With successful real estate developments in fractional-heavy locales like Aspen and Hawaii, Ritz-Carlton is now headed south to Miami. Scheduled for completion in 2009, the Ritz-Carlton Club and Residences, South Beach, will consist of several oceanfront towers, one of which is the former home of the Seville Beach Hotel, a historic property on Collins Avenue.

What’s for sale

One-twelfth deeded interests for one-, two-, and three-bedroom residences. Prices range from $100,000 to $500,000 for units of up to 2,000 square feet.

What you get

Twenty-one days of use each year, as well as the option to reserve supplemental time as it is available, up to 35 days per year. The 45 fractional ownership residences are located in the restored Seville Tower. Each unit has a fully equipped living area, master suites with walk-in closets, and a full size washer and dryer. Owners at the Ritz-Carlton can swap their time for stays at other Ritz-Carlton Clubs.

The development is set apart largely due to the history that surrounds it. Built in 1955, the Seville Beach Hotel was designed in the “MiMo” style of Modernism that flourished in Miami during that era. The historic preservation of the Seville is a blend of old and new, and includes a private lounge—the Matador—which is reminiscent of the original Matador supper club at the Seville.

This beachfront property offers owners resort amenities, including a dedicated concierge, in-residence dining, and a full-service spa which is set to be the largest in Miami Beach.

The Helium Report take

The South Florida market is without a doubt one of the hardest hit in the recent real estate slow down. Condominiums as a whole are languishing on the sales market and some sellers have been aggressive in price cutting. But the Ritz-Carlton brand brings an undeniable lure to the property. In fact, earlier this year the development announced that it was building an additional tower made up of primarily one-bedroom residences, because such smaller units had done well in the first round of sales.

That said, those additional units will be whole ownership condos not fractional properties, so it remains to be seen how the fractional offering is absorbed by this condo saturated market. There are three other Ritz-Carlton properties in Miami Beach, but this is the only one without a hotel that is solely dedicated to residences.

Keep your eyes on the Gansevoort South condo hotel which is on track to open in January. Helium Report goes more in depth in this follow-up article.