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.
Miami Luxury Real Estate Prices Post 3rd Largest Percentage Increase in the World in 2011
The luxury real estate market in Miami had a remarkable year in 2011 and now, thanks to an annual report released by real estate consultants Knight Frank, we know how it compared to other international markets. The Wealth Report 2012 showed that Miami luxury real estate prices in 2011 increased 19.1 percent from the year before. The increase was the third largest when compared to other international luxury real estate markets, well ahead of London and Vancouver. Luxury properties in Miami are finally on the radar of the world’s elite!
New Luxury Listing of the Day
A beautiful 6 bedroom/7 bath waterfront home at 943 N Venetian Drive on the Venetian Islands hit the market earlier today. The asking price is $14.9M for the 9,255 square foot home which sits on a 47,250 square foot lot with 175 feet of water-frontage.
Nestled behind 15ft grandiose wooden gates is a perfectly manicured Mediterranean estate on a rare 47,250 sqft bayfront lot on N.Venetian Dr. This 6BR/7BA home was meticulously renovated by Peter Galo in 2004. Renovated for easy living with open spaces for formal/informal living. Great for entertaining with dining/living and family rooms flowing to the picturesque backyard overlooking 175ft on Biscayne Bay.
27 Star Island Drive (Casa Di Paolo) Hits the Market for $21M
It may not be particularly noteworthy when a Star Island home hits the market for $20M+. After all, there are currently two Star Island homes with asking prices of $35M. What does make this new listing particularly noteworthy, however, is that 27 Star Island Drive, also known as Casa Di Paolo, was purchased last May for $10.75M. The home was relisted earlier today with an asking price of $21M. The listing makes no mention of any upgrades or additions made to the home since last May and the pictures included with the listing are the exact same which accompanied the listing last year.
Here’s an excerpt from a blog post I wrote about the sale of 27 Star Island Drive last year:
The 12 bedroom/13.5 bath mansion resides on a 40,000 square foot lot and has 15,000 square feet of living space, a bayfront swimming pool and a boat dock with 100 feet of water frontage. The property sold in 300 days at a 17 percent discount from its initial asking price of $12.95M. The estate was previously purchased in 1999 for $5.9M.
There’s no denying that the luxury real estate market in Miami is hot right now. In fact, several major publications such as The Wall Street Journal, Forbes and Huffington Post reported last week about an Indian Creek home that was recently placed under contract for $40M by Sears Holdings Corp.’s chairman and hedge fund billionaire, Edward Lampert. But just how hot is the luxury real estate market in Miami? How much has the luxury real estate market improved over the past year? 27 Star Island Drive may help to shed some light on these questions if and when it sells. I’ll be sure to keep an eye on it and report any property status updates
Mario Chalmers of the Miami Heat Purchases 5 Bedroom Condo at Marquis Residences from Drake
Miami Heat point guard Mario Chalmers will now have a short commute to work. The Miami Herald reported on Friday that he recently purchased a 5 bedroom/6 bath condo at Marquis Residences in Downtown Miami for $2.6M. Marquis Residences is located at 1100 Biscayne Blvd, just 5 short blocks away from the American Airlines Arena, home of the Miami Heat. The condo was previously owned by hip-hop/rap artist Drake who placed two side-by-side units at Marquis Residences under contract last September then later combined them.
Apogee Beach Renderings
As many of you already know, Apogee Beach is a luxury beachfront condo development which will be located in Hallandale Beach. Pre-construction sales recently began and 40% of the total 49 units at Apogee Beach have already been sold. The developer behind the project is The Related Group which of course also developed Apogee South Beach, one of South Florida’s most exclusive condo developments. Apogee South Beach set the bar extremely high when it comes to quality and attention to detail. Name recognition and reputation go a long way in this business and perhaps there’s no better name for a new condo development to be associated with than “Apogee”.
After reviewing the renderings for Apogee Beach, however, I could not help but think that it bears an uncanny resemblance to two Miami condo developments – 50 Biscayne and Icon Brickell. The lobby for Apogee Beach appears to be a clone of the lobby at 50 Biscayne while the kitchen and bathroom are glaringly similar to those at Icon Brickell. What do you all think?
Apogee Beach rendering
50 Biscayne’s lobby
50 Biscayne’s lobby
Apogee Beach rendering
Icon Brickell’s bathroom
Apogee Beach rendering
Icon Brickell’s kitchen
Marquis Residences Honored with ‘Americas Property Award’
Marquis Residences, a 67-story luxury condominium development located in Downtown Miami was recently honored with the prestigious Americas Property Award in the Residential High-Rise Development category. The developer of Marquis Residences, Africa-Israel USA, will accept the prestigious award on December 12 at The International Property Awards to take place at The Savoy Hotel in London. Marquis Residences will then compete against category front-runners from the Asia Pacific, Europe, Africa, Arabia and the United Kingdom for the coveted title of “World’s Best”.
Marquis Residences was designed by the world-acclaimed architectural firm Arquitectonica. The 292-unit condominium high-rise was completed in 2009 and currently has limited developer inventory remaining. Prices range from $590,000 for a 1,477 square foot 2 bedroom/2.5 bath condo to $2.2M for a 3,017 square foot 2 bedroom/2.5 bath duplex penthouse.
The Scoop on Paramount Bay
There is a lot of excitement in the air regarding the Paramount Bay sales launch so I wanted to take a moment to share with everyone the latest information that we have. Sales are expected to begin on or around October 10th. At that time, a total of 60 units, 6 units from each of the 10 lines, are expected to be released. We expect pricing to increase after the initial 60 units are sold. The location of these 60 units has not yet been determined but we have been told that they will be scattered throughout the building with a few on low floors, a few on mid-level floors and a few located on high floors.
In addition to the 60 units, the 11 penthouses at Paramount Bay will be available for sale at that time. 3 of the 11 penthouses have already been reserved and we expect the remaining 8 penthouses to sell quickly. The remaining 8 penthouses range from 5,128 total square feet to 5,941 total square feet with 5 of the 8 having terraces over 1,900 square feet. It’s important to note that these terraces were constructed with 10-inch reinforced concrete which allows for a Jacuzzi, pool or outdoor kitchen to be installed.
Contact us if you have any questions regarding Paramount Bay or if you would like to schedule a tour.
Amar’e Stoudemire Sells W South Beach Penthouse for $5.2M
NBA superstar Amar’e Stoudemire has officially sold his W South Beach penthouse. The transaction closed earlier today and reportedly sold for $5.2M. The sales price represents a 20 percent discount off the $6.5M asking price established this past April. Stoudemire purchased the property directly from the W South Beach developer in July 2009 for $5,575,000. The 2 bedroom/2.5 bath duplex penthouse has 2,428 square feet of interior and an amazing 2,816 square feet of exterior space, including a private rooftop plunge pool and summer kitchen.
Click for more pictures of Stoudemire’s former W South Beach penthouse
