Dr. Kristine Guleserian, a Pediatric Cardiovascular Surgeon relocated from Dallas to South Florida. Looking to purchase a home, her wish list included contemporary architecture, expansive indoor-outdoor space, lots of natural light all set in a resort-like atmosphere with a pool and on the water.
Dr. Guleserian found her piece of paradise at a luxury boutique condominium community, The Fairchild Coconut Grove. With an estimated completion date in early Fall 2019, currently 60% of its 26 residences are sold with prices ranging from $1.7 to $4.6 million.
Expansive spaces range from around 1,700 to over 4,000 square feet. The amenities include private boat slips, Bayside residents lounge, rooftop pool deck, holistic wellness spa and private fitness studio.
“I was looking for a single-family house since that is what I had in Dallas. “Because of that, The Fairchild was the last place I looked,” says Dr. Kristine Guleserian. “I fell in love immediately. I could not believe it had everything I wanted including a private dog park. It offers me privacy, space and a true sense of relaxation.”
Located on the water just off Bayshore Drive, The Fairchild is one of several boutique luxury properties currently under construction in the Miami area. “Our buyer wants the benefits of privacy that comes with a small building, yet they also ask for all the bells and whistles found in a large luxury tower,” notes Oscar Rodriquez, principal at ROVR Development, the Fairchild’s developer.
Another in-demand Miami waterfront offering is Bijou Bay Harbor, which has 41 residences and is now 75% sold. Construction is scheduled for completion by second quarter of 2019. “We are seeing a trend where people who are downsizing from large homes in neighborhoods still want that feeling of a home with the security and amenities of a condominium,” said Rob Morales, VP of Operations at Ability by Acierto, developer of Bijou Bay. “They don’t want to move to a high-rise with 300 to 400 units,” Morales adds. Bijou Bay’s residences range from 900 to just over 2,000 square feet. Pricing runs around $600,000 to $2 million.
Bijou Bay offers roof top lounge with Infinity-edge pool with bay views, six private boat slips which can accommodate boats up to 45 feet, state-of-the-art fitness center and a water sports marina.
Dr. Sam Chandan, associate dean at NYU’s Schack Institute of Real Estate, focuses on the fundamentals. “We are seeing some adjustments in the luxury condo tower segment. Developers are being very responsive to this. There is a subset of the market who want a smaller more intimate scale property yet have access to amenities you find in a larger luxury building.”
Moving west to Chicago, Lizzie Kaplan, principal of Boutique Properties, along with its partner, Contemporary Concepts Inc. is currently developing 445 Arlington, located in Chicago’s East Lincoln Park community. This luxury boutique condominium has only 8 residences with 50% sold. A major selling point is the walkability and convenience to all that Lincoln Park offers in dining, shopping and cultural venues.
“This new trend toward more intimate buildings with higher-quality design and gracious floor plans is much different from the size and quality of units delivered during the last cycle’s condo boom,” explains Kaplan. “Boutique luxury condos are now offering a perfect alternative to traditional luxury single-family home living without the upkeep.”
In San Francisco where new luxury condominiums both high and low-rise are selling briskly, Nina Hatvany, Luxury Property Specialist at Pacific Union and the top residential sales agent in San Francisco from 2008 -2015 and again in 2017, gives her viewpoint. “In San Francisco, smaller buildings have always been popular. Now we are seeing boutique properties with very high-quality finishes and services. It’s an attractive alternative for those who don’t want to live in a glass tower and want more of a neighborhood feel.”
Look for more boutique condos in cities across the country as baby boomers continue to downsize.
Support Design & Fashion Magazine