$47M Sale of 3 Indian Creek Drive Shatters Previous Record Set in March

Records were made to be broken.  Sometimes, however, records are shattered.  The recent sale of 3 Indian Creek Island for $47M shatters the previous record-breaking sale for single-family homes in Miami-Dade County set earlier this year by 22%.  Edward Lampert, Sears Holdings Corp.’s chairman and hedge fund billionaire, purchased a waterfront estate, also located on Indian Creek Island, in March for $38.4M.

3 Indian Creek Drive is paradise-living at its finest.  The 30,000 square foot, waterfront home is situated on an 80,000 square foot lot and has 10 bedrooms, 10 full baths, 4 half baths, a 100-foot resort-style pool, a full catering kitchen, certified greenhouse, rooftop lawn and Jacuzzi, panic room, wine cellar, servant room, chromotherapy spa and massage room, library, elevator and a 7-limo-sized car garage.

Introducing Icon Bay – Related Group’s Newest Pre-construction Condo Development

First it was Icon South Beach.  Then Icon Brickell.  Related Group now looks to launch Icon Bay – a 300-unit, 40-story luxury high-rise along Biscayne Bay at the eastern end of NE 28 Street.  Every unit in the building will have private elevator access and will face the water.  The world-renowned architectural team Arquitectonica has been contracted to do the design.   The interior designer has not yet been announced but it is expected to be someone highly reputable and impressive. A waterfront neighborhood park will also be developed as part of this project.  GEO Arquitectonica, the landscape designers behind Museum of Modern Art in Miami, will design the bayfront park.  Pricing is in the process of being finalized but given the level of quality, I foresee pricing to be along the lines of Paramount Bay.  Letters of intent are now being accepted to reserve your space in line to choose a unit when sales officially begin.  Contact us for more information if you have an interest in reserving an Icon Bay condo.

Al Capone’s Former Palm Island House Hits the Market for $9.95M

There is no sure thing but death and taxes – so the saying goes.  As it turned out in the end, the two certainties brought about the demise of legendary American gangster, Al Capone – a person who at one time seemed untouchable.  When nothing else would stick, the U.S. government finally nabbed the Chicago kingpin on tax evasion charges.  He was later tried in court and sentenced to federal prison.  Many people erroneously believe that Capone spent his final days locked-up behind bars .  The truth, however, is that the mobster was paroled on November 16, 1939 and returned to his home on Palm Island in Miami Beach, Florida where he ultimately died from a series of health issues.

Al Capone purchased the Palm Island estate in 1928 – three years before his prison conviction – for $40,000.  He used the waterfront home as an escape from Chicago when the authorities started breathing down his neck.  Over the years, the property has had many owners.  The current owner acquired the estate in November 2011 for $5.65M and since that time has fully restored it.  Yesterday, the Palm Island waterfront mansion hit the market once again with an asking price of $9.95M. That’s gangsta!

Miami Beach Mansion Bequeathed to Pet Chihuahua Sells For $8.4M

Gail Posner, daughter of billionaire business magnate Victor Posner, made national headlines in 2010 when it was discovered that her Miami Beach mansion was bequeathed to her pet Chihuahua Conchita and two of her other dogs along with a $3M trust fund.  According to her will, the dogs were to be taken care of by her staff which was to receive a grand total of $27M upon her death.  Conchita, who was considered to be the “world’s most pampered dog” by Gail’s own accord, had her own bedroom and bathroom in the waterfront mansion, a $15,000 Cartier necklace and weekly spa treatments.  Posner’s son Bret Carr was left only $1M. To no one’s surprise, Carr quickly contested the will. The hotly debated Miami Beach home sold last Friday for $8.4M.  The 7 bedroom, 8 bath, 2 half bath waterfront estate had 9,700 interior square feet and featured a center courtyard, elevator, 2 fireplaces, enormous master suite, separate gym and staff quarters resting on 156 square feet of waterfront.  According to public records, Gail Posner purchased the luxury home for $8.3M in September 2005.  No word on where Conchita and the other two poochies will now reside.

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.

Jade Beach Penthouse 4904

A few days ago, I decided to drive up to Sunny Isles Beach to check out Penthouse 4904 at Jade Beach.  It sounded exceptionally priced for a penthouse of that size so I had to see it for myself.  The tri-level unit has 5 bedrooms, 6.5 baths with 8,210 interior square feet along with a monstrous 5,790 square feet of terrace.  It comes equipped with an outdoor Jacuzzi and an in-unit elevator.  The floor-to-ceiling glass windows throughout the penthouse allow for breathtaking views of the Atlantic Ocean or the intracoastal waters from every room.

The asking price is $8.9M, or $1,084 per square foot, which is quite a bargain for a penthouse of this caliber.  In fact, it is the lowest price per square foot of any unit over 6,000 square feet in Sunny Isles Beach that is currently on the market.

Impeccably Decorated 3 Bedroom Condo For Sale at Marquis Residences

A few weeks ago, I had the pleasure of viewing one of the most impeccably decorated condos for sale at Marquis Residences.  The custom designed unit was absolutely stunning.  The 3 bedroom/3.5 bath condo has 2,393 interior square feet, 10-foot ceilings and comes fully furnished as you see in the pictures below.  A private elevator opens to the 22nd floor residence which includes 2 master suites, 17×43 porcelain tiled floors, a laundry room, 3D LCD TVs, custom bar, Euro kitchen, security system with cameras, linear diffusers and covered ceilings with fiber-optic lighting.  A Crestron system is also included to control the audio/video, lighting, air conditioning and window treatments.  To top it all off the Park West Miami condo offers spectacular, 180-degree views of Biscayne Bay.  Asking price of this remarkably beautiful property is $1,695,000.

Billy Joel’s Miami Beach Mansion on the Market for $14.75M

According to several sources, Billy Joel listed for sale his Miami Beach mansion this past Monday for $14.75M.  The 8,881 square foot home offers 7 bedrooms, 8.5 baths, a luxurious bar with wine cellar, gourmet chef kitchen, a formal living and dining room, outdoor summer kitchen and expansive views of Biscayne Bay with over 150 feet of waterfront.  The Mediterranean-style estate resides on La Gorce Island, an exclusive neighborhood that has seen its fair share of celebrity-residents such as Shakira and Lil Wayne.

Joel purchased the property in 2006 for $13.5M, according to public record.  Below are the photos of his former palatial pad.

iPhone App Update Now Available on iTunes

Great news!  The Miami Condo Investments iPhone app is now compatible with iOS 5.  You can download the latest update on iTunes.  We would love to receive any feedback that you might have so it would be great if you could leave us a review.

As a side note, I recently updated the scores on the Condo Rankings page and have added a few buildings such as Mint and Paramount Bay.  The majority of the changes were made to the risk adjustment column to reflect the decrease in developer inventory in many of the newer buildings since the last update.