Miami Beach Luxury Real Estate – MEi
Miami Beach Luxury Real Estate redefined in none other than Millionaire’s Row! MEi was designed as an architectural icon by Hirsch Bedner Associates (known for hospitality design and projects including the Mandarin Oriental in Miami) together with famed designer Jaya Ibrahim (designer for the Setai in Miami Beach). Here’s the concept behind this fabulous oceanfront condo:
Introducing MEi, the ancient mandarin symbol for beauty. An exotic architectural creation in shimmering glass, flowing water, silk and teak, MEi is an immediate icon on Millionaire’s Row in Miami Beach. Mei is a world of timeless Asian design and 21st century technology, with exquisitely finished 1, 2 and 3 bedroom residences and an intimate atmosphere of personal service and indulgence. Every detail at MEi has been designed to give its residents a sense of tranquility and serenity. From the incredible Lobby to the TEA Lounge, the Zen library, Spa and Poolside, residents at the MEi will enjoy the ultimate in privacy and relaxation. MEi is located on the beautiful white sands and bright aqua waters of Miami Beach and to the west it overlooks the intracoastal Waterway with panoramic views of the downtown Miami skyline.
The density of MEi is really comfortable if you’re not into the 500 unit high rises that are common nowadays. It’s a 22-story building with 134 residences and located on 175 feet of prime Miami Beach beachfront property – what else could you ask for? The maintenance fees, according to the sales Director will be between $1.05 and $1.10 per square foot and the developer (PMG) is guaranteeing those HOA fees for 2 years. Some of the amenities include:
- Asian inspired tea lounge
- Zen library
- Yoga tudio
- State of the art Technogym Fitness facility with private massage rooms, steam rooms and lockers
- Ocean view pool deck with lagoon pool, infinity edge pool and misting pool
- Fire pit in pool area
- Pool attendant
- Valet parking
Each residence includes advanced 21st century technology system which consists of pre-wired and pre-installed fiber optic connections for: Satellite TV, Email boxes, local and international telephone, voice mail service, wireless hi-speed Internet, music and video library. Here’s the MEi 411 from the sales director – The project sold out in pre-construction in 2005 and 24 units defaulted once they began closing in May of 2008. Of those 24 they have already sold 10. The units sold in pre-construction at an average price per square foot of $1,100 and 12 residences were flipped between $1,200 and $1,300 per sq. ft. – Here’s where it gets painful – those units are now selling for a blended average of $650/sq.ft. (OUCH!) – and that, my friends…..is negotiable!
- 1 bedroom residences start in the low $500,000’s
- 2 bedroom residences start in the low $700,000’s
- 3 bedroom residences start between $1 and $1.1 million
I personally like the location – 5875 Collins Avenue – perfect Miami Beach Luxury Condo setting….. right next to The Bath Club and close enough to the action but the buildings directly west are not very aesthetically pleasing – fortunately the ocean views are breathtaking and takes away from the eye sores. The unit finishes are not my favorite either – particle board kitchens with veneers and glass tops (most people will be redoing those) – but the common areas have a nice scale and the finishes are what you would expect from Jaya…not to mention the wrap-around balconies, which are amazing! And did I mention the spectacular views?