Miami Beach Real Estate: Penthouse Report-Il Villaggio PH Sells $10M Under Original List Price

It looks as if even the mighty can fall.  Things aren’t going so well on Fisher Island; nor for Miami Beach luxury real estate.  In the last few months there has been some pretty interesting activity in the ultra, ultra high-end.  In 2007 there were a few impressive penthouse sales, but in 2008 it was the year of nada.

1455 Ocean Drive PH 6 &7, Miami Beach-Il Villaggio South Beach

Originally listed a long time ago (After a year-or-so, does it matter how long?) for $17.5 M, this penthouse finally sold in March.  The roof top/pool area is spectacular but the apartment is really a two bedroom.  The interior was ALL wood; I really mean ALL wood.  Think maple, EVERYWHERE.  I don’t really attribute this as a “low” sale–I view it more as a pricing issue coupled with a little curable functional obsolence.

The Penthouse at Murano at Portofino (see above) sold in January for $7.6M.  It has 4700+sf interior and a rooftop area in the round cylinder area that wasn’t so nice.  Think fishbowl.  Murano at Portofino is a beautifully kept condo and one of the most desirable condominiums in Miami Beach.  Oh, it was on the market for a really, really, really long time.

A penthouse at Sayan in Sunny Isles Beach sold in March 2009 for $5,250,000.  UPH (upper penthouse) 1 has  5,030 sf, and according to a press release from the interior design firm (uh huh), the penthouse was finished and furnished.

Miami Beach Penthouses Currently on the Market

Continuum South Beach- 100 S. Pointe Drive PH 1, Miami Beach, Fl 33139 $14,950,000

This 7,774 sf,  5 bed/7.5 bath direct oceanfront penthouse has east and north exposures and has been on the market for about two years now.  Original list price was $25M.

Apogee South Beach- 800 S. Pointe Drive PH A, Miami Beach, Fl 33139 $22,000,000*

Billed as one of the most spectacular and prestigious penthouses, anywhere, PH A commands the top two stories of South Florida’s most exclusive condominium.  The Apogee Penthouse boasts 11,000 sf of outdoor area and a private, rooftop “palazzo” with private pool.

Portofino Tower- 300 S. Pointe Drive #PH 4001, Miami Beach, Fl 33139 $12,500,000

Comments from the listing:
Unit being sold with antique French and Italian furniture and sculptures.  Serious cash-buyers only!”
Two things I love about this one:
…”French and Italian furniture and sculptures.”  After reading that, who needs to see the pictures!
“Serious cash-buyers only!”  Wow!  Now that’s some marketing, huh?

Fontainebleau II- 4441 Collins Avenue PH North, Miami Beach, Fl 33140 $13,500,000

New to market and riding high off of the 2008 record sale of the ”South” penthouse for $12.5M, the owner hopes to cash in on that comp from last year.  The north penthouse overlooks the newly renovated Fontainebleau Resort.  Is that good or bad?  This penthouse was home to Top Chef Miami and a few “B” and “C” list celebs have stayed here.  4,500 sf, 4 bedroom/5 baths.  Since Fontainebleau II is a condo-hotel, this PH is eligible to be placed in the rental pool.  Nightly rack room rate is $4500.

Akoya- 6365 Collins Avenue TS 02, Miami Beach, Fl 33141 $1,999,000*

Perched 47 dizzing stories above the Atlantic, TS (tower suite) 2 has some of the most jaw-dropping views on Miami Beach.  Occupying the 46 & 47 th floors of Miami Beach’s tallest building, TS 2 has 2,777 sf, 3 bedrooms, 4.5 baths and a private rooftop terrace.  Pretty impressive real estate for $720 psf.

Acqualina- 17875 Collins Avenue PH 5002, Sunny Isles Beach, Fl 33160 $12,900,000*

Though technically not in Miami Beach, this penthouse deserves recognition because it is the priciest real estate available north of Miami Beach (and my listing, too!).  Occupying the complete northern half of Sunny Isles’ most exclusive building, #5002 (fifty floors!) has over 8,000 sf, 4 bedrooms, 4.5 baths, and, of course, it’s own private pool.  Acqualina has exceptional spa-like amenities including an outpost of NYC’s Il Mulino restaurant.

Other Penthouses available, as if there aren’t enough already:

• W South Beach- 2201 Collins Avenue PH 2 $9.9M

Related Posts

• Miami Beach Real Estate:  Apogee South Beach Penthouse Lists for $22M
• $18.5M Penthouse at 1500 Ocean Drive Goes Under Contract
• SBCB Scoop:  Miami Beach’s $29M Setai Penthouse Under Contract
• Miami Beach Penthouse Report, May ‘07

Search disgustingly expensive Miami Beach real estate

* denotes my listing

The Union Tribune is reporting that a proposed joint venture between a local San Diego developer and New York’s Setai Group to create a west coast outpost of the prestigious, The Setai South Beach, is now uncertain.

In November, the Setai Group sued 5th Avenue Partners and its principal, Orange County developer Rebeil, alleging that the San Diego project is being falsely promoted as a Setai property under the name Setai San Diego.

5th Avenue formally announced that the Setai Group would operate the Diegan as the Setai San Diego in an Oct. 18 news release, claiming that the San Diego property would be the first “five-star luxury condominium-hotel in the city as the result of a groundbreaking east coast-west coast partnership considered to be the first of its kind in the country.”

Within hours, the Setai Group’s attorney informed 5th Avenue that talks were off and “improperly repudiated” the letter of intent, according to the 5th Avenue countersuit.

Burton said there was nothing improper about Setai pulling the plug. Final terms were never agreed on, so the proposed partnership never materialized, he said.

The Setai Group operates The Setai Resorts & Residences South Beach and the Setai NYC.

Translating the Setai to NYC [Real Deal]

This month I have started to feel that Miami Beach condo sellers are coming to terms with the reality of the “new” market. The impending wave of new condos “across the bridge” will no doubt bring down the market as a whole. Don’t worry, the best properties in the best locations are the LAST to go down and the FIRST to come up!

Three new luxury buildings will be added to the Miami Beach real estate mix: Continuum II, Apogee South Beach and Canyon Ranch Living Miami Beach. It will be interesting to see how many speculators place their units on the market at Continuum II.  Since Apogee South Beach has so few units (67), I think that any inventory that comes to market will be quickly absorbed.

So….You Want to Buy a Condo in South Beach?—What to Do

Always be guided by your gut instinct. Never let anyone talk you into something that you don’t feel is quite right. Even in this wobbly market, I would have NO problem buying a unit a Continuum, NONE! Here’s why: Location and supply and demand.

Kevin’s Recommendations

Continuum I. I believe it is actually a steal. Yup, UNDER-PRICED!

Apogee South Beach. This building is very pricey but will no doubt become the most prestigious condominium in ALL of South Florida. To be delivered later this year.

Canyon Ranch Living Miami Beach. One of the only projects along with Setai South Beach that is actually a destination.

One Bal Harbour. Arguably one of the two best locations in all of South Florida.

ICON South Beach. This one is all about timing. There is a lot of inventory on the market and not many condo sales. The owners that need to sell will be in reality VERY SOON.

Miami Beach Real Estate Condo Buying Tips:

• East and Southeast exposures are the most desired. If the condominium is on the bay, then the Southwest exposure would be the preferred exposure.
• Two bedroom units are better than three bedroom units (larger pool of buyers)
• If you can find a luxury condo on the ocean with one bedroom units with eastern exposure, those are rare. Continuum II has some and so does Canyon Ranch Living. They are gold. Developers typically give the larger units the preferred east exposure.
• Never buy a “flow-through” unit without seeing it or taking a tour of others. Some people like them—some people don’t.
• Corner “flow-through” units (three exposures) are rare. Apogee has them and so does Canyon Ranch Living. Great on paper, GREATER in reality.

Miami Beach Condos, Miami Beach real estate, One Bal Harbour, South Beach real estate, South Beach condos, Continuum II South Beach, Canyon Ranch Living Miami Beach

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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 20^th Street in Miami Beach, is under contract. Penthouse Villa B encompasses the entire 40^th 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.