I remember when I got into the real estate business about 15 years ago that agents who primarily sold condos were considered second-class brokers. How times have changed.
Word on the street (or in my ear) is that the penthouse at Setai South Beach, located at 101 20th Street in Miami Beach, is under contract. Penthouse Villa B encompasses the entire 40th floor of the high rise and is 6,200 interior sq. ft. with a 4,000 sq. ft. roof terrace and private pool.
While this rumored sale would be newsworthy on its own, the magnitude of this potential sale is staggering. If the unit closes at or above $22.5M (which I heard…), here’s what it would mean:
Real Estate Records Broken in Miami-Dade & Broward Counties
It would be the second highest-priced residential property (condo or single family home/land) ever to be recorded in Miami-Dade and Broward Counties.
If the closed price is at $22.5M, or above, that would mean a price of $3,624 p.s.f., which would beat the previously-reported pre-construction sale at the nearby W South Beach of a one-bedroom direct oceanfront bungalow at $3,348 p.s.f .
The Setai penthouse was purchased in May 2004 for $9.5M and is owned by Andrew and Elyse Barroway of Philadelphia. They seem to have a knack for picking winners when it comes to real estate.
Luxury Miami Beach & Fisher Island Condos Continue to Break Real Estate Records
Despite weaker market conditions for “regular” condominiums, 2007 has been a very good year for luxury condos in Miami Beach and Fisher Island.
Right now, I’m listening to Frank Sinatra sing “It was a very good year.” Indeed it has been so far.