Grading Criteria.
Location.
Amenities.
Amenities.
I look at where is the building site located, is it conveniently located to activities or items that an audience that the building caters to will appriciate.
Amenities.
Amenities.
Amenities.
What does the building offer and are the amenities offered proportional to the price and type of building.
Design.
Amenities.
Design.
we look at hat type of building is it, if the architects thought out of the box and how the design compares to the surroundings.
Price.
Final Rating.
Design.
Price is a big item but cannot stand alone. It will be rated at the same level as the other topics and weighted the same. Also, I rate the price from a Fair Market Value for the area.
Promise.
Final Rating.
Final Rating.
We ask if the maintenance fees are realistic. Can all the promises that are made fit in a realistic budget? We also look at time of delivery and if the timeline can work.
Final Rating.
Final Rating.
Final Rating.
The Final Grade will be a number of the each grade added and the divided by five.
Pagani Residences.
Fact Sheet:
- Developer: Riviera Horizons, Pagani
- Architect: Revuelta Architecture International
- Interior Designer: A++, Pagani Arte
- Floors: 28
- Units: 70
- SQFT Min: 850.
- SQFT Max: 10,000
- Bedrooms: 1, 2, 3, 4.
- Short Term: No
- Furnished: No
- Starting $/SF: $1,300.
- HOA: $1.70
- Investment perspective: Mid to Long Term.
- Grade: 8.3
Grading Criteria.
Location.
Amenities.
Amenities.
Harbour Island in North Bay Village. Area needs upgrading and it is bit surprising that a luxury brand building has decided on this location. It is nestled between North Beach to the east and the City to the west, but still requires a car drive.
Grade: 7
Amenities.
Amenities.
Amenities.
- Media Room
- Children's playroom
- Meditation garden
- Library
- Fitness/ Yoga Studio
- Spa, Sauna, Steam Roome
- Rooftop Pool w. Cabanas
- Summer Kitchen
- Valet Parking
- 24/7 Concierge
- Butler Service
- Pet Spa
- Private Marina
- Private Lounge for Pagani car owners
- Bicycle Storage
- Kayak and paddle board storage
Grade: 8
Design.
Amenities.
Design.
Pagani is a luxury boutique style building and the design and finish resemble the quality of its automobile production. The finishes are exquisite, seamless and designed to perfection.
The unit are big and light and carefully designed for a calm and undisturbed flow of light and air. The building is timeless.
Pagani only produces 40 cars per year and so Pagani Residences will only have one building and only 70 units. That is not many compared to other car company named buildings in Miami.
Grade : 9
Price.
Design.
Price average is $1,400 per square foot at 30% sold. This is above what one would expect in North Bay Village, however the plans for the village include over $2billion new construction, so the price is actually fair for being on the water and very fair for the quality of building being constructed.
Grade: 9
Promise.
When considering the HOA fees with the amenities, it seems fair. The big ticket items are obviously the salaries to 24/7 concierge, valet and also the marina will take its toll on the annual budget. Assuming that the butler serve is on a pay-per-service basis, there seems to be balance.
Riviera Horizons Development does not seem to have a big portfolio, however being allowed to carry the Pagani name brings credibility to the table.
Revuelta Architecture International has a strong portfolio and a ton of experience. The promise of the Pagani Project seems strong.
Grade 8.5
Final Rating.
The Final Grade on Pagani Residences:
Two things that pull the average down a bit is the location of the building that still needs to be developed in terms of offerings.
The developers seem young and fairly inexperienced, however they have gone through the first hurdles and are already and contract so teh dance docs and specifications have been approved. Also Pagani will have a National Green Building Standard Gold certification.
Over all grade is 8.3
