In Episode 15, Lucas meets up once again with Daiana Quiceno, but this time to learn all about the recently launched The Elser Hotel & Residences Miami (previously named Society Residences Miami). Developed by Property Markets Group (PMG), The Elser Hotel & Residences was originally intended to be an all-rental apartment building. However, due to the extremely low housing inventory throughout the city of Miami, the developer recently decided to convert it to condos to “strike while the iron is hot” and capitalize on the huge demand from real estate investors for condos permitting owners to lease their units on a short-term basis.
The Elser Hotel & Residences Miami is located in Downtown Miami at 398 NE 5th Street, across the street from Bayside and one block from the FTX Arena (the home of the Miami Heat). It will have 654 units available for purchase comprised of studios to three-bedroom floor plans. An array of amenities will be offered at The Elser Hotel & Residences Miami, including an on-site cocktail bar and restaurant, a 132-foot-long resort-style pool, a 16-foot poolside screening LED wall, eight barbecue grills, 11 reservable conference rooms, and a coffee lounge by Cafe Domino. The units at The Elser Hotel & Residences Miami will be delivered fully furnished and finished with 9-foot-2-inch ceilings with floor-to-ceiling glass windows, porcelain wood-grain tiles, a custom Italian-designed kitchen, quartz countertops, stainless steel kitchen appliances, and smart thermostat.
A big selling point of The Elser Hotel & Residences Miami is the gorgeous views it offers. Located directly across the street from Bayside and Biscayne Bay, The Elser Hotel & Residences Miami offers panoramic views of the water. Of all the buildings in Miami that allow or will allow short-term rentals (completed, under construction, or pre-construction), The Elser Hotel & Residences Miami offers the most direct, unobstructed water views. Another huge selling point of The Elser Hotel & Residences Miami is its lax rental restrictions. The development will allow daily rentals, and for the convenience of owners, it will have an on-site property management company that will handle all the bookings, check-ins, etc.
The Elser Hotel & Residences Miami is currently accepting reservations with a deposit of 10 percent. The reservations are expected to be converted to contracts next month (July 2022), at which point an additional 40 percent of the purchase price would be required, for a total of 50 percent. The balance would then be due at closing, which is slated for August or September 2022. The Elser Hotel & Residences Miami Prices: studios from $600K, one bedrooms from $800K two bedrooms from $1.4M, and three bedrooms from $1.4M
If you have an interest in reserving a unit at The Elser Hotel & Residences Miami, contact Lucas Lechuga via email at [email protected].