The recent announcement by construction company Dezer Development about the launch of Bentley Residences, in Sunny Isles Beach sparked the debate over which luxury condo on the island would remain at the top of the list among Florida’s most modern and luxurious: Porsche Design Tower or Bentley Residences. Who wins this battle? At the same time, Porsche owners are beginning to wonder whether they would compete with the units in the new Bentley tower, as the latter would also feature the famous car lift technology, which allows the owner to park inside the unit itself.
We decided to write an article comparing the two towers and also commenting on the impact of the arrival of the Bentley Tower on the Sunny Isles Beach micro-market.
Why the Porsche Tower is an Icon in Sunny Isles
Not only in Sunny Isles Beach! Porsche Design Tower represents a milestone in the global luxury real estate segment. The tower, in addition to being located in one of the noblest regions of Florida, faces the sea (“foot-in-the-sand” concept) and brings several unique luxury features hardly found in other condominiums around the world.< /p>
The first major differential of the Porsche Tower in Miami is precisely the fact that it is a “branded-condo”, in other words, a project associated with a weighty and world-renowned brand, Porsche Design. Branded condominiums are desired by international investors, who see the brand as a security when investing. The brand associated with the condominium ensures its suitability and quality, making the investment something exclusive and differentiated.
However, the main highlight of the Porsche Design Tower, which made it a milestone in the luxury real estate segment, is that it brings the concept of “house-in-the-sky”, in other words, the feeling of living in a house on high. This is possible thanks to two main features: 1 – A car elevator that allows the owner to park inside the unit and 2 – A large balcony designed to be a backyard, with a private pool and BBQ area.
This “house-in-the-sky” concept and the convenience of being able to park inside the apartment itself makes the Porsche Tower desired by many celebrities and public figures, as no one has to walk through the lobby or take an elevator with other residents. The privacy that the car elevator brings has never been seen in the world. Recently, football star Lionel Messi acquired a unit in the tower.
The Arrival of Bentley Residences and Impact on Sunny Isles Beach Real Estate Market
The Bentley Tower (Bentley Residences) will arrive on the market with some of the features found in the Porsche. It won’t have exactly the same amenities, but it will also offer its residents the comfort of being able to park their cars inside the unit.
Like the Porsche Tower, Bentley Residences is also a branded development bringing a world-renowned brand, the British luxury car brand Bentley.
Bentley Residences will also be located in Sunny Isles, facing the ocean, and will be the largest oceanfront tower in Florida.
There is, therefore, a fear in the market, especially among Porsche tower owners, that the units at Bentley Residences could be strong competitors. Before the Bentley, only the Porsche Design Tower had such features. With Bentley, there will be another similar condominium to compete.
This fear, while feasible, is not sustainable in our opinion. With the experience we have, operating for over 20 years in the Florida real estate market, we understand that the arrival of another super luxury tower in Sunny Isles Beach would only bring benefits to all property owners on the island.
Sunny Isles Beach no longer has land to build new developments facing the ocean. Bentley Residences occupies one of the last free building areas. A major development such as Bentley Residences only consolidates the island as a global luxury destination for international investors.
In addition, the Porsche brand does not necessarily compete with the Bentley brand. There are Porsche lovers in the world as well as Bentley lovers. Both brands bring loyal audiences and investors.
Another reason we understand that there is no sustainability in such a concern is the fact that, however modern and innovative the Bentley tower may be, it couldn’t be much different from the Porsche. The space and layout of the Porsche apartments are great and will not change. The Bentley Tower will have more units and therefore more residents. It won’t be something as exclusive as the Porsche. The technology used to build the car elevators will be the same.
Is it time to sell or buy apartments in the Porsche?
A customer and friend who owns a unit in the Porsche Design Tower recently asked me if it would be time to sell. His fear was precisely the arrival of Bentley on the island. This led me to write another article about the luxury condos market in general in Miami: Condos in Miami: Should I buy or sell?
It’s hard to answer with a “yes” or “no”. Our understanding is that the market for “resale” (ready) condos will appreciate in the coming months and years, until new units are delivered, increasing the inventory of luxury condos in the region. There is no forecast of a large number of new units being delivered in the next two years, as most launches in Miami are expected to be delivered in two or more years.
Porsche units, like most luxury condominium units in Miami, have been gradually appreciating and recovering from the depreciation they suffered over the past two years, due to the crisis caused by restrictions on movement and the closing of borders. Everything indicates that this trend will continue.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida and aimed at the Brazilian public. If you want to know more about the luxury segment in the Miami real estate market, contact me right now and chat with me via WhatsApp: +1 (305) 318 6968 (Heloisa Arazi).