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.
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
