Miami Beach Penthouse Report, May 2007

Lots to report on Miami Beach real estate, so I will get right to it! Surprisingly, there has been an abundance of real estate activity in ultra-high-end Miami Beach condos and Fisher Island this year.

I was a bit surprised to see how many of the $5M+ condo sales this year were on Fisher Island. Five units went for more than $5M; that is one a month! And if you think that’s pricey, then consider the $250K equity membership you must purchase just to use any of the Fisher Island’s amenities!

The Setai came in with the highest $ psf for non-pre-construction at just over $2300.

And get this—W South Beach sold a 2,700 sq. ft., south-facing PH for a cool $7.3M. Impressive, considering W South Beach just commenced construction and isn’t slated for completion until mid-2009!

Fontainebleau II sold an incredible PH for $6.4M. The view from this 4,500 sq. ft. residence with rooftop Jacuzzi is amazing.

SPECTACULAR MIAMI BEACH REAL ESTATE:

NEW TO MARKET

MIAMI BEACH PENTHOUSES


Il Villaggio – Spectacular PH in one of Miami Beach’s finest and most desirable buildings, Il Villaggio. $17,500,000. This Penthouse is a stellar piece of real estate. The unit has A LOT of millwork, so you better like wood-EVERYTHING!


1.jpg1500 Ocean Drive– Largest condominium residence ever to hit the Miami Beach real estate market! 11,940 sq. ft. + 9,824 sq. ft. balcony/rooftop; 10 parking spaces (that’s right, 10!). Taxes: $107,246; monthly maintenance: $10,817. $18,500,000. 1500 Ocean Drive was built in 2000 and designed by architect Michael Graves.


2.jpgContinuum– Tri- level, 40th floor Penthouse in SoFi’s exclusive Continuum I. Breathtaking direct ocean, South Beach and Fisher Island views! 7,400 sq. ft. with 6,000 sq. ft. of terrace with pool. Oh yeah, a paltry $25,000,000 for this pied-a-terre.  [Update: off market]


3.jpgContinuum– While this is not a TRUE Penthouse, this one rates! This unit was in the BIG hit movie Miami Vice (joke). This condo is the epitome of over the top drama. It is basically a sexy bachelor pad. I love this unit– ALL FANTASY, NO REALITY! $18,000,000…chump change!  [Update: off market]


Setai-This isn’t the TRUE Penthouse in Setai, but it has received a lot of play by throwing that PH “thing” around. PH Villa B is a single-story unit in the uber-fab Setai, which basically is a deluxe hotel room which they “say” commands $25K per night. Madonna and Mariah have slept there; out of Britney’s and Lindsay’s league! I wonder if David Hasselhoff has dined on the master bathroom floor? Hmmmm….

  • Beth Butler

    Love this one!!! and so informative. $2300 a square foot {whistle} – amazing. The penthouses seem to be replacing the waterfront homes in the big price tag department.. do you think?

  • http://www.kevintomlinson.com Kevin Tomlinson

    Beth,
    Yes they are. I believe that is the case because Miami Beach and Miami in general is such a 2nd home market and condos are easier to manage from another city, state or part of the world.

  • http://www.longbeachrealestatehome.com Laurie Manny

    Miami Beach Real Estate seems to be flourishing.

  • http://www.kevintomlinson.com Kevin Tomlinson

    Laurie

    Seems like there is a huge demand for Miami Beach luxury real estate these days even with the ‘soft’ market.

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  • http://www.Miamism.com Ines Hegedus-Garcia

    This condo report is awesome Kevin – thanks for putting this info out there in a new and different way.

  • http://cieloonthebay.com Mario Egtozi

    Kevin,
    This is the reason we decided to combine two units and make one fabulous 3900 sf unit at CIELO. Can’t wait till you see it!
    Mario Egozi
    Cieloonthebay.com

  • http://www.kevintomlinson.com Kevin Tomlinson

    Hello!

    I heard amazing things about your project. I can’t wait to see it!

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