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.
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
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.
