Riva Bay Harbor 40 Percent Sold at Time of Launch

With 13 projects either planned or proposed for the town of Bay Harbor Islands, developers are turning to larger units to woo end-users to the increasingly popular waterfront enclave. Leading the way is Riva Bay Harbor, a boutique 25-unit luxury condominium owned by Fort Capital Management and being sold by veteran broker Dora Puig. The project, which hosted its official launch party on December 12, is already 40 percent sold, having racked up 10 transactions just during  pre-sales. According to Puig, Riva’s two penthouses were among the first units to go and they sold for $605 and $617 per square foot, respectively. According to real estate website Trulia, the average price per square foot for Bay Harbor Islands is $223.

“I think more people are settling here, and we’re in a more end-driven market than during the last boom, so clients are demanding more space,” Puig says.

In addition to Riva’s spacious floorplans and proximity to top-rated Ruth K Broad Bay Harbor K-8 Center and the prestigious Bal Harbour Shops, another sales draw has been the ability to buy a boat slip (there’s already a waiting list) and the ability to purchase a the units fully turn-key. At the time of the launch, Riva Bay Harbor had eight model residences from popular design firms Artefacto, Steven G. and SoJo design.