ftListed with Continuum South Beach Realty
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$1,980,000 : 101 20 St, Unit 3804, Miami Beach2 beds, 2 full bathsSize: 1,141 sq ftListed with World Class Realty
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$525,000 : 90 Alton Rd, Unit 2201, Miami Beach2 beds, 2 full bathsSize: 1,130 sq ftListed with Continental II Realty Inc
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$850,000 : 450 Alton Rd, Unit 2806, Miami2 beds, 2 full bathsSize: 1,452 sq ftListed with Brosda & Bentley Realtors, LLC
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$799,000 : 400 Alton Rd, Unit 1511, Miami Beach2 beds, 2 full bathsSize: 1,649 sq ftListed with Net Real Estate INC.
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$799,000 : 400 S Pointe Dr, Unit 1602, Miami Beach2 beds, 2 full bathsSize: 1,169 sq ftListed with Esslinger Wooten Maxwell Inc
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$515,000 : 90 Alton Rd, Unit TH-3, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,410 sq ftListed with Weichert Realtors Int'l. Group
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$695,000 : 101 Ocean Drive, Unit 711, Miami Beach1 beds, 1 full bathSize: n/aListed with Grand Realty of America, Corp.
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$2,700,000 : 50 S Pointe Dr, Unit 1002, Miami Beach3 beds, 3 full bathsSize: 1,977 sq ftListed with Continuum South Beach Realty
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$1,395,000 : 50 S Pointe Dr, Unit 1704, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,491 sq ftListed with Continuum South Beach Realty
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$1,375,000 : 50 S Pointe Dr, Unit 803, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,491 sq ftListed with Continuum South Beach Realty
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$875,000 : 50 S Pointe Dr, Unit 506, Miami Beach1 beds, 1 full bathSize: 640 sq ftListed with Continuum South Beach Realty
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$1,899,000 : 101 20 St, Unit 2801, Miami Beach2 beds, 2 full bathsSize: 1,198 sq ftListed with Setai Realty, LLC.
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$680,000 : 450 Alton Rd, Unit 1506, Miami2 beds, 2 full bathsSize: 1,452 sq ftListed with Florida Realty of Miami, Corp
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$1,890,000 : 100 S Pointe Dr, Unit 1905, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,869 sq ftListed with Continuum South Beach Realty
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$1,075,000 : 450 Alton Rd, Unit 1205, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,750 sq ftListed with Miami Investment Brokers, Inc.
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$1,278,000 : 1900 Sunset Harbour Dr, Unit 2108, Miami Beach3 beds, 2 full bathsSize: 1,550 sq ftListed with Beachfront Realty Inc
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$665,000 : 1000 Venetian Wy, Unit 406, Miami2 beds, 2 full bathsSize: 1,430 sq ftListed with Better Homes & Gdns RE Fla 1st Fort Lauderdale
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$2,490,000 : 50 S Pointe Dr, Unit 2403, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,992 sq ftListed with Continuum South Beach Realty
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$740,000 : 90 Alton Rd, Unit 1010, Miami Beach2 beds, 2 full bathsSize: n/aListed with Beachfront Realty Inc
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$685,000 : 1330 West Av, Unit 3011, Miami Beach2 beds, 2 full bathsSize: 1,084 sq ftListed with Miami Riches
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$674,900 : 1000 Venetian Wy, Unit 708, Miami2 beds, 2 full bathsSize: 1,370 sq ftListed with Beachfront Realty Inc
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$879,950 : 221 Jefferson Av, Unit 7, Miami Beach2 beds, 2 full bathsSize: 1,241 sq ftListed with BSB Realty Services, Inc.
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$2,048,000 : 50 S Pointe Dr, Unit 2005, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,698 sq ftListed with Continuum South Beach Realty
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$1,299,000 : 100 S Pointe Dr, Unit 2401, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,591 sq ftListed with Beachfront Realty Inc
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$2,490,000 : 100 S Pointe Dr, Unit 2005, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,869 sq ftListed with Westpark Realty of Broward Inc
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$2,375,000 : 101 20 St, Unit 2708, Miami Beach2 beds, 2 full bathsSize: 1,141 sq ftListed with Setai Realty, LLC.
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$12,950,000 : 50 S Pointe Dr, Unit 703, Miami Beach2 beds, 2 full bathsSize: n/aListed with World Realty of South Florida
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$2,300,000 : 101 20 St, Unit 2406, Miami Beach2 beds, 2 full bathsSize: 1,316 sq ftListed with Setai Realty, LLC.
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$1,325,000 : 300 S Pointe Dr, Unit 1504, Miami Beach2 beds, 2 full, 1 part bathsSize: 2,040 sq ftListed with Heritage Real Estate , LLC
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$650,000 : 450 Alton Rd, Unit 2208, Miami Beach1 beds, 1 full, 1 part bathsSize: 851 sq ftListed with Professionecasa Prestige Intl.
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$1,650,000 : 50 S Pointe Dr, Unit 1205, Miami Beach2 beds, 2 full, 1 part bathsSize: 1,698 sq ftListed with Continuum South Beach Realty
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$1,450,000 : 50 S Pointe Dr, Unit 602, Miami Beach2 beds, 2 full bathsSize: 1,266 sq ftListed with Continuum South Beach Realty
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$590,000 : MLS # F1066231 in Miami2 beds, 2 full bathsSize: 1,400 sq ftListed with Florida Elite Homes Inc.
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$850,000 : 400 S Pointe Dr, Unit 1101, Miami Beach2 beds, 2 full bathsSize: 1,165 sq ftListed with Select Properties of America
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$875,000 : 400 S Pointe Dr, Unit 1501, Miami Beach2 beds, 2 full bathsSize: 1,165 sq ftListed with Miami Investment Brokers, Inc.
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$649,000 : 208 Jefferson Av, Unit 115, Miami Beach3 beds, 3 full bathsSize: 1,520 sq ftListed with Bertrand Realty Group, LLC
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$2,300,000 : 400 Alton Rd, Unit 2204, Miami Beach3 beds, 3 full, 1 part bathsSize: 2,974 sq ftListed with One Sotheby's Int'l Realty
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$1,149,000 : 101 20 St, Unit 2803, Miami Beach1 beds, 1 full, 1 part bathsSize: 767 sq ftListed with Setai Realty, LLC.
Listing information deemed reliable but not guaranteed. Read full disclaimer.
The Shore Club Hotel in trouble
October 22, 2009
Please say it isn’t so! The Shore Club is one of my fave getaways when Rick and I want to go out and venture to South Beach. The chic atmosphere and people watching is beyond this world and for our friends that stay at the Shore Club Hotel when they are in town, the concierge services are top notch!
Of course we should have seen it coming when we went to review a mojito and found them to be less than desirable… (so much so that I couldn’t do the review and @mrmiamism took over!)
Mojito Review – The Shore Club Hotel – South Beach
According to Deidre Woollard from Luxist.com – The Shore Club Goes Delinquent On Its Mortgage:
Could we be seeing another hotel in trouble? The WSJ’s Developments blog says that The Shore Club in Miami Beach has gone delinquent on its $111.5 million securitized mortgage. The mortgage has a special server Cerberus Capital Management LP’s LNR Partners Inc. which has reported that father and son developers Philip and Michael Pilevsky had withdrawn a threat to close the hotel after the mortgage server agreed to fund basic expenses including payroll from the mortgage’s reserves. According to credit-research company Trepp LLC, the Shore Club’s mortgage is 30 days delinquent this month. The hotel also owes another $11.5 million in separate debt besides the mortgage.
The Morgans Hotel Group has been known to have their game on – so I hope to keep dining at Nobu and hope the pretty people don’t get displaced.