Last week, a 7,400 square foot penthouse at Villa Regina traded hands for $1,925,000, or $260 per square foot. The 6 bedroom, 6.5 bath condo also included 1,600 square feet of balcony and a remarkable six assigned parking spaces! The residence has 10-foot high ceilings and offers spectacular views of Biscayne Bay, Key Biscayne and Brickell. There is no doubt that this penthouse was sold at an amazing price but – before anyone gets all worked up about how they missed out on the deal of the century – let it be known that this property needed a lot of work. I had the opportunity to tour the penthouse about a month ago. Conservatively, I felt that it would require at least $100 per square foot to turn it into a penthouse-quality residence by today’s standards. Regardless, even after forking over close to three-quarters of a million dollars (or more) in renovations alone, it would be well worth it. A condo this large, and at this price point, just doesn’t exist in Brickell.
Have an interest in buying, selling or renting a Miami condo or home? Contact me, Lucas Lechuga, of Miami Condo Investments. When hiring me as your agent, you can be assured that you will be working with a Realtor ® who is:
Reliable - I always stay true to my word. If I tell you that I will do something, you can be certain that I will deliver and/or execute as promised.
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