Category Archives: The Setai

Breaking News: Setai South Beach Condo Sale Breaks Record… AGAIN

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

 

 

 

 

Miami Beach Real Estate: 2011 South Beach-South of Fifth Condo Market Index

I know, I know. I’m sorry. It’s time for mid-year stats, and here I am just getting to last year’s analysis! It’s been crazy, crazy, crazy here.

Continuum South Beach

“The Music Started Playing Again” – Peter Zalewski

Last year was totally nuts. I could write a lot in hindsight, but that wouldn’t really be fair, so I’ll just give you the Miami Beach condo stats for luxury real estate in the South of Fifth (SoFi) neighborhood. I’ll also do some analysis, and compare and contrast numbers from prior years.

This Miami Beach real estate index is comprised of nine (soon to be 10) buildings in the SoFi neighborhood of South Beach. The index is very stable and is also a good representation of the luxury condo market in Miami Beach for the following reasons:

1. The condos are all in the same neighborhood.

2. They were all built during the same period (1998-2008).

3. They are all waterfront properties.

Miami Beach luxury condos

So, here’s how 2011 fared. As I provide the info, I realize that I have yet to see this analysis elsewhere (whew!) and am quite surprised by the numbers.

Number of Miami Beach Condos Sold

2008: 153

2009: 129 (bottom of the market for Miami Beach)

2010: 149

2011: 198

In terms of number of units sold in 2011, we are up 33% from 2010 and 53% from 2009 (market bottom)!

south beach real estate condo statistics

Usually this is the most boring chart of the analysis. Not this time. Continuum North and Continuum South are nailing it. Inventory is at an all-time low, and units are selling very quickly. The Days on Market (DOM) for both Continuum North and South are way down.

In 2010, the DOM for Continuum South was 242 and Continuum North was 252. Additionally, Portofino Tower, which had been lagging, has moved some units (2010: seven units sold; 2011: 19 units sold), and DOM has dropped DRAMATICALLY from 284 to 139! BAM!

Apogee South Beach: $PSF Up 37% Y-O-Y

Luxury South Beach condos

Below you have 2010’s average SOLD $PSF vs. 2011’s. The information reflects what the market at large is saying:  the biggest gains are in the ultra-luxury niche. The $PSF at Apogee is up 37%. Other notable movement: Continuum South is up 30%, and Continuum North is up 15%.

CONDO 2010 2011
APOGEE $1,303 $1,779
Continuum South $832 $1,081
Continuum North $1,009 $1,157
ICON South Beach $510 $615
Murano at Portofino $756 $761
Murano Grande $573 $548
Portofino Tower $567 $590
South Pointe Tower $580 $582
Yacht Club $452 $502

 

Here is a Video from CNBC’s Diana Olick from March

(I know, not fair… but it’s my blog)

That’s it. I’m done. I’m sorry it took so long. Even six months later, I was surprised by the insight I gained writing this post.

Related Reading:

Super-Flip: Apogee South Beach Penthouse Re-listed for $13.5M MORE Than $11.5M Paid. South Beach Penthouse Report

The Apogee Penthouse, 800 S. Pointe Drive, PH #A, has been listed almost a year to the day of last year’s purchase for an astounding $25,000,000.

From my knowledge of being the original listing agent, and the pictures on the MLS,  the owner has not improved the property from when it was purchased.  Um, ok.

Follow the travails of this Apogee Penthouse here:

*Update*  I never just do a basic, simple post.  I tried to get away with it tonight, but my “content integrity” radar conscience wouldn’t let me just “post and run.”

Miami Beach Penthouse Report

The Miami Beach real estate market is FLOODED with luxury Penthouses like NEVER before.  There are about 20 to 22 units in South Beach that could command the title of a true Penthouse.  There are 15 Penthouses on the market for a total list price of $234,109,000.

 

  • Two of the three penthouses at Continuum South AND #3603 (which qualifies as one of the most important pieces of real estate on Miami Beach) are on the market.
#3603 – $35M
#PH 2 – $35M
#PH 3 – $19.5M
List price total: $89,500,000 (zeros used for emphasis).  O.M.G.

 

#4003 – $6.495M
#4005 – $7.9M
#4006 – $4.5M
#PH 1 – $11.75M

 

  • South Pointe Tower, 400 S. Pointe Drive, has #2408 on the market for $3.899M
  • List price total: $33,900,000
Zipping north and back east over to the ocean to 1500 Ocean Drive, 1500 Ocean Drive has a monster of a Penthouse listed for $25,000,000.

 

Leaving South Beach and heading north to The Bath Club for a special offering, though not a Penthouse, it is unique, much like #3603 in Continuum South.  The Bath Club, 5959 Collins Avenue, Villa #3006 for $7,700,000 makes the cut because of the rarity of such a product.  In Miami-Dade County, we do not have oceanfront homes, except for the few in Golden Beach at the Miami-Dade/Broward County line, so as one of only six direct oceanfront villas in Miami Beach proper, this is special and deserves inclusion.

 

Kevin Tomlinson’s (me) analysis:
  • Best real estate:  Continuum South Beach #3603
  • Best all-around:  Continuum South Beach #PH 3
  • Best floor plan:  ICON South Beach #PH 1.  This PH has a “wow” factor in its DNA. Jaw-dropper AND good floor plan.
  • Best outdoor/rooftop space: 1500 Ocean Drive #T1.  Since 1500 Ocean Drive is only a 16-story bulding, the rooftop is actually usable and is stunningly designed.
  • Best value:  ICON South Beach #PH 1.  “Moderately” priced at just under $1800 PSF, this Penthouse has its own private rooftop pool, private parking garage spaces for up to seven cars and a separate two-bedroom guest/staff apartment on the same floor.
  • Which Penthouse would Kevin buy?  If available, Apogee #PH C — but it’s not, so I must get over it.  It is truly a toss-up between Continuum #PH 3 and ICON South Beach #PH 1.  #PH 3 is so elegant and luxe, but ICON #PH 1 is “WOW” for much less dough and much more real estate.  It just has the drawback of being in a building that can’t *easily* command a $15M unit.  Unit prices in ICON start in the $600k range.  When Apogee #PH C comes to market, I’ll tell you why I know it truly is one of the “Top Ten” pieces of real estate south of New York City.
Dream, Buy:
Check out all our luxury $5M+ condos available in Miami Beach

 

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Setai South Beach Penthouse Sells for Record-Setting $21.5M. Breaks Multiple Miami Beach Real Estate Records

Previously described as the “mack daddy” of Penthouses in Miami Beach- Penthouse ‘A’ at The Setai South Beach closed yesterday for a record-setting $21.5M and brokered by Eloy Carmenate of ONE Sotheby’s International Realty.

Setai South Beach penthouse, Miami Beach

Originally listed for $27M in April of 2010, this 5,803 sf residence was owned by Netscape Founder Jim Clark.  Clark originally purchased the unit in 2004 in “decorator ready” condition (raw) for $9,000,000.  The Penthouse has 4 bedroom and 4 baths.  The buyer is not a celebrity and said to be a private businessperson

Two records were shattered not only in South Florida but all the way up to New York City.  To my knowledge, there has not been a single condo unit South of New York City that has traded for over $16,500,000 ($2300 psf) which was in Apogee South Beach ‘PH C’ ; additionally, I’m certain that no unit ever has obtained in excess of $3700 psf.

Setai PH ‘A’ sits atop of the 40-story world-famous Setai Resort known for its luxury and celebrity clientele.  The Setai South Beach is serviced by Singapore-based, five star hotel management company GHM Hotels.  There is also a Setai outpost in New York City.

More pictures of the Record Breaking Miami Beach Real Estate Sale at Setai South Beach

The last PH that sold in Setai South Beach was a lower PH, which sold in 2010 for $15M.  There has been intense activity in the ultra-high end homes and condos here in Miami Beach this year.  Apogee PH ‘A’ sold for what I believe was an unremarkable number of $11.5M, earlier in the year.  So far this year there have been four properties that have sold at or about $20M in Miami Beach:

  • 1736 W. 28 -Sold for $19.8M in July*
  • 4570 & 4580 North Bay Road– Sold for $20 in September*
  • 13 Star Island Drive- Sold for $25.5M in April
  • 101 20th Street PH ‘A’ -Sold for $21.5M in December*

*denotes ONE Sotheby’s International Realty’s involvement in sale

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Miami Beach Real Estate: Netscape Founder, Jim Clark, Lists Setai South Beach Penthouse for $27M, PH B Sells for $15M

I’m baaaaaaaaaaaack!  Sorry for the delay. Don’t let the media fool you.  I’ve been busier than I have ever been.

Moving right along.  I’ve got lots to talk about this week-so I hope not to annoy you…but I promise it will be QUALITY content.  I’m out there with my ear to the ground looking for INTERESTING stuff to pass along.

Jim Clark, Netscape Founder, and Developer of Marina Blue and Blue condominiums, Lists THE Penthouse at Setai South Beach for $27M

Setai South Beach, 101 20th Street, Miami Beach.

The Real Penthouse, owned by Silicon Valley wizard Jim Clark, at Setai South Beach, was listed for a WHOPPING $27M.

Now, I know that you’ve heard tale of another Setai “Penthouse” being on and off the market for years by Philadelphia lawyer Andrew Barroway–but Penthouse A is the mack daddy of Setai South Beach and arguably one of the two best pieces of Miami Beach real estate.

Setai South Beach PH Villa B Sells for $15M

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Finally, after YEARS of being on the market, Setai PH Villa B, sold for a impressive $15M, that is over $2400 psf for the 6,208 sf unit. The buyer(s) are said to be a Scandinavian investment group from West Palm Beach.

The highest price ever paid for a condo is PH C at Apogee in South Beach for $16.5M.

Check out more Miami Beach real estate here

Setai South Beach Penthouse Back on the Market: $24M

Setai South Beach Penthouse

One of the most talked about Penthouses has returned to the market for $24,000,000. 

Setai South Beach Located at 101 20th Street, Miami Beach

Penthouse “B” at Setai South Beach has been on and off the market for more than a few years now.  It was originally purchased from the developer in 2004 for $9,500,000.  It came back on the market for $24.9M in August 2005 and in June of 2006 the price was raised to $34M, but was reduced to a “more reasonable” $29M, just three months later.

The property languished on the market until December 2008.  During that time it was widely accepted that it was actually under contract for $19M, but the deal fell through.  

 “Penthouse B” encompasses the entire 40th floor of the World-famous Setai.  A one of a kind sky-residence with 6,000 interior sq. ft., 4 bedrooms, 4 bathrooms;  the one-story condo comes completely furnished by a well-known designer, a 4,000 sq. ft. terrace with private pool, garden, and outdoor dining areas, all overlooking the majestic Atlantic and sexy South Beach.

The owners are Andrew and Elyse Barroway from the Philadelphia area.

Other South Beach Penthouses on the Market:

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