SBCB Exclusive

Sale of a Setai Condominium breaks $PSF record for a non-penthouse unit.

Last week it happened again! Another Miami Beach real estate record was shattered. And from what I understand, yet another record transaction may go down here in the next day or two.

Setai Residences unit PH-B sold for an ASTOUNDING $3,411/SF. Why is this astounding? Well, for one thing, even though this unit has a PH address, it isn’t really a penthouse. It doesn’t have a large outdoor terrace or rooftop space, or outdoor pool or jacuzzi, which usually defines a true penthouse.

This residence is special, though, because it’s one of only three condos of its kind in Setai South Beach: the “09″ line on floors 37-39. The 2,521 SF, three-bedroom condos are rare because they encompass the whole front of the building. The double-corner unit has views to the south, east and north.

The interior was upgraded from the standard developer finishes, but it’s the real estate (or lack thereof) that makes this luxury Miami Beach condo so valuable that it didn’t even hit the open market. Yup! Three offers, just like that.

Setai South Beach Kevin Tomlinson

The seller purchased the property in July 2012 for $6.55M and flipped the unit to Andrew Rosen, a co-owner of the Theory clothing line, for $8.6M – thus making a $2M profit in LESS than one year. BAM.

Setai South Beach, Miami Beach         Setai South Beach, Miami Beach real estate

Setai PH-C (3709) sold last March to NYC developer Mr. Lefrak for $7.2M. Lefrak is now in partnership with Starwood Capital to renovate and re-market the old Gansevoort Hotel into a “green” concept condo-hotel, 1 Hotel & Residences South Beach, located two blocks north at 2399 Collins Avenue. Vladislov Doronin, Naomi Campbell’s Russian boyfriend, who now lives on Star Island, once owned Setai PH-A (3909).

Miami Beach’s Top Luxury Condo Sales

Most of them are in Setai South Beach or W South Beach:

CONDOMINIUM SALES PRICE SALES $PSF SOLD DATE
Setai South Beach Villa B $27M $3,799 1/14/2013
Setai South Beach Villa A $21.5M $3,463 12/8/2011
Setai South Beach PH-B $8.6M $3,411 5/21/2013
Continuum South PH 3 $15.75M $3,379 6/1/2012
Setai South Beach #2308 $7.79M $3,045 3/5/2013
W South Beach #1928 $8.3M $2,975 2/16/2012
Setai South Beach PH-C $7.2M $2,856 5/14/2012
Setai South Beach #2408 $3.3M $2,892 7/5/2012
Setai South Beach #3108 $3.26M $2,857 8/6/2012
W South Beach #1828 $3.5M $2,825 11/1/2012
ICON South Beach PH-2 $20.96M $2,623 1/1/2013

The developer of The Miami Beach EDITION, a new condo-hotel and residence project from uber-hotelier Ian Schrager, has reported a sale of two combined penthouses for $34M or $3,800/SF.

Related Reading:

                   Miami and Tampa had annual gains of 10.7 percent and 11.8 percent

                   Miami-Dade home prices rose 23.7 percent, condos up 17.1 percent

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