New Record: Buyer Pays $34M for Side-By-Side Penthouses in Miami Beach
Looks like this will be an amazing year for the Miami luxury real estate market. Yesterday afternoon, Forbes reported that an undisclosed American buyer purchased side-by-side penthouses at The Residences at the Miami Beach Edition for $34M, breaking the previous sales record for condominiums in Miami-Dade County set just two months ago. The Edition, a luxury beachfront hotel-condo variation, is currently under construction and is scheduled for completion in April 2014. Hotelier, Ian Schrager, and world-renowned architect, John Pawson, have teamed up on The Editions project to deliver 26 of the most amazing condos in Miami Beach. The Editions sales office opened less than four weeks ago and half of the development, yet to be completed, has already sold.
Rony Seikaly’s Stunning South Beach Condo at Murano Grande
Over the past week, I have had the opportunity to tour a number of stunning condominiums throughout South Florida. Tuesday afternoon, was business as usual. That day I was fortunate enough to tour the 4,000 square foot residence of former NBA star turned international DJ Rony Seikaly. The luxury, 3 bedroom plus den/4.5 bath residence located at Murano Grande in South Beach did not disappoint. The entire condo has a zen-like feel to it with an array of natural elements incorporated into its design. The floor plan features a number of favorable changes and upgrades as well. Most importantly, the kitchen has been rearranged to allow for a much more expansive view from within the kitchen than what was called for in its original floor plan. The wooden, sliding track doors, however, still allow one the option to enclose the kitchen from either or both sides. The condo comes fully furnished with designer furnishings by Ralph Lauren, Holly Hunt, Minotti, Tucker Robbins and others in rich Earth hues. The design of the entire condo is the work of prolific, New York City interior designer Clodagh. The unit comes equipped with a Crestron System which, with the help of an iPad, one can control lighting, surround sound, electric window treatments, air conditioning and more. The asking price is $5,995,000.
Miami Featured on “Today” Show This Morning
This morning, Miami was once again in the national spotlight. The young, vibrant and beautiful city was featured on the “Today” show for its Friday Field Trips series. The three minute video clip above will give you a gist of the praise that Miami received during the morning show’s coverage of the city. Miami is no longer seen as just a winter playground. It has seen tremendous growth over the past four decades and has exploded onto the international scene. Miami has become a cultural mecca for travelers from all around the world and now competes with some of the highly acclaimed international cities for their attention. I must say, Miami was captured quite beautifully in this piece. Great job!
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.
Luxury Real Estate Market Ended 2012 With Two Huge Condo Sales in South Beach
The Miami Beach luxury real estate market closed out 2012 with a bang. Two huge condo sales took place over the last four days of the year.
A bi-level penthouse at Icon South Beach sold on New Year’s Eve for slightly under $21M, or $2,623 per square foot. The 4 bedroom/6.5 bath condo sold above asking price as it had been listed for $19M. The lavish residence has roughly 8,000 interior square feet and has its own rooftop deck and pool. The penthouse was previously purchased in 2007 for $7M.
On December 28th, a second two-story penthouse sold but this time over at Continuum South Beach North Tower. The 5 bedroom/5.5 bath condo sold for $11M, or $1,580 per square foot. The 6,963 square foot residence has a southeastern exposure with views of the Atlantic ocean and Government Cut. The unit was sold “decorator-ready” straight from the developer.
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.
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 & Miami Beach Condo Supply Down Sharply
Thanks in large part to a strong interest from international buyers, the South Florida condo market has fared extremely well over the past year despite global economic worries. One would assume that the supply of condos has shrunk as a result, but to what extent? Is the condo inventory problem finally a thing of the past? Does the current supply of condos indicate a transition from a buyer’s market to that of a seller’s market? The condo inventory and sales figures below should shed light on the subject to help answer these questions.
The figures below were compiled on August 31, 2011. Three sets of spreadsheets and graphs can be found below. The first pertains to the inventory and sales figures for condos throughout Miami-Dade County. The second focuses on those located only in Miami while the third set concentrates on condos residing only in Miami Beach.
I grouped the number of available condos into seven distinct price ranges and provided total closed sales figures over the past six months for each. Columns three, four and five display figures for average closed sales per month, months of supply and years of supply, respectively. The last three columns show the percentage change in those figures when compared to those published slightly over 16 months earlier in April 2010.
As you will see, there is currently a little over 6 months worth of condos for sale throughout Miami-Dade County. Obviously, the supply figures vary within each price range and again when looking at the figures specific to Miami and Miami Beach. It is important to note that the figures below only include resales listed on the MLS. Developer inventory and closed sales are not included. My guess is that the statistics would be even more compelling had those figures been included. To put things into perspective, I recently heard that Icon Brickell had been averaging around 60 closed sales per month. With 1,796 total units, Icon Brickell had been the poster child of the oversupply problem in Miami. Icon Brickell currently has less than 100 available condos for sale. Word on the street is that sales for condos at Paramount Bay will launch later this month. Once it does, Paramount Bay will be the last of the recently constructed condo developments to hit the market and will add just 350 total units. Many of those condos have already been secured by original contract holders and interest from potential buyers for the remaining units is staggering. A shortage of condos in Miami is an almost certain problem that lurks on the horizon. Keep in mind, even if new condo developments were planned and approved tomorrow, it would be another 3-5 years for those condos to be completed and delivered.
Below, you will find the Miami-Dade County condo supply and sales figures for August 2011:
The following statistics encompass only those condos located throughout Miami (not other areas of Dade County such as Miami Beach, Aventura, Sunny Isles Beach, etc.):
The following statistics encompass only those condos located throughout Miami Beach:
developer inventory
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.
