Wealthy buyers are scooping up Miami’s luxury housing inventory. The latest sign? A Ritz-Carlton-branded community of multimillion-dollar homes on a lagoon sold out within nine months of sales launching. The Villa Collection at The Ritz-Carlton Residences, Miami Beach pre-sold all of its 15 single-family residences, said Philip Freedman, the director of sales for The Villa Collection and a broker associate for Douglas Elliman. The Villa Collection at 4701 N. Meridian Ave. is anticipated to be completed by August 2022.

The lagoon-front residential community shares 7 1/2-plus acres with the neighboring star-studded 111-unit condominium the Ritz-Carlton Residences, Miami Beach, which opened in 2019. Designed by Piero Lissoni and Ralph Choeff, the houses range from 3,263-square-foot residences with three bedrooms, three bathrooms and a powder room for $4 million to 4,800-square-foot residences with four bedrooms, five bathrooms, a powder room and den for $8 million. Each two-story villa has its own pool, garden and access to the amenities at the condominium, including a spa, gym and kids room.

Total sales have amassed to $93 million for the Villa Collection, Freedman said. “People are asking what’s the brand and who’s building it,” Freedman said, noting the importance of brands for luxury residential projects. “It was a confluence of all the pieces to the puzzle — privacy, individuality and who designed everything and who was serving it, which is the Ritz-Carlton.” Local and out-of-state buyers from Canada, Mexico, California, Massachusetts and New York will occupy the homes. Four families will call their house their primary residence, Freedman said. The luxury market remains strong since the third quarter 2020, including the ultra-luxury market — houses and condos priced above $10 million — seeing a growth in sales activity.

Read more at: Miami Herald