Setai Penthouse Reduced to a Cool $19,999,999

March 8, 2010 by Lucas Lechuga

The Setai South Beach

Penthouse B at The Setai is one of the most visually stunning pieces of real estate in South Florida.  The 10,000 square foot penthouse was reduced last month to $19,999,999 from a previous asking price of $22M.  In February 2006, the sellers were asking a whopping $34M.  The fully furnished 4 bedroom/4.5 bath penthouse has approximately 6,200 square feet of interior space and 3,800 square feet of terrace which includes a lavish private pool and hot tub.  Encompassing the entire 40th floor at The Setai, Penthouse B offers 360 degree views.

living room

dining room

Setai penthouse

sitting room

sitting room

bedroom

bedroom

third bedroom

bathroom

master bathroom

Master bathroom shower

private rooftop pool of the Setai penthouse

private hot tub

Setai penthouse floor plan

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123 Comments on "Setai Penthouse Reduced to a Cool $19,999,999"


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Anonymous
SouthBeacher
6 years 6 months ago

What’s the maintenance on something like this??

Anonymous
Visionary
6 years 6 months ago

Lucas,

Is this building not a hotel building ? Or is it a condo building with hotel service ?

Anonymous
Gixxer 1000
6 years 6 months ago

Condo reports says that the monthly HOA fee is $13,053 and the month taxes would be $12,358!!!!

I wonder what type of amenities you get for $13k a month.

Anonymous
Wild Bill
6 years 6 months ago

As an owner instead of a hotel guest you get an upgrade from the regular escort that Vince Shlomi beat up.

Anonymous
Renter Sam
6 years 6 months ago

Who is Vince Shlomi??

Anonymous
SouthBeacher
6 years 6 months ago

You guys follow the Murano Grande condo at all? Lots of short sales there in the $360/ft range which seems cheap for SoFi part of South Beach. Seems more like a downtown price than a South Beach price. Just wondering if there’s anything wrong at the building?

Anonymous
Euroman
6 years 6 months ago

Hey guys,
does anybody know anything about the Bayview Market? Will construction begin in 1Q 2010 as was promised (only couple weeks left), or the developer had chickened out?
I’m considering buying 3/3 condo in Edgewater area, but would feel much better about making a commitment if a shopping center – particularly a chain crocery store – was located within a walking distance.
I’m not in Miami at this point, so would appreciate your point of view.
Thanks much.

Anonymous
Carlos
6 years 6 months ago

Euroman

if you are willing to wait 10-20 years for the area to turn aroun, that is ok. Bayview market is not happening now.
Get out of edgewater and pick something in a more liveable area

Anonymous
owneratinfinity
6 years 6 months ago

Euroman

Brickell is considered the best area of downtown ubran miami and is the most liveable area. You can walk to three diff publix supermarkets, etc.

So I would not sugguest buying in mid-town/edgewater area. Check out brickell, the prices of condos there are getting pretty low now and more effordable..

Anonymous
mishka
6 years 6 months ago

euroman,
Not sure when the bayview market will break ground but there are 2 supermarkets lined up for that area. One is a Publix in the OMNI mall and another a nationwide organic produce chain store is considering the Retail area below paramount Bay on the biscayne boulevard.

Anonymous
Euroman
6 years 6 months ago

Carlos,
I’m not willing to wait 10-20 years.
But hey, thanks for nothing, anyway.

Anonymous
Euroman
6 years 6 months ago

Carlos, my apology, misunderstood your message.
How bad is Edgewater?

Anonymous
Euroman
6 years 6 months ago

owneratinfinity,
thanks for suggestion,
I did look at Brickell, but couldn’t find anything new ( I prefer new construction ), above 30th floor, with unobstructed bay view, 2 parking spaces (OK, one is on 12 th level and is almost useless, but still), and storage, for $250/sq ft.
I don’t like foreclosures or short sales (unless pre-approved), so would rather buy from the developer for slightly more money.
Maybe I didn’t look well, but Brickell waterfront RE is either old, or too pricey, or both.
Appreciate your advice. Have a nice day.

Anonymous
Lara
6 years 6 months ago

I like Edgewater.

Anonymous
Euroman
6 years 6 months ago
Lara, I might be wrong, but as a value proposition Edgewater seems to be a decent area. Sure, there are better places to live in Miami, but I’d have to pay 2-3-5 times more for a comparable square footage. Views on the other hand are unbeatable. Miami Beach is minutes away. The be honest, I don’t even understand how any area with so much potential could be so poorly developed. Empy lots are everywhere. Strange. Many people I talked to have told me that the whole stretch of land in between I-195 and I-395 just begs for the new construction.… Read more »
Anonymous
owneratinfinity
6 years 6 months ago
Euroman, You said, owneratinfinity, thanks for suggestion, I did look at Brickell, but couldn’t find anything new ( I prefer new construction ), above 30th floor, with unobstructed bay view, 2 parking spaces (OK, one is on 12 th level and is almost useless, but still), and storage, for $250/sq ft. I don’t like foreclosures or short sales (unless pre-approved), so would rather buy from the developer for slightly more money. Maybe I didn’t look well, but Brickell waterfront RE is either old, or too pricey, or both. Appreciate your advice. Have a nice day. —> I brought a condo… Read more »
Anonymous
Lara
6 years 6 months ago

I have an apartment in Quantum on the Bay that is being rented now. The area is vibrant. New developments added a lot of young people in it. I agree it was poorly developed in the past. Also infrastructure is not being built overnight. It takes years. I think the views and location has a lot of potential for the future.

Anonymous
Euroman
6 years 6 months ago

Lara,
thanks.
Is any new development taking place in your neighbourhood – or everything is dead right now?
Any work going on on Biscayne Blvd?
Can you see any progress with naked eye?

Anonymous
Carlos
6 years 6 months ago
Euroman look at isola in brickell key. It is not an ultra fancy building, but in your price point that is a good pick considering what you are looking for. I have to advise you though that you will not be able to find everything in your list for this price unless you start to compromise on a couple of things. Remember the number one aspect is location and even though they have made Pace Park more attractive and it does have great water views, the area is still a little funky and I would not buy there unless you… Read more »
Anonymous
Visionary
6 years 6 months ago

Euroman,
I absolutely concur with Lara about the Pace Park Area.
I also own a condo there.

Anonymous
6 years 6 months ago
Euroman, I’m not sure if you’re deadset on living in the downtown area, but if you don’t mind venturing a few miles north, check out The Lexi in North Bay Village. I bought a short sale last year that has proven to be a sweetheart deal. I love the building. Big, spacious floorplans (1450 – 1750 sq. feet), amazing unobstructed views of biscayne bay, nice area, and low mainteance, at about $0.33/sq. foot. The developer has about 12 units left, and there are several resales posted at the moment. The going rate right now is about $200-$240/ sq. foot, depeneding… Read more »
Anonymous
SouthBeacher
6 years 6 months ago

Did u guys see this on the W Residences, South Beach? Looks like its struggling.

http://southflorida.bizjournals.com/southflorida/stories/2010/03/15/story3.html?b=1268625600^3017081

Anonymous
Lara
6 years 6 months ago

One more thing about Edgewater. It is located next to the newly built Performing Arts Center. In any major city such location has a tremendous value. I know that the center is struggling financially but so does Metropolitan Opera. If Miami(with all its faults) is in fact a metropolis then the center should survive and evetualy turn into a cultural attraction for its residents and visitors. Also a lot depends on who runs the board there. It has to be at least one cultured intellectual person with taste yet not without a business sense.

Anonymous
Carlos
6 years 6 months ago

Euroman,

The buildings in Pace Park are all very cheap buildings, mostly occupied by tenants who are destroying the properties. Real ghetto area. They try to sell the idea of luxuty living with bay views, but that is not what you get.
If you have extra cash, look somewhere else.
I live on the beach, but Brickell is a much safer pick if compared to Pace Park.
However, in your price point and with everything else you seem to want, you’d be lucky to find something in pace park.

Anonymous
owneratinfinity
6 years 6 months ago
Euroman, I agree with what Carlos who said to you: “The buildings in Pace Park are all very cheap buildings, mostly occupied by tenants who are destroying the properties. Real ghetto area. They try to sell the idea of luxuty living with bay views, but that is not what you get. If you have extra cash, look somewhere else. I live on the beach, but Brickell is a much safer pick if compared to Pace Park. However, in your price point and with everything else you seem to want, you’d be lucky to find something in pace park”. —> I… Read more »
Anonymous
Lara
6 years 6 months ago
Euroman, You see you’ll get a lot of different opinions here. My tenant, professional is very happy with the area. It is a matter of taste and what you are looking for. I do not live in Miami. My impressions are from my visits to this city which I appreciate very much when I come there. I have friends where even memebers of the same family have a difference of opinion about the city. I have friends who love Sunny Isles, then others who love Hollywood, some only would settle in Miami Beach, then some prefer Aventura. Then there is… Read more »
Anonymous
Miami Skeptic
6 years 6 months ago

“Sure, there are better places to live in Miami, but I’d have to pay 2-3-5 times more for a comparable square footage”

Edgewater is cheaper for a reason.

Next time you’re in Miami, drive over to Edgewater, park your car, and take a walk around the area at night.

Then do the same in Brickell or South Beach or Brickell Key or wherever else you are considering.

If you still don’t think its worth it to pay more elsewhere, than you’ll be fine in Edgewater. The fact that there isn’t even a grocery store nearby should tell you something though.

Anonymous
SLOTH
6 years 6 months ago

Anybody know how sales have been going at the Viceroy? The asking price for those units are almost half of Icon tower 1, but i haven’t found any real information on how well sales have been going. Of course people in the sales office tells me theyre flying and i
have to jump in now. any thoughts?

Anonymous
Euroman
6 years 6 months ago
Lara, Carlos, owneratinfinity, Visionary, thanks all of you guys, good to know your thoughts, will certainly consider all of it, I just hope you’ll never meet each other – or somebody will end up dead…))) DJ, thanks for suggesting Lexi, will take a look at it, as well. Cool idea. Miami Sceptic, lack of grocery store is certainly a huge drawback. One thing mistifies me a bit, though – if renters destroy Edgewater properties, don’t they do the same to Brickell condos? It’s gotta be the same demographic, with the same incomes, since the rents are similar. And Brickell is… Read more »
Anonymous
Visionary
6 years 6 months ago

Lara,

I Think many bloggers are against the Pace Park, only because AJ praised it to much ?!

Anonymous
carlos
6 years 6 months ago

Euroman,

You get cheaper people at Edgewater. Brickell is a higher end area if you get into the right buildings.
Tenants and low rents are a main problem in any building that offers rents in the low end.
North Bay Village has nice water views if you have a unit facing the water, but that is about it.
Very old Miami with dumpy buildings and major traffic near biscayne.

Anonymous
Gixxer 1000
6 years 6 months ago

“One other thing. I’m not a developer, but why would anyone develop Midtown before developing Edgewater?”

I’m confused, I thought Edgewater was in Midtown.

Anonymous
owneratinfinity
6 years 6 months ago
Euroman You said, One thing mistifies me a bit, though – if renters destroy Edgewater properties, don’t they do the same to Brickell condos? It’s gotta be the same demographic, with the same incomes, since the rents are similar. And Brickell is just as full of renters. No? What am I missing? —> just FYI am an end-user not a realtor – my condo in brickell is my perm home, i do not own not other properties. —> I agree with you 1000% that renters destoty all the buildings, regardless where they are located. And brickell is fulled with renters… Read more »
Anonymous
owneratinfinity
6 years 6 months ago

Euroman,

carlos said to you:
“North Bay Village has nice water views if you have a unit facing the water, but that is about it”

—> this FYI

—> here is the link to the income, etc information for the zip code that North Bay Village is in.

—-> http://www.city-data.com/zips/33141.html

—–> 33141 – median household income in 2008: $30,197, so you can see the incomes in that zip code is also much lower then the incomes in the Brickell zip codes.

Anonymous
mishka
6 years 6 months ago

This blog used to be dominated by bears who would shred anyone that disagrees with them.
Now this blog is getting dominated by recent condo owners who would stoop to any low to discredit or sling mud on other peoples buildings or neighborhoods.

Shameful on both counts.

Anonymous
Euroman
6 years 6 months ago

Gixxer,
now I’m confused too.
I’ve read that Midtown was a new condo development somewhere closer to Design District, with no water views, built on a remnants of some old warehouse facilities.
If memory serves.
Can’t be Edgewater.

Carlos, owneratinfinity,
great info, thanks guys)))

Anonymous
Renter Tom
6 years 6 months ago
mishka said: “This blog used to be dominated by bears who would shred anyone that disagrees with them.” – Bears? Really? That is sooo far from the truth. How about, instead of “bears”, people with a non-hyped realistic view of the market that were proven 100% correct? If anything, I had been and continue to be too bullish as I have erred by not being being bearish beyond the market realities. Moreover, do you have ANY clue regarding the percent of “foreclosure squatters” that are in homes that aren’t yet REO’s? The numbers are staggering as these people continue to… Read more »
Anonymous
mishka
6 years 6 months ago
euroman, everyone seems to have an agenda here. 1. Housing bears: they dont want anyone to buy a single condo so that the market remains depressed for their own reasons. So I cant believe anything they say 2. Housing bulls: possible realtors or existing investor owners who want to sell. same goes. 3. Neighborhood experts: Existing home owners who want everyone to gravitate to their location or their building with so much treachery all around you, you are your own best friend. Just do your home work. Visit the area. If you cant, google satellite images can give you some… Read more »
Anonymous
scrivener
6 years 6 months ago
“Now this blog is getting dominated by recent condo owners who would stoop to any low to discredit or sling mud on other peoples buildings or neighborhoods. ” – – mishka With all deference and respect to the folks that post here, if you think about it logically, the “sling[ing]” of which you speak should be expected and, frankly, is only going to increase. This is all part of the cycle – – painful and slow as it may be – – that will and must occur. The issue here, as it has always been since the bottom fell out… Read more »
Anonymous
Condoswindler
6 years 6 months ago
Midtown is definately not edgewater-and yes built in the old warehouse district-still surrounded by ghettos-just the old omni mall in a new location. Edgewater-definately poor construction, while great views thats about it-oh and still surrounded by ghettos…Oh and as I commented in the past Bayview Market…Pipe dream… Park West-definately poor construction, basically no retail as promised? Museums what museums? oh and still surrounded by ghettos- Downtown filling up according to DDA-yes it sure is with those from the western suburbs who could never afford anything but a small walk up on the beach with zero ammenities-hence the windfall-better to live… Read more »
Anonymous
DJ
6 years 6 months ago
“North Bay Village has nice water views if you have a unit facing the water, but that is about it” True on the water views, but I think NBV has quite a bit to offer. Here are some pics that I took of my condo shortly after I bought it in 8/09. I’ve posted these before, so if you’ve already seen them, my appologies. These were taken shortly after I moved in, so the decor is a little sparse, but you’ll get the idea. http://s985.photobucket.com/albums/ae338/djpooper/ I’m honestly not trying to talk up my hood or my building, just want give… Read more »
Anonymous
Visionary
6 years 6 months ago
Buyer makes $200,000 profit in 20 minutes by flipping 19 Miami condos BY ELAINE WALKER, The Miami Herald It could be one of the quickest profits made in Miami’s condo market. All it took was 20 minutes for a bulk buyer to make $200,000 by purchasing 19 units in the new Mi Primera Ilusion Villas Miami condominium and then immediately selling the same condos to another investor, according to a report from CondoVultures.com The Fama Group, with principal Nancy Marquez, purchased 19 units in the 30-unit condominium on Southwest 18th Avenue in Miami for $1.25 million, or $102 per square… Read more »
Anonymous
Drew
6 years 6 months ago
owneratinfinity- Euroman posed a question regarding tenant income/demographics of Edgewater v. Brickell and you post 2-yr old household income statistics from city-data.com that may or may not even include tenant incomes, since these demographic stats typically only account for homeowners and not necessarily renters. Plus how do you know where city-data retrieves and how it compiles their stats? I was looking for a source(s) and can’t find anything. North Bay Village has a large elderly population so therefore the household income levels will naturally be lower. You cite the NBV income v. Brickell income like its proof that Brickell residents… Read more »
Anonymous
DJ
6 years 6 months ago

Drew, good point on the city-data zip code stuff. Just to confirm how off-base that argument is, the median income for zip code 33139, which includes SoFi, Star Island, Palm Island, etc., plus all the houses along the Venetian, is $40,505. Really I don’t see how the median income for is Brickell is over $25,000 higher than arguably one of the best zip codes in Miami. The only explanation is either that that argument is flawed or the data is flawed.

Anonymous
Gixxer 1000
6 years 6 months ago
Condoswindler “Midtown is definately not edgewater-and yes built in the old warehouse district-still surrounded by ghettos-just the old omni mall in a new location.’ I don’t want to start pissing people off because I’m not from Miami but I think people are confusing “downtown” “midtown” and “uptown with actual neighborhoods. For Miami Downtown would be from Broadway up to 17th Terrace. With Brickell making up the financial district and the area north of the river making up the central business district (the hear of any downtown). Then north of 17th Terrace up to I195 make up midtown. Downtown and midtown… Read more »
Anonymous
Joe
6 years 6 months ago
Man, it’s unbelievable how CondoVultures.com turned into such r.e. shills almost overnight. Incredibly shameless. —— DJ post #44 — There’s no way 33139 has a median income of $40,505. That zip code has routinely been listed as one of the wealthiest in the country. It might have even been #1 at some point, back when the islands were still chock full of the A-list crowd. —— QUESTION: I keep hearing and reading “bad construction,” “poor construction,” etc., etc. So, I thought a survey question might be in order: What percentage of the new condos — or, if it’s easier, which… Read more »
Anonymous
Lara
6 years 6 months ago

DJ, you have a very beautiful apartment. Enjoy it!

Anonymous
owneratinfinity
6 years 6 months ago

Condoswindler ,

You said,
Brickell Key-unless you work downtown its a traffic nightmare

—> I love Brickell Key, however then was no new building there in my price range

—> I do agree that the traffic would be heavy trying to get to Brickell Key since you have to fight the traffic on Brickell ave, to get there,

—> cause my building is 3 blocks from west from the bay, I can get to the i-95 highway in 5-10 mins regardless if it’s rush hour or no – it’s very quick access to the highway.

Anonymous
Miami Skeptic
6 years 6 months ago
DJ The brickell population at the time of the last census was tiny compared to South Beach (4700 vs 38,000). If you understand how median incomes are calculated you will understand why 33139 is so much lower than 33131. The incomes from the houses on Star Island are negated by the dozens of dumpy apartment complexes in South Beach housing the low income bar/club/waiter types. The most recent census data is from 2000, the most recent IRS zip data is from 2006. Given the huge changes in downtown Miami in the last 5 years, I would say most of this… Read more »
Anonymous
Renter Tom
6 years 6 months ago
Meredith Whitney recently came out and predicted a double dip in housing once the fed govt support ends. I respect her opinion, especially since she looks at the macro factors that affect our economy and markets. She ranks almost as high in my book as Robert Shiller in her approach. A double dip, even nationally, is not out of the picture just yet. People should at least be aware of it and avoid being a knife catcher. Full disclosure, I am looking to buy but am in no rush. If the right unit comes along at the right price, I’ll… Read more »
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