7,400 Square Foot Penthouse at Villa Regina Sells for $1,925,000

March 20, 2013

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.