The Penthouse at Continuum South Beach, located at 100 S. Pointe Drive, once listed for $25M has sold for $9.9M.
Continuum South Beach Penthouse sells for $9.9M; over $15M less than original list price

Back in March, a penthouse at Il Villaggio in South Beach, originally listed at over $18.9M, sold for $7M.

Penthouse 1 at Continuum was owned by Howard and Lillian Steinberg.  The penthouse, purchased in 2003 for $7M, has five bedrooms, 7.5 bathrooms, 7,374 interior sf, double-height ceilings in living area, and a roof-top pool.

No word yet on the identity new owner.  I can’t believe  that I don’t know.  ;)

Check out the pics here

Miami Beach Real Estate:  Is It That Bad?

Though the sale price seems shockingly low, this real estate should have NEVER been listed at $25M, I knew it, and the owner knew it, too.  I’d guesstimate that at the peak of the market this property could have fetched between $13-$15M.  All in all $1342 psf isn’t that bad.

UPDATE:  Alex Birkenstock, an New York hedge fund guy, is the proud new owner.

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