The Ritz-Carlton Residences South Beach, a boutique development on Lincoln Road, offers a blend of historic charm and modern luxury. This review delves into the property’s unique features, design, pricing, and location, providing insights that go beyond typical sales presentations to help potential buyers make informed decisions.
Key Takeaways
- The development features only 30 private residences, emphasizing exclusivity.
- It preserves the Art Deco facade of the former Sagamore while modernizing the interior.
- Pricing averages $4,000 per square foot, placing it at the higher end of the market.
- The location on Lincoln Road offers immediate access to South Beach’s vibrant scene.
Inside the Ritz-Carlton Residences South Beach
The Ritz-Carlton Residences South Beach is a limited collection of 30 private residences and 55 hotel suites, designed to offer exclusivity and privacy with separate entrances. The project thoughtfully integrates the iconic Art Deco facade of the former Sagamore with a complete structural rebuild, meeting contemporary luxury standards. Situated on 365 feet of waterfront, it provides a unique combination of historic Miami Beach ambiance and proximity to shops, restaurants, and entertainment.
Floor Plans and Unit Mix
The development is intentionally boutique, with a focus on larger living spaces. Out of the 30 residences, only five are one-bedroom and seven are two-bedroom units. The majority are spacious three-, four-, and five-bedroom homes designed for end-users. Each residence boasts ten-foot ceilings, open-concept layouts, expansive terraces, and corner exposures to maximize natural light and views.
Finishes and Design
Developed by SOBE Sky Development, with architectural design by Kobi Karp and interiors by Studio Munge, the residences showcase meticulous attention to detail. Kitchens are equipped with oversized marble islands, Gaggenau appliances, and Sub-Zero integration. Bathrooms feature high-grade marble like Covelano Silver Gold Marble, complemented by brass fixtures and spa-like wet rooms. The design incorporates advanced lighting and air systems, including linear diffuser AC and concealed trims, with a level 5 finish for clean, modern aesthetics. Even the powder rooms are fully finished, a detail often overlooked in new constructions.
Services and Amenities
As a Ritz-Carlton branded property, residents can expect over 50,000 square feet of five-star amenities and full-service living. The hotel and residences maintain separate entrances, ensuring privacy for owners. The value proposition of the Ritz-Carlton brand is compared against other luxury hospitality brands, considering both lifestyle and resale potential.
Pricing and Market Position
Pricing at the Ritz-Carlton Residences South Beach ranges from $3,600 to $5,500 per square foot, averaging around $4,000 per square foot. Delivery is anticipated in three years. The deposit structure is standard for Miami new developments. The pricing positions the project competitively within the luxury market, comparable to new waterfront constructions and even some high-end resales in established buildings, though some older buildings may command higher resale prices despite their age.
Location and Trade-offs
Located on Lincoln Road, the area is undergoing significant reinvestment, with new retail and hospitality projects aiming to restore its former vibrancy. For buyers, the trade-offs include potentially higher HOA fees due to the boutique scale and a reliance on Lincoln Road’s continued revitalization. The location is ideal for those who prioritize being in the heart of South Beach, valuing walkability and immediate access to amenities over quiet seclusion.
Conclusion
The Ritz-Carlton Residences South Beach offers an exclusive, boutique living experience with prime waterfront positioning and the renowned Ritz-Carlton service. Its key strengths are its central Lincoln Road location and well-designed, spacious residences with high-quality finishes. However, the premium pricing places it in competition with other top-tier properties, and the investment case is tied to the ongoing gentrification of Lincoln Road. This development is best suited for buyers seeking an immersive South Beach lifestyle with exceptional service and exclusivity, who are comfortable with the associated costs and location dynamics.