Apogee South Beach Penthouse Sells For $11.5M

April 15, 2011 by Lucas Lechuga

Apogee South Beach penthouse

Penthouse A at Apogee South Beach closed yesterday for $11.5M.  The transaction is the highest priced condo sale in Miami Dade County in 2011.  Furthermore, it also is the  fifth highest condo resale in Miami-Dade history. The penthouse has 6,853 square feet of interior, over 11,000 square feet of terrace, a private rooftop pool, a summer kitchen and offers 360-degree views of the Atlantic Ocean, Biscayne Bay and the city.  The buyer was an undisclosed person from Europe.

2011 may turn out to be a very hot year for the luxury real estate market in Miami.  There should be a lot of activity in the coming months, particularly in the luxury homes market.  Currently, there are five waterfront homes priced over $9M that are under contract with the highest being a 15,008 square foot home listed for $32M. I’ll be sure to keep an eye on these properties and report back once they close. In the meantime, enjoy the following pictures of Penthouse A at Apogee South Beach.

Apogee South Beach penthouse entrance

apogee south beach

kitchen

private rooftop pool

rooftop terrace of penthouse A at Apogee South Beach

View from Apogee South Beach penthouse

View from Apogee South Beach penthouse

View all available Apogee South Beach condos for sale

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64 Comments on "Apogee South Beach Penthouse Sells For $11.5M"


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Anonymous
New reality
5 years 5 months ago

I remember when this was being marketed by Kevin and Esther for 22 or 23 M!!
Don’t talk about luxury real estate market comeback!
Whatever is selling is going for big markdowns!

Anonymous
Enzo
5 years 5 months ago

What do u guys honestly think of this penthouse?

Anonymous
Gixxer1000
5 years 5 months ago

This was the highest price paid for a condo in almost a year.

Anonymous
dave B
5 years 5 months ago

The unit has amazing views but need to be redone by a real designer. The buildings location is great but the property manager is an A-HOLE. If I bring a client to see a $4 Million unit I should be able to take them to see the pool but not this guy. Very unfriendly like its extior!

Anonymous
Gixxer1000
5 years 5 months ago

Everglades on the Bay units that were purchased for an average of $210 psf have been selling at $320 psf. The supply of condos in Dade county is down to 9 months. Pending sales have jumped from around 1700 a month up to 2600 so sales should continue to be strong.

Anonymous
Joe
5 years 5 months ago
Hurry up and buy now!! Once the remaining units are sold, you’ll never see these prices again!! (Sorry, couldn’t help myself.) Like someone else above, I remember when this was about a $22 million listing. This is a hell of a sale, but it probably is evidence that the really high-end units haven’t hit the bottom yet. Unlike downtown, where a lot of units were bought with liar loans and/or where deposits were surrendered, the Beach is chock full of empty high-end units that were paid for in cash or have better-heeled owners who have been able to wait out… Read more »
Anonymous
Gixxer1000
5 years 5 months ago
Wow, ridiculousness begets ridiculousness. This unit sold for almost $1700 psf. What does the fact that this unit was LISTED for $22M in 2008 have to do with anything. The guy bought it for $15M in 2008 and turned around and tried to make a $6M profit in only 4 months. The $22M listing was obviously ridiculous which is why it was listed at a more reasonable $14M before it sold. I mean you can’t really think that this unit should have sold for $3200 psf or think that the fact that it sold for $1700 is a sign that… Read more »
Anonymous
Joe
5 years 5 months ago
Gixxer – Are you actually refuting my point that the average boom-era high-end Beach buyer fit a different financial profile than the average boom-era downtown buyer, or are you just persisting in being 100% bullish on all things Miami r.e.? In case you missed it, I plainly said “this is a hell of a sale,” so it’s not like I bashed the deal. But if you think a 50% markdown on one of the highest-end units in all of Miami is just a ho-hum MLS occurrence, you don’t know as much as you think about the r.e. business. Miami Beach… Read more »
Anonymous
Gixxer1000
5 years 5 months ago
You calling it a hell of a sale and then turning around and saying it was marked down 50% seems ridiculous. At most you could argue that it sold for 25% less than what he bought it for but even that would be a little of a stretch considering Pat Riley bought the neighboring unit for $11.8M, 7 months after him. From my understanding under 6 months of supply would be considered a sellers market, over 12 months of suppy would be considered a buyers market and between the two would be a more balanced market where you have an… Read more »
Anonymous
Joe
5 years 5 months ago
Gixxer — Two things can be true at once, you know. It was a “hell of a sale” because $11 million is $11 million. But that doesn’t change the fact that the original ask was $22 or $23 mil. As for the Beach having only 11 months of supply, don’t kid yourself. There’s *huge* shadow inventory on the Beach, and sales in the upper price ranges are still moving at a glacial pace. Some of the higher-end buildings are lucky to have one sale per month. As for the Beach having 5 months of supply at under $200k, that seems… Read more »
Anonymous
gables
5 years 5 months ago

Gixxer, the sub $200k market for Miami Beach is not of much interest to most folks looking at the new Brickell type buildings. Many of those beach units will be 1 bedroom with the beach premium. A 2B at that price in Miami Beach will probably be in an old dilapidated building. The sub $200k markets in Brickell and MB are completely different.

Anonymous
Gixxer1000
5 years 5 months ago

Gables,

I agree. I didn’t make any sort of comparison to Brickell.

Anonymous
carmine
5 years 5 months ago

gixxer, where did you get the information about everglades selling for $320/sf? If it is true, then it is an amazing turnaround.
Is it safe to assume that if Paramount is priced at $350-400, it will be considered a steal with the waterfront location, private elevators, flow through units and the 5*amenities?

Anonymous
Gixxer1000
5 years 5 months ago

Thanks Lucas, I tried to attach the link but it wouldn’t let me so I just left it out. There is also a condovulture article with a little more detail. There have been 9 sales this year, 11 since the bulk purchase at an average of $320 psf.

This should help the CBD not only from a market perspective but also adding more street level activity there as well.

Anonymous
5 years 5 months ago

This should be interesting: CBOE Futures Exchange to launch Radar Logic 28-day real estate indexes. Housing stats are published daily rather than monthly or quarterly.

http://www.prnewswire.com/news-releases/cboe-futures-exchange-cfe-to-launch-futures-on-radar-logic-28-day-real-estate-indexes-120223329.html

Anonymous
5 years 5 months ago

Related Group planning to launch a new condo building next to 500 Brickell without a parking garage: http://www.miamiherald.com/2011/04/19/2175694/related-group-revises-plan-for.html

Anonymous
5 years 5 months ago

Condo sales in Miami-Dade County jumped 85 percent in March year-over-year:
http://www.miamiherald.com/2011/04/20/2177143/south-florida-home-sales-soar.html

Downtown Miami condo prices up 14 percent but sales down, year-over-year:
http://www.bizjournals.com/southflorida/news/2011/04/20/downtown-miami-condo-prices-rise.html

Anonymous
Gixxer1000
5 years 5 months ago
Lucas, If your interested the propsed plans for MyBrickell can be seen here: http://egov.ci.miami.fl.us/Legistarweb/Attachments/62666.pdf It shows the old Brickell Station plans for referrence and to highlight it’s now a much smaller project. I knew this issue of parking was going to come up sooner or later. Withing Miami 21 the new zoning code it allows you to actually provide no parking if located within 1000 feet from a metrorail or metromover stop. So it will be interesting to see what happens. I’m sure neigboring communities will complain but this is now a part of the code and allowed by right… Read more »
Anonymous
5 years 5 months ago

Thanks Gixxer. It’ll be interesting to see how this project sells if it does indeed get approved.

Anonymous
gables
5 years 5 months ago

I am all for walkable living areas. But I would not buy into a building which did not have parking. This is not New York. I still want/need to travel outside of downtown for activities. I just need to do it less often. While this may be a cost savings on construction, its probably not a good long term decision for the building (and its pricing).

Anonymous
Gixxer1000
5 years 5 months ago
Gables, You would still have parking, it would just be in 500. This would be more ideal for people who live/work in Brickell in maybe a 2/2 and then have their car in the 500 lot that they use on the weekends to go to South Beach, Midtown, etc. or to run to the mall or grocery store. I’d say building cost are about $280 psf, with $50 of that for the garage. That’s about an 18% savings. So while I agree it will afect the pricing in this building I don’t think it will affect them much. Instead of… Read more »
Anonymous
Gixxer1000
5 years 5 months ago
Joe, “That wouldn’t be an argument. That would be a simple statement of fact.” Exactly, I’m arguing with facts and you’re arguing with ridiculousness. “As for the Beach having 5 months of supply at under $200k, that seems like an ugly number in two respects. If Miami Beach is such a hot destination and Miami is such a hot r.e. market, there shouldn’t be *any* units under $200k at the Beach, and there certainly shouldn’t be 5 months of inventory. No more than 2-3 years ago, r.e. agents talked like $200k was tip money for the valets or the cost… Read more »
Anonymous
Joe
5 years 5 months ago
Gixxer — Um, the “fact” to which you seem to be claiming ownership was the very basis of my first post above, which you called “ridiculous.” Please pick one side and then stick to it. As for the Beach, I stand by my comments above. Two or three years ago, there was no such thing as the “sub-$200k market at the Beach,” aside from a small number of VERY low-end units in very old buildings. Realtors would laugh in your face if you even mentioned such a budget or price point. Maybe if you had been in Miami for more… Read more »
Anonymous
Gixxer1000
5 years 5 months ago
No your argument was that the unit sold for 50% less than the former ASKING price and that forecasts big price declines for average units. I argued that 50% of the asking price during the boom isn’t a real discount and that the only real discount would be that it sold 25% off of what he bought it for. I also pointed out this discount was a bit of a stretch considering the neighboring unit was bought for $11.8M. So you have one guy who buys a unit for $15M and another guy who buys a unit for $11.8M. Then… Read more »
Anonymous
Gixxer1000
5 years 5 months ago
Anonymous
Gixxer1000
5 years 5 months ago
Miami New-Condo Sales Rise As Biggest Markets Fall: http://finance.yahoo.com/news/Miami-NewCondo-Sales-Rise-As-ibd-1790810296.html?x=0 “Meanwhile, in Miami-Dade County the median price of an attached home — a condo, for the most part — rose 11% to $288,614 last year, says Hanley Wood. The median price was higher than the peak year of 2006, when 17,400 closings were recorded. But many low-price condos have been converted to rentals, skewing inventory to luxury units.” “Falling prices had a lot to do with the rebound. “In 2009, prices started to bottom,” Massirman said, noting that new condos on Brickell fell to as low as $200 a square foot… Read more »
Anonymous
5 years 5 months ago

I think you meant east of I-95 in your last sentence.

Anonymous
Gixxer1000
5 years 5 months ago

Thanks, yes I meant east of I-95 (Downtown).

Anonymous
Joe
5 years 5 months ago
Gixxer 1000 said: “So you have one guy who buys a unit for $15M and another guy who buys a unit for $11.8M. Then when the guy who bought the unit for $15M sells for $11.5M you argue the 25% price decline is representative of the market when its obvious that he simply overpaid 25% for the unit.” — Really, with a two-unit sample size, it was “obvious” that he “overpaid 25% for the unit”? Common sense says that if it was “obvious,” the guy probably wouldn’t have done it in the first place, right? As for your other comments,… Read more »
Anonymous
new reality
5 years 5 months ago

who cares how much epic is selling for?
for a such proclaimed luxury building, it is a dump with a ghetto clientele.
just go check out that bath tub they call pool…

Anonymous
Gixxer1000
5 years 5 months ago

Again more stupidity. It’s like the guy who was talking about Brickell not being safe when there are nothing but women walking around in high heels until 4 am. Epic is definitely a great luxury building. Zuma is great as well. I mean you people are over the top. It’s like you’re mad that people you don’t like have money. It like you see a guy with tattoos driving a Lamborghini and then you say that means that its not a luxury vehicle.

Anonymous
Poor and Unemployed
5 years 4 months ago

Hey Gixxer

Did you read the Miami Herald – about the choppers at night in the Brickell area?

Anonymous
Gixxer1000
5 years 4 months ago

I just did because you mentioned it. I personally didn’t hear anything but I don’t get home until around 10 pm so I probably wasn’t around at the time. I’m sure the thousands of people trying to sleep at 9 pm were extremely annoyed.

Also I can’t speak for other buildings but where I’m at as long as you shut the balcony door that closes out pretty much most of the noise.

Anonymous
Gixxer1000
5 years 5 months ago
Joe, If I bought a car for $100k and you bought the same car for $75k would you really say well between these two sales we can’t really tell if I overpaid??? “You cherry-pick little market segments and then claim they’re representative of the entire Miami-Dade market” Where I have I been arguing about all of Miami-Dade??? In fact the exact opposite is true. I’ve admitted time and time again that ALL of Miami-Dade is not doing good. As a matter of FACT let me quote what I wrote just three posts ago: “I readily admit that there are numerous… Read more »
Anonymous
new reality
5 years 5 months ago
Dear Gixxer, For someone who lives at Infinity, you must know EVERYTHING about luxury. If you ever in your life can afford being my neighbor in 15 CPW and have a vacation home in star island, then we will talk about money! Epic is a dump..Zuma is great in London..the one in Miami is pretentious and with bad service, like everything down here.Thank God for DB bistro..he had to come from NY to open something decent down here The sad thing about Miami is that people do not know anything about luxury..so you dress a building up with fake beige… Read more »
Anonymous
Gixxer1000
5 years 5 months ago

Exclusivity and luxury aren’t the same thing.

Anonymous
Chico
5 years 5 months ago
Good grief new reality. The nouveau riche are a boorish lot. Tossing around a chi chi address to distinguish themselves from the riff raff. As if 15 CPW isn’t full of “tacky tourists” all day long in your neighborhood. As if Star Island isn’t surrounded all day long by the cute tourist boats full of the common folk snapping your picture or euro trash like Thomas Kramer and the like renting out their homes for all night orgy’s and you wondering how you could have made such a costly mistake purchasing there. If you really had any class or money… Read more »
Anonymous
new reality
5 years 5 months ago

Gables estates to be living near all the ghetto players?
No thanks.
I am sure you own something REALLY spectacular as well!
Check out the prices in Gables estates..dropping by the minute..just saying…

Anonymous
carmine
5 years 5 months ago

Gixxer and Lucas, thanks for the links. I would have to research forever online to get all those news.

Anonymous
new reality
5 years 5 months ago

hey Lucas

Great work censoring posts..

Anonymous
Gixxer1000
5 years 4 months ago
Anonymous
new reality
5 years 4 months ago

Sorry Gixxer, but have you seen their other project 1800 Biscayne Plaza condominium ? It is a complete flop with the lowest quality possible.
It would be better off not to have it built at all than to add another middle-of-the-road building to tons of empty ones already built in that area.
All those buildings in n bayshore are suffering to keep running with cheap renters. paramount is not even on the market yet …go figure why they want another building there…

Anonymous
Gixxer1000
5 years 4 months ago
1800 Biscayne is selling at $320 psf. In the Wynwood/Edgewater area there are 741 unsold units and 340 of those are at Paramount. The Publix is currently under construction helping the neighborhood shape up nicely. Now I know nothing in Miami stands up to the level of quality that you require but the rest of us heathens have to live somewhere and wouldn’t mind a condo on the bay for $230 psf. And due to current construction profits the developers can actually sell at that price and still make a profit. Yeah, go figure why these developers would want to… Read more »
Anonymous
gables
5 years 4 months ago

OK, gixxer. last tuesday of the month. lets have at it again. case-shiller reports a continued drop. aggregate AND high tiered indexes are below Spring 2009. two years later, we are in a double dip in nominal terms. and in real terms, inflation adjusted, add another 5% to that drop. it is a very hard trend to resist. fortunately we must be much closer to the bottom than the top!

Anonymous
new reality
5 years 4 months ago

Gixxer,
your rhetorical speech has no room in current times.
If Bay parc is so wonderful, wonder why you decided to buy at Infinity..you should have scooped up a 3-bd in the FANSTASTIC 1800 Biscayne Plaza which were selling for a penny.
BTW, any weirdo crazy enough to pay 320sqf in that dump really deserves leaving there.

Anonymous
Gixxer1000
5 years 4 months ago
I don’t live at Infinity. You keep confusing me with the guy who does live at Infinity and uses the name owner@infinity. As far as the weirdos paying $320 at 1800 it seems again that your arguments seem to hinge on what you feel and not actual reality. Whether or not someone is a weirdo because they want to live in Edgewater is neither here nor there. But the way we derive value in real estate is by the value that the two parties are willing to come to an agreement on. And in the place of 1800 $320 is… Read more »
Anonymous
new reality
5 years 4 months ago

Data as posted by Lucas.
Seems the $/sqft price is more like half or less of 320 usd/ sqft

http://www.miamicondoinvestments.com/recent-sales-1800-biscayne-plaza/

Anonymous
Gixxer1000
5 years 4 months ago

Were talking about 2 different projects. You talking about 1800 Biscayne and I’m talking about 1800 Club. Sorry for the confustion but since 23 Biscayne is on the actual bay I thought you were comparing it to another project on the bay.

Anonymous
Gixxer1000
5 years 4 months ago
gables, I think I’ve already covered what I feel about case shiller. I admit when I first started researching Miami I was concernered mainly with the areas east of I-95 as well as a few other places like Coral Gables and the Grove. Case shiller covers not only all of Miami-Dade but also all of Broward and Palm Beach. If you’re looking to invest in a condo in Brickell or South Beach this information is pretty much useless. It’s not like people are investing in the overall value of housing for a metropolatin area. They are buying one house in… Read more »
Anonymous
gables
5 years 4 months ago

Gixxer, Case Schiller still defines trends pretty well. It defined the rise and the following crash, irregardless of neighborhood. And you even went to the tiered data recently to avoid the composite trend and focus on the higher end units to describe how higher end units are fairing well. All data for Miami is down in double dip territory no matter how you look at it. It is really hard to justify a counter trend in such a sea of red.

Anonymous
Gixxer1000
5 years 4 months ago
I’m not denying that case shiller doesn’t help identify trends but again that is the trend for ALL of South Florida. Yes ALL data for Miami is down to double dip territory. And if you were buying an stock in an index of all South Florida housing this would clearly tell you stay away. But for most people that’s not the case. It’s not hard to jusify a count trend in such a sea of red when ALL of downtown is in the black. From what I can tell alot of the urban areas east of I-95 have already bottomed… Read more »
Anonymous
gables
5 years 4 months ago
gixxer, condos in the brickell area stabilized over the past year and a half-but in essence so did case shiller. now case shiller is signaling another down trend. there is a very good chance the brickell will follow that trend over time. maybe not as severe a drop as the overall CS, but it will be hard for CS to drop while downtown were to rise. i just looked at past sales price per sq ft using Lucas’s tools for 2 buildings-nice tool Lucas. Brickell on the River North has held basically steady for the past year. Solaris has moved… Read more »
Anonymous
new reality
5 years 4 months ago

Gizzer,

Apologies accepted.
Biscayne 23 is by the same developer as 1800 Biscayne Plaza and not 1800 Club.
Plaza is a dump. Dumpy buildings will not make an area better.
Area is full of unoccupied dumpy buildings. No need for another one to go up.

Anonymous
Gixxer1000
5 years 4 months ago
I’m familar with both buildings it’s just that 1800 Bicayne is usually refered to as just Biscayne Plaza. I understan why you would want to compare the two considering its the same developer but I think you have to account for the fact that this development will be on the bay and 1800 Plaza isn’t. “Area is full of unoccupied dumpy buildings. No need for another one to go up.” This is where you start to leave reality again and start to referring back to what you think or what you feel. This area has currently sold 78% of the… Read more »
Anonymous
Gixxer1000
5 years 4 months ago

Buying burst eats into downtown Miami condo supply, prices edge up:

http://www.miamitodaynews.com/news/110428/story5.shtml

Anonymous
Gixxer1000
5 years 4 months ago
Record residential sales in Miami-Dade on horizon led by $300,000 range: http://www.miamitodaynews.com/news/110428/story1.shtml “When a bank has an all-cash offer versus typical users with financing, often times they will go with the lower offer just knowing they will close,” Case shiller does not account for these all cash deals. An all cash sale is the same as an 5% down FHA loan. But the majority of buyers don’t have the ability to go all cash and therefore don’t have the ability to get the same price. It would be like me gauging the price of milk, eggs, toothpaste, etc. by how… Read more »
Anonymous
Gixxer1000
5 years 4 months ago

That should say “an all cash deal is NOT the same as a 5% down FHA deal.”

Anonymous
Poor and Unemployed
5 years 4 months ago

Are you the writer? Can I smoke what you are smoking? “In the first quarter of this year, the sales average was about 2,348 per month — higher than in 2005’s active market.”

I ran all the sales numbers but could not come up with anywhere even close to 2348 per month. Being purchased by the Venezuelan buyers with Cash?

Do you have any shame?

Anonymous
Gixxer1000
5 years 4 months ago

If you are getting something different why don’t you use actual numbers instead of just making random arguments. From what I see there were 2,164 sales in Jan, 2,164 sales in Feb and 2,470 sales in Mar for an average of 2,266 per month. I don’t know where they got 2,348 but it doesn’t seem to be that far off.

Why would I be ashamed posting a link to a news article? We supposed to believe you over Miamitodaynews or EWM?

Anonymous
Gixxer1000
5 years 4 months ago

Here is another article saying the same thing.

http://www.worldpropertychannel.com/us-markets/residential-real-estate-1/miami-pending-home-sales-foreign-buyers-international-buyers-miami-homes-for-sale-miami-condo-sales-miami-association-of-realtors-southeast-florida-multiple-listing-service-sefmls-ralph-e-de-martino-4221.php

“This coupled with strong sales activity thus far this year is evidence of healthy demand expected to result in the highest annual sales levels since the peak of the real estate boom in 2005.”

I guess I must have wrote this article as well.

Anonymous
Gixxer1000
5 years 4 months ago
gables, I really have to disagree with your comments about case shiller. You’re comments really show that you don’t understand what case shiller is. Case shiller is nothing more than the average of repeat sales for all of a metropolitan area which in this case means all of South Florida. It’s also a 3 month average that is 3 months behind. So the latest report is the average of Dec, Jan and Feb. We already know as a fact that the average median price downtown was increasing at this same time. So there is you first flaw. The drop has… Read more »
Anonymous
gables
5 years 4 months ago
Gixxer, i got my numbers from lucas’s chart trends for each of the buildings (river north and river south are different buildings-do not mix them up). not sure where you obtained your numbers. if you are just averaging the three months he reports, that is not correct. you cannot take the average of an average and get a valid result, because now you have no understanding of how you biased your numbers to heavy and light volume months. and brickell north only had sales charted for march in 1Q 2011 at $206 sq ft-certainly not the number you provided of… Read more »
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