Total Number of Transactions Increased for this Week’s Miami Dade Condo Sales
Over the past few weeks, we have seen a steady incline in overall condo sales including volume and number of sales. This is of no surprise with the increase of companies, execs, and people taking up residency in Miami-Dade County.
Coming in at $123 million, this week’s condo sales volume increased from $85.3 million in the week prior. The total number of sales has risen to 198 for this week, up from 128.
The average price for condo sales reached $622,000 which has actually decreased from $666,000 then the week prior.
Leading this week’s condo sales in a luxury unit at Continuum South Beach that sold for $8 million or $2,708 per square foot. This luxury property located at 100 S Pointe Dr. Unit #3507 was sold to tech entrepreneur Hari Ravichandran, who is the CEO of Jump Ventures and Aura.
Last week’s highest condo sale was lead by Lucas Lechuga (Luxe Living Realty-Miami Condo Investments) with the sale of a Setai Miami Beach condo that sold for $12.3 million.
The sale coming in second includes a luxury unit at Palazzo Della Luna on Fisher Island. The property sold for $7.5 million or $2,045 per square foot and was on the market for 324 days. Luxe Living Realty’s Dora Puig represented the seller.
Continuum South Beach Bulk Sale for $30 Million by Two Former Morgan Stanley Execs
In 2014, Karen Bechtel and her husband William McKinley Osborne III (former Morgan Stanley executives) purchased 3 total units at Continuum South Beach South Tower for $21 million. Records show that they purchased units 3602, 3603, and 3604 and combined it into one unit totaling 8,229 square feet on the 36th floor.
The full-floor condo was originally listed in March 2021 with an asking price of $36.5 million. The gorgeous combined units feature a total of 6 bedrooms, 5.1 bathrooms with a 2-story main suite. Two kitchens, a theater and 3,704 square feet of balconies make up the rest of the luxury apartment.
According to county records, the buyer was listed at MFTMA Holding LLC. The price per square foot totals $3,646, and is considered Miami Beach’s fourth most-expensive condo deal since 2005.
Continuum developer Ian Bruce Eichner also sold his penthouse in the building for $35 million in April 2021 that was originally listed for $48 million two year ago. Another sale for Continuum included CEO of a financial tech company purchased 2 combined units for $12.1 million.
Bechtel and Osborne were both Managing Directors at Morgan Stanley from 1980 to 1991. Bechtel is currently a senior adviser at Carlyle Group. During the pandemic, they established a non-profit organization called Meals for Heroes Miami that focused on partnering with local restaurants to provide food for health care workers and first responders. In April, the couple bought a mansion in Tahiti Beach for $28.9 million.
Continuum was built in two phases by developer by Bruce Eichner in 2002. Residents of Continuum South Beach enjoy arguably the best resort-style amenities.
BUILDING AMENITIES
Stunning landmark architecture
1,000 ft of direct beach front access
24-hour welcome desk with concierge
24-hour guest valet
Elegant resident club room
Luxury Health spa with sauna, steam room
Two lagoon-style pools
State-of-the-Art gym
Business Center
Lush and manicured landscape
3 Tennis Courts
Outdoor restaurant
Multi-story health club & spa
RESIDENCE AMENITIES
Ten foot high ceilings
Private balconies with glass railings
Floor to ceiling sliding glass doors
Imported marble countertops, backsplash, and whirlpool decks
Imported marble flooring in wet areas and shower
Designer fixtures
Whirlpool tubs
European bathroom vanity cabinets
Seamless glass shower doors
Custom European designed cabinetry
Granite Countertops
Under counter lighting
Faber “Inca Smart” integrated hood vent
Sub-zero built-in refrigerator-freezer
Miele touch-control cook top
Miele integrated dishwasher
Miele microwave oven
Single-lever faucet with pull out spray
If you or someone you know have interest in purchasing one of the units at Continuum South Beach, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.
Continuum South Beach Penthouse Sells for $35 Million After 6 Years on the Market
You may have heard that the Miami real estate market is hot and if you need any convincing, the Continuum South Beach penthouse that has been sitting on the market for 6 years has just sold!
Ian Bruce Eichner, the developer for Continuum South Beach has sold his penthouse in the tower for a cool $35 million. It was originally listed for $48 million in 2014. According to the Wall Street Journal, Eichner had been renting out the penthouse since December 2020 at $200,000 monthly on a short-term lease.
Located at 100 South Pointe Drive, Miami Beach; this one-of-a-kind 4-story penthouse boasts 11,031 square feet with 6 bedrooms, 7.5 bathrooms, a 6,000 square foot terrace, and a rooftop pool. Some of the more exclusive features of this penthouse is the cabana, guest unit, and 10 parking spaces.
Continuum South Beach is a 2 tower development. Tower one was finished in 2002 and tower 2 was completed in 2003 featuring all of the amenities that luxury towers could ask for. The development amenities 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.
The original asking price for this unit was $39.9 million. Eichner did not disclose who the buyer was for this deal.
With limited inventory and a high-demand for penthouses/condos with luxury amenities in Miami, it is no surprise that this gorgeous penthouse sold!
Record-breaking Sale – Setai South Beach PH-B Sells for $27M
PH-B encompasses the entire 40th floor at Setai South Beach and has 7,100 interior square feet with 4 bedrooms, 4 full baths, 2 half baths and a gourmet kitchen along with a jaw-dropping rooftop terrace featuring a private pool and hot tub. The trophy penthouse is truly spectacular. Don’t take my word for it though – download the Setai South Beach PH-B e-brochure and take a look for yourself.
Even more astonishing than the sale itself is the amount of profit that was pocketed by the seller. In June 2010, PH-B at Setai South Beach was purchased for $15M. This goes to show the level of unbelievable deals that were to be had from 2008 to 2010 in South Florida. It was a buyer’s market then. Now, the sellers are calling the shots.
Only time will tell how long this new record will last. It is highly likely that the sales record will be shattered later this year with the sale of PH2 at Continuum South Beach. The 11,000 square foot penthouse is currently listed for $39M, or $3,535 per square foot. That is very well priced considering the recent sales for penthouses in the immediate area. PH1, also at Continuum South Beach, sold last May for $3,378 per square foot. Further evidence is provided by the recent sale of PH-B at Setai South Beach for $3,800 per square foot as previously mentioned. PH2 is one of the most coveted penthouses in South Florida. It had been previously listed for $35M but I am highly confident that it will not sell for anything less than $38M.
Record Breaking Sale at Continuum South Beach – $25M
According to The New York Times, a record breaking sale took place last Friday in Miami Beach. PH1, a tri-level penthouse located in the South Tower of Continuum South Beach, sold for $25M. The sale shattered the previous Miami-Dade County record for condos of $21.5M set in December 2011 by Penthouse-A at The Setai. The Continuum South Beach penthouse has 7,400 interior square feet with 5 bedrooms, 7.5 bathrooms, a private rooftop pool, an internal elevator and six terraces which total 6,000 square feet.
The penthouse was sold by Alex Birkenstock of the Birkenstock shoe company. He purchased the property in 2009 for $9.9M according to public record. The property, which was sold privately, had not recently been listed on the MLS.
PH2 at Continuum South Beach, a penthouse with 11,000 interior square feet, is currently on the market with an asking price of $35M, or $3,182 per square foot. Not a bad deal considering PH1 just sold for $3,378 per square foot. The previous record holder, PH-A at The Setai, sold for $3,463 per square foot five months ago.
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.
Continuum South Tower Condo Sells For $10,576,000
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.
Here are additional pictures of unit 3604 at Continuum South Tower:
Two Recent Luxury Beachfront Condo Sales
Two luxury beachfront condos closed within the past two days. The first, located at Continuum South Tower, closed yesterday for $6,750,000, or $1622 per square foot. The 3 bedroom/3.5 bath condo is located on the 18th floor and has 4,161 square feet of interior. Not my taste at any price but I’m sure there’s someone out there who appreciates this type of decor.
The second condo sale took place at Acqualina in Sunny Isles Beach. The sales price was $4.8M, or $837 per square foot, for a penthouse located on the 46th floor. The unit has 4 bedrooms, 5 full baths and 2 half bath with 5,735 square feet of interior and 1,990 square feet of exterior.
South of Fifth – Miami Beach’s Ultra-Luxury Neighborhood
The video above is meant for the non-local buyer who may not be familiar with the various neighborhoods throughout South Florida. South of Fifth, also known as SoFi, is a neighborhood that encompasses the five southern most blocks of South Beach (and therefore Miami Beach). Once regarded as one of the most dangerous neighborhoods in South Florida, South of Fifth is now considered to be one of the safest and most luxurious for condo living. The revitalization of the area within the past two decades has been remarkable, attributed mainly to visionary Thomas Kramer.
One of the main attractions for South of Fifth condos is South Pointe Park which reopened in March 2009 after undergoing a $22M renovation. The neighborhood also has world-renowned restaurants Joe’s Stone Crab and Prime 112 as well as local favorites Devito South Beach, Smith & Wollensky and China Grill. South of Fifth is reputed for being a clean, quiet, exclusive neighborhood away from the congestion of South Beach but within walking distance to all else that South Beach has to offer. The beach at the southernmost point of Miami Beach, in my opinion, is also one of the most beautiful beaches in South Florida.
Below, you will find a list of the South of Fifth condo buildings that were featured in the video. Click on each link to view the condos currently available for sale.
The following are the 5 highest condo sales in Miami-Dade County that closed in January 2010 through the MLS:
Acqualina PH4501 – 5 bedroom/6.5 bath (6,353 square feet) – This penthouse sold for $4,700,000, or $740 per square foot, on January 27, 2010.
Continuum South Beach North Tower #TH6 – 4 bedroom/4.5 bath (2,901 square feet) – This townhouse sold for $3,482,400, or $1200 per square foot, on January 29, 2010.
Santa Maria #3805 – 4 bedroom/3.5 bath (4,030 square feet) – This unit sold for $2,700,000, or $670 per square foot, on January 4, 2010.
Asia Brickell Key #1903 – 4 bedroom/5.5 bath (3,813 square feet) – This unit sold for $2,288,000, or $600 per square foot, on January 15, 2010.
Grovenor House #2601 – 4 bedroom/6 bath (4,026 square feet) – This unit sold for $2,190,000, or $544 per square foot, on January 15, 2010. mich
