Continuum South Tower Condo Sells For $10,576,000

May 10, 2011 by Lucas Lechuga

home theater

Update: The listing agent incorrectly stated the square footage of the unit on the MLS listing.  The actual size of the unit is 6,438 square feet.  The sales price of $10,576,000, however, was correctly stated.  The condo sold for $1,643 per square foot, still high but far from record breaking.

In what amounts to be the highest price per square foot residential sale to ever take place in Miami-Dade County, a 3,180 square foot, 4 bedroom/4.5 bath condo at Continuum South Tower sold this morning for $10,576,000, or $3,326 per square foot. The 36th floor unit has marble and wood floors throughout and comes with 3 parking spaces.  The following remarks accompanied the listing:

Breathtaking, panoramic view of ocean’s horizon through floor-to-ceiling glass throughout. Exclusive custom lighting, Macassar ebony paneling, private elevator lobby opens to a 20-foot fountain on intricate slate stone work. Floor-to-ceiling matchbook-cut marble surrounds each bathroom with custom features throughout. AMX customized security, audio and video network with personalized touch-panels in each room. State-of-the-art home theater. A true masterpiece that indulges every desire.

To put the sale into perspective, Penthouse B at The Setai sold in June 2010 for $2,416 per square foot and Penthouse A at Apogee sold last month for $1,678 per square foot.  Those are two of the most coveted condos in South Florida.

Here are additional pictures of unit 3604 at Continuum South Tower:

master bathroom

kitchen

Entrance to Continuum South Tower unit 3604

unit 3604

Continuum South Tower unit 3604

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26 Comments on "Continuum South Tower Condo Sells For $10,576,000"


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Anonymous
SouthBeacher
5 years 15 days ago

Stunning apartment. Are these all foreign buyers for these penthouses?

However, never understood why rich people like screening rooms. If I’m at home watching a movie, think I want to be on my couch chilling; not in some upright chair like I’m in a theater. Weird.

Anonymous
Joe
5 years 15 days ago

Looks great. Seems like there’s more action at Continuum South than the newer Continuum North. Anyone know why? Did the developer cheap out when building North?

Anonymous
new reality
5 years 15 days ago
This has got to be the cheapest furniture ever..Talk about bad taste.. Also, check below: For the ones who keep posting foolish stuff about a bullish market..keep on dreaming.. wait until all this shadow inventory and second wave of foreclosures hit the market… See below as posted on The Real Deal today: Miami prices fall for eighth straight month May 10, 2011 12:00PM Home prices in the Miami-Miami Beach-Kendall metropolitan area fell for the eight straight month, according to a report from CoreLogic. Prices in the area fell by 12.79 percent in March compared to the same period in 2010.… Read more »
Anonymous
Gixxer1000
5 years 8 days ago
Lucas, congrats for being in the news again: http://www.inman.com/news/2011/05/16/miami-real-estate-sales-soar-price-slump-drags “I’m worried that developer inventory for condos is starting to run low in Miami. The notion may sound ridiculous, but it’s true. The good news is there’s talk of a few developers launching new condo developments by the end of the year.” Before I even got here I called that they were going to have to start building soon which only became more evident once I started working for a large local developer. Of course the regular yahoos here thought that was crazy and felt like it would still take years… Read more »
Anonymous
Gixxer1000
5 years 8 days ago
Some quotes from the article about Brickell rental rates soaring 13% that Lucas posted earlier: “A lot of people who are moving for the first time to Miami are still under the impression that they can get steals here,” said Douglas Elliman Realtor Associate Dean Bloch. “That’s really not the case. But Brickell is still less expensive than renting on South Beach, and you get more for your money. So students and young professionals love the area.” This sums up Brickell for me. It’s newer and nicer than South Beach. So as long as it’s cheaper than South Beach it… Read more »
Anonymous
Joe
5 years 8 days ago

Gixxer said: “You’re stupid comments are recorded forever.”

— Indeed.

Anonymous
Gixxer1000
5 years 7 days ago
You know that got me thinking. Since you always accuse me of hyping up the markets I went back and looked at some of my earlier posts. And the funny thing when I first started looking at the Miami market I used to agree with you: Here is a comment I wrote in response one of your comments to AJ: I wrote: “I don’t think Joe is saying that a waitress should be able to afford a 1500 sq ft condo. I think he is saying that since these people shouldn’t be able to afford this condo then who will?… Read more »
Anonymous
Joe
5 years 7 days ago
Gixxer — I’m not sure I understand the point of this, unless you’re admitting I was mostly right about the Miami market. I don’t know the date of this quote of mine that you just copied above: “The only real hope for the Miami r.e. market over the next few years is if money starts pouring in from overseas. Otherwise, there aren’t enough good jobs in Miami to support tens of thousands of new condo buyers. We’ve had this discussion here a hundred times, and it’s just as true today as it was the first time we had it.” …… Read more »
Anonymous
Gixxer1000
5 years 7 days ago
My point was to highlight that although you constantly call me some kind shill only here to hype the market the facts are when I came I was skeptical about the market like you. It wasn’t until I started tracking inventory and saw that it would decrease to acceptable levels in a year or so and you were adamant that it would take 5-10 years that we started disagreeing. So while we both started out down on the market you were simply stuck to a position no matter what and I was looking at actual inventory so my position changed… Read more »
Anonymous
Joe
5 years 6 days ago
Gixxer — Seriously, what the hell are you talking about? You went back and found an old quote of mine that turned out to be 100% ACCURATE, and now you’re bashing me for “sticking to my position”? If my position was right, as it clearly was, why would I change it now? Gixxer said: “But you were being facetious, because when the foreign buyers did come you didn’t pat yourself on the back and say you were right because then you would have to change your position that those same buyers are now moving the market up.” Are you nuts?… Read more »
Anonymous
Drew
5 years 8 days ago

Now that was funny.

Anonymous
Joe
5 years 6 days ago

Bright for whom, Lucas? Real estate brokers?

It’s certainly not looking bright for the Miami workforce, etc. I’ll get excited when some of these links talk about good jobs coming to Miami, and condo buildings being owner-occupied rather than owned by absentee investors, etc., etc.

Anonymous
Gixxer1000
5 years 6 days ago
Why don’t you read the actual article: “Since last year the market has improved, he said, with payroll jobs increasing.” “Payroll employment in the county has been increasing in the last six months at an annual rate of 4%.” From a recent article about Brickell Citicentre: “According to an independent study by Miami Economic Associates, BCC is expected to generate $1 billion in overall economic impact. An average of 1,700 jobs per year during a four-year construction phase and roughly 3,800 jobs on an ongoing basis upon completion are expected to be created.” Further more in Miami there are about… Read more »
Anonymous
Joe
5 years 6 days ago
Gixxer — Seriously, what the hell are you talking about? You went back and found an old quote of mine that turned out to be 100% ACCURATE, and now you’re bashing me for “sticking to my position”? If my position was right, as it clearly was, why would I change it now? Gixxer said: “But you were being facetious, because when the foreign buyers did come you didn’t pat yourself on the back and say you were right because then you would have to change your position that those same buyers are now moving the market up.” Are you nuts?… Read more »
Anonymous
Gixxer1000
5 years 6 days ago
You seem to have a comprehension problem. You facetiously predicted that the only way Miami could be “saved” was from foreign money. But when the foreign money came you now don’t consider Miami saved. Instead of just saying “Wow, foreigners came in and bought up a lot of inventory and things are getting better” you have now dropped the whole inventory argument and now you only focus on the amount of renters. Again you thought it was supposed to take 5 to 10 years to take care of this inventory and now a year later were gearing up to build.… Read more »
Anonymous
Gixxer1000
5 years 6 days ago

Quick article about the Life Science Park:

http://med.miami.edu/news/jeb-bush-visits-um-life-science-technology-park

“The UM Life Science & Technology Park will generate quality jobs, provide new business opportunities and spur significant investment in the region, opening the door to an exciting new future.’’

Anonymous
Gixxer1000
5 years 6 days ago

Another article highlighting actual impact with a law firm adding a new Miami office:

http://floridabiotechnews.com/biotech/um-life-science-park-ads-ip-law-firm-tenant/

“Development of the park’s first building is projected to create more than 1,150 direct and indirect jobs, with an additional 2,700-plus direct and indirect positions created by ongoing operations, according to a recent study by the Washington Economics Group.”

Anonymous
Drew
5 years 5 days ago

“projected to create more than 1,150 direct and indirect jobs, with an additional 2,700-plus direct and indirect positions created by ongoing operations”

What’s “indirect”? What’s “ongoing operations”? Sounds like Obama talking about the # of “saved jobs” under the Stimulus bill. Or city tourism directors talking about the economic impact of the Super Bowl. Just a bunch of mumbo jumbo.

Gixxer as an astute statistician I would think you wouldn’t fall for such fallacies in those self-serving “recent studies.”

Anonymous
Makes Me Think
5 years 5 days ago

agree with Drew, They pull those numbers out of their a$$es. i read somewhere where those numbers include temp jobs and they also count people moving from the campus over to the new building. Hey, I’m sure there is positive economic impact though.

Anonymous
Joe
5 years 4 days ago
gixxer — Miami’s unemployment rate rose in the most recent quarter, so that doesn’t really jibe with the rosy picture you like to paint. As for downtown Miami having 20% of the area’s jobs but only 3% of the population, that further proves my point: If downtown housing is in such demand *and* the area’s jobs pay so well, then why didn’t locals snap up the measly 20,000 new condos that were built downtown? You keep talking about this huge local demand for downtown housing, but it’s not supported by the sales numbers. For our purposes here, demand cannot be… Read more »
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