Real Estate Porn – “I know It When I See It”
The phrase, “I know it when I see it”, was made famous in the 1964 landmark case of Jacobellis v. Ohio. It was used to describe Supreme Court Justice Potter Stewart’s threshold test for pornography. It occurred to me recently that the same threshold test should be applied to determine what does and does not constitute true real estate porn – a modern term to describe almost dreamy, remarkably extravagant real estate which provides visual satisfaction to those who view it online. I had heard the term and knew its meaning but never felt that I had ever truly witnessed it for myself – that is until I saw Penthouse 2 at Continuum South Beach. Everything else I had seen in the past was just a tease by comparison; a 1960s titty mag at best.
PH2 at Continuum South Beach is a palace in the sky worthy of only the most elite members of society – crème de la crème. The majestic, 4-story penthouse offers unparalleled views and a timeless decor that can only be found in storybook novels. When it comes to condo living in South Florida, it doesn’t get any better than PH2 at Continuum South Beach. The 6 bedroom/7.5 bath residence offers over 11,000 square feet of interior space, over 6,000 square feet of terrace, a rooftop pool, a private in-unit elevator and staff quarters. Also included is another 1,200 square feet of separate guest suites, a lofted beachfront cabana and 10 parking spaces.
The price to live like the exalted king of South Florida? $35M large. The hefty property taxes and condo association fees are a mere afterthought for those with the means to afford such splendor. Life is too short not to have the finest that money can buy.
PH2 is located in the South Tower of Continuum South Beach – the only privately gated resort development in South Beach – at 100 South Pointe Drive, Miami Beach, FL 33139. Amenities at Continuum South Beach include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.
Ricky Martin Sells Miami Beach Home; Jay-Z and Beyonce Possible Buyers
Pop singer Ricky Martin has sold his Miami Beach luxury home for $10.6M, as reported this morning by The Miami Herald. The 9,491 square foot waterfront mansion features 7 bedrooms, adjoining guest quarters, 8 full baths, 2 half baths, a fully wired media room, Jacuzzi, pool and elevator. The Mediterranean home resides on 150 feet of waterfrontage along the prominent, star-studded neighborhood of North Bay Road.
The property was purchased by Ricky Martin for $10M in May 2005. No definitive word on who the buyer might be but the Herald article states that Jay-Z and Beyonce took a long, hard look at the home in December.
Exceptional North Bay Road homes currently on the market include:
- 3114 N Bay Rd – asking $17.95M
- 2040 N Bay Rd – asking $16.5M
- 2156 N Bay Rd – asking $8.95M
Paramount Bay Update
Earlier this afternoon, I was in the neighborhood so I decided to stop by Paramount Bay to get an update on pricing and availability and also to check on the progress that has been made to the common areas. The amazing news is that Paramount Bay is now 69% sold. That’s a remarkable feat given that the common areas were (and presently still are) a work in progress when sales launched on November 7, 2011. Early buyers were rewarded generously, however, for believing that current ownership would deliver a building with common areas of superb quality. There have been several price increases since November and, after touring the building today, I can tell you that early buyers made a very wise decision. Contractors have worked earnestly on the common areas since November and prices have adjusted accordingly as completion approaches 100%. From what I saw today, Paramount Bay is shaping up to be one of the finest condominium buildings in all of Miami.
I also discovered that there are two penthouses still available for sale at Paramount Bay. Both have 4,437 interior square feet along with 736 square feet of terrace. One is located on the 45th floor and currently is being offered at $3,685,900 while the other is located on the 46th floor and is asking $4,001,900. Below, you will see the price ranges that currently exist for the various floor plans at Paramount Bay. Keep in mind that pricing is expected to increase as the common areas near completion.
Miami Home Prices Up for Fourth Consecutive Month; Condo Prices Skyrocket 46% Year-Over-Year in March
The March figures for Miami real estate were released yesterday by the Miami Association of Realtors. The report showed that Miami home prices increased for a fourth consecutive month. The median sales price of condominiums in Miami-Dade County skyrocketed 46 percent while the median sales price of single-family homes rose 13 percent year-over-year.
“The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, 2012 Chairman of the Board of the MIAMI Association of REALTORS. “We expect this trend to continue, as Miami increasingly attracts international buyers and investors, second and vacation home buyers, and migrating U.S. residents.”
A Look Inside Penthouse 3401 at Asia
I had the opportunity earlier this afternoon to tour one of the most amazing penthouses that Miami has to offer – Penthouse 3401 at Asia. The 5 bedroom/6.5 bath, tri-level penthouse has 4,954 square feet of interior with 12-foot ceilings on each floor, a maids quarters off the laundry room and white marble floors throughout. All together, the Asia Brickell Key penthouse has 1,602 exterior square feet which includes an outdoor wet kitchen and a roof-top pool offering breathtaking water and city views. The unit also includes an in-unit elevator for those who find the walk to the third floor master bedroom too grueling after a long day at work. To top it all off, the penthouse comes fully furnished and decorated courtesy of Artefacto. The price to live the high life on Brickell Key – $8.8M.
Pat Riley Sells Miami Mansion for $16.75M
Pat Riley, president of the Miami Heat, and his wife, Christine, have sold their waterfront mansion located at 180 Arvida Parkway in the posh subdivision of Coral Gables called Gables Estates for $16.75M. The 5 bedroom/8 bath estate sits on approximately 2 acres with 900 linear feet of watefrontage. The sales price represents a discount of over 25% from its $23M asking price. Pat and Christine Riley purchased the home for $6.3M in 1996. The couple will likely now reside in their penthouse at Apogee South Beach.
For other star-studded real estate in Miami and Miami Beach, be sure to check out our collection of Miami luxury homes in areas such as Star Island, Fisher Island, Gables Estates, North Bay Road, and more.
Penthouse A at Apogee South Beach Hits the Market for $25M
Penthouse A at Apogee South Beach is back on the market for a cool $25M, exactly 365 day after selling last April for $11.5M. Judging by the pictures, it does not appear that any upgrades were made to the unit prior to putting it back on the market. The 6 bedroom/7.5 bath penthouse condo has an astounding 6,853 square feet of interior, 22-foot ceilings, over 11,000 square feet of terrace, a private rooftop pool, a summer kitchen and panoramic views of the Atlantic Ocean, Biscayne Bay and the city.
Apogee South Beach is a 67-unit ultra-luxury condominium located in the South of Fifth neighborhood of South Beach. The development includes only three penthouse residences, one of which is currently owned by Miami Heat president, Patrick Riley.
Penthouse A is now the third highest priced condo currently on the market in South of Fifth. At this time, two separate condos (PH-2 and unit 3603) at Continuum South Beach South Tower are listed for a whopping $35M each.
