Contact Us

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

Posted on

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



25 thoughts on “Continuum South Tower Condo Sells For $10,576,000

  1. 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.

  2. 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?

  3. 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 just to sell through the current inventory. What a difference a year makes.

  4. 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 still has upside.

    “Overall vacancy is quite low – 2.5%,” Mr. White said, a sharp decline from 9.6% a year ago.”

    “The inventory is not as much as we would expect,” Mr. Basick said, “because many units are being used as second or third homes, so they’re not being rented out.”

    “One-bedroom units that used to rent for $1,000 are now renting for $1,300-$1,500. Good quality inventory has really shrunk.”

    If you think rental prices aren’t going up you’re simply lying to yourself.

    “What is really moving off the shelf is the luxury rental inventory. People who are downsizing from estates are looking for three to five bedrooms.”

    I made this exact comment to Joe a while back about people downsizing and moving into Brickell. Of course he thought it was stupid. I guess that’s the good thing about the internet. You’re stupid comments are recorded forever.

    • 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? Where are all the professional people going to come from. Manhattan is a financial center, DC has the government. What does Miami have?”

      Now we were mainly talking about who was going to fill these condos and like most I had reservations. Of course you were even more skeptical than me saying:

      Joe Wrote: “Look, I like Miami as much as anyone, but right now it’s a city in decline from the standpoint of glitz and jobs and tourism. Sure, all of these new condo buildings LOOK nice, but when 50 to 70% of them are empty, occupied by renters, or owned by people in some stage of mortgage trouble, it’s tough to be bullish on Miami for the next 5-10 years.”

      Then after more debate I began writing post like this:

      I wrote: “I think people on both sides of this argument are throwing out random opinions with no facts behind their argument.On one side you have people saying prices will drop to or below $125 sqft. Well that’s great, but what condo’s and in what markets? Who cares if Edgewater sells a bulk deal for $99 sqft. Edgewater has NO water views and again that’s a bulk deal. So please stop just saying condo’s in general and specify your market (luxury, water front, Brickell, Aventura, etc.). Second it seems to me that if the market is still demanding $150 sqft for bulk purchases (and in some cases units that aren’t even fully finished) then retail prices would still need to be higher.”

      This is where we stated to disagree when I wasn’t 100% against Miami. Funny enough you actually predicted what would happen:

      Joe Wrote: “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.”

      So when I started researching the Miami market before I moved here I was skeptical of the market and actually agreed with you. But as time went on and more and more bulk purchases were happening and inventory started decreasing I started to change my tune. I got the answer to my question of who was going to fill these condos, foreign buyers and renters.

      • 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.”

        … but it was correct then and it’s correct now. (I’m quite sure I *never* predicted a $125/sf price point in the good buildings, so I would hope you’re not trying to lump me into that group to make an (inaccurate) point.)

        • 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 as I saw the inventory would change.

          And you comment about predicting what would happen further shows that you don’t care about the facts and would rather simply stick to your position.

          We both new there wasn’t enough local buyers to come in absorb all the inventory. So you made the comment that the only thing that could save Miami would be foreign buyers. 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.

          It’s sort of like saying Lebron will never be better than Kobe unless he wins 5 championships because you think he never will. But then when he does win 5 championships you say well, he’s still not better because he had Wade’s help.

          And I’ve agreed that you didn’t say good buildings would be $125 psf. I just pointed out that you didn’t disagree with it either. You were a sort of $125 “birther”.

          But you’re main argument was that inventory would take 5 to 10 years. And that was late 2009 early 2010 when you were saying that. Here we are about a year later and Lucas is talking about the inventory running out and developers are gearing up to build later this year.

          • 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? You really believe that I’m sticking to an ACCURATE position in order to spite myself? Good grief, get back on the meds.

            Gixxer said: “It’s sort of like saying Lebron will never be better than Kobe unless he wins 5 championships because you think he never will. But then when he does win 5 championships you say well, he’s still not better because he had Wade’s help.”

            No, it’s not like that at all, because I haven’t changed my position at all. I said the only hope for downtown Miami would be a huge influx of foreign money. That was obviously true. I also said that I would have no interest in buying in any building that’s majority renter-occupied, and I haven’t strayed from that position ONE IOTA.

            Gixxer said: “And I’ve agreed that you didn’t say good buildings would be $125 psf. I just pointed out that you didn’t disagree with it either. You were a sort of $125 “birther”.”

            Oh, please. Are you really going to be this pathetic? I didn’t realize I was obligated to reply to every single comment here.

            “But you’re main argument was that inventory would take 5 to 10 years. And that was late 2009 early 2010 when you were saying that. Here we are about a year later and Lucas is talking about the inventory running out and developers are gearing up to build later this year.”

            My argument was that, absent a huge influx of foreign money, inventory would last for many years before enough owner-occupants bought into the market. Given that the foreign money came to town, I’m not sure why you think this is some sort of “gotcha.”

  5. 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.

    • 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 980,000 workers. Just over 200,000 of those jobs are located Downtown. So essentially downtown is home to about 3% of the population but has 20% of the jobs. Which is why the traffic is so bad because of all the people commuting into downtown where you government, professional, finance type jobs that pay more. All of this makes living downtown MORE desirable.

      Before if you had a finance job in Brickell or a nice paying government job in the CBD you commuted from the suburbs because downtown didn’t really have a viable option for living downtown. Now you have a real option to living close by in a growing neighborhood.

      You are trying to take the issue of jobs on a city wide level and apply it to downtown. The low amount of jobs only makes downtown more desirable. The majority of the better jobs are pretty much located Downtown, Coral Gables, Coconut Grove and Doral.

      This is a big part of the reason why you see the millennial generation moving back to the urban areas. Part of it is necessity, they’re simply following the jobs. In the 50′s the jobs were more manufacturing and dirty and needed to be moved out of the city. Now the jobs are more serviced based and clean and benefit from proximity to other services, i.e. urban areas.

      A great example of this is the growing UM Life Science Park. The development there will bring a lot of professional, health care, bio-tech, etc. jobs. And because of the location most of those new worker will choose to live downtown.

      So I agree that Miami needs more jobs, especially professional jobs. But this will be more of a problem for the suburbs than it will be for downtown.

  6. 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? You really believe that I’m sticking to an ACCURATE position in order to spite myself? Good grief, get back on the meds.

    Gixxer said: “It’s sort of like saying Lebron will never be better than Kobe unless he wins 5 championships because you think he never will. But then when he does win 5 championships you say well, he’s still not better because he had Wade’s help.”

    No, it’s not like that at all, because I haven’t changed my position at all. I said the only hope for downtown Miami would be a huge influx of foreign money. That was obviously true. I also said that I would have no interest in buying in any building that’s majority renter-occupied, and I haven’t strayed from that position ONE IOTA.

    Gixxer said: “And I’ve agreed that you didn’t say good buildings would be $125 psf. I just pointed out that you didn’t disagree with it either. You were a sort of $125 “birther”.”

    Oh, please. Are you really going to be this pathetic? I didn’t realize I was obligated to reply to every single comment here.

    “But you’re main argument was that inventory would take 5 to 10 years. And that was late 2009 early 2010 when you were saying that. Here we are about a year later and Lucas is talking about the inventory running out and developers are gearing up to build later this year.”

    My argument was that, absent a huge influx of foreign money, inventory would last for many years before enough owner-occupants bought into the market. Given that the foreign money came to town, I’m not sure why you think this is some sort of “gotcha.”

    • 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.

      And furthermore the ratio of renters to owners downtown is about 50/50. That is actually pretty good considering the nation home ownership rate is about 65%. Downtown’s are more expensive and therefore have a lower home ownership rate. Please tell me what other downtown has a higher home ownership rate considerably higher than 50%.

      The only problem with Miami’s downtown rental rate is that only about 5% of the inventory is designed to be rental. As we building more rental housing over the next few years the renters will migrate to the rental housing and out of the condo housing. The rental housing will be designed to hit lower rental rates as the more luxurious condo places continue to rise.

  7. “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.”

  8. 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.

  9. 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 defined as “anyone who’d like to live downtown.” Demand must be defined as “people who can AFFORD to live downtown,” and the sales numbers clearly show that not many locals can afford to live downtown (or, possibly, that they can afford to live downtown, but don’t consider it to be desirable).

    gixxer said: “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.”

    – No, I *CORRECTLY* predicted that the only way Miami could be “saved” was from foreign money. Not “facetiously” — *CORRECTLY.* I know a smug know-it-all like you is loath to admit when someone else is right, but please don’t try to revise history or claim to have been able to divine my true, unwritten feelings.

    As for Miami being declared “saved,” it’s far too early for that. There are still thousands and thousands of condos formally available, and thousands and thousands more in shadow inventory. (By your own admission, only 5% of the downtown units were meant to be rented, but 50% or more are being rented now. That’s a lot of shadow inventory, whether you admit it or not.)

    gixxer said: “The only problem with Miami’s downtown rental rate is that only about 5% of the inventory is designed to be rental.”

    – Ah, so only 5% were supposed to be rentals but at least 1,000% more are being rented. When I point this out as a problem, you go ballistic. But now you mention it to support your position. Very strange.

    gixxer said: “As we building more rental housing over the next few years the renters will migrate to the rental housing and out of the condo housing. The rental housing will be designed to hit lower rental rates as the more luxurious condo places continue to rise.”

    – Why would the luxury condo market continue to rise if cheaper rental options come online en masse? That makes no sense.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>

Featured Articles




Blog Archives

Blog Categories