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

Related Reading:

• Miami’s Million Dollar Real Estate Boom [Florida Trend]
• The New Global City [WSJ]
• Condo Inventory Detailed in New Report [Miami Herald]

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

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

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

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:

• W South Beach- Penthouse 2 -$9.9M

• Apogee South Beach- Penthouse A- $18.5M

Related Posts:

• SBCB Scoop:  Miami Beach’s $29M Setai Penthouse Under Contract
• Miami Beach Penthouse Report, May ’07

Miami Beach real estate Home

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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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.

[youtube:http://www.youtube.com/watch?v=cDp8anVM0eU]

Today I went to a presentation by the Canyon Ranch Miami developer. To give you a little background on me and my history of this project, I have been a fan of this project since BEFORE the project was launched over three years ago. The project consists of three towers on OVER 6 acres of oceanfront property which encompasses 1100 linear feet of prime Miami Beach ocean frontage. The 21 story south tower, which are condo residences only, has 143 units, the 16-story center tower, which is the historic Carillon building, has 151 condo-hotel units (floors 2-10) and 80 condo residences (floors 11-16). The north tower, which is the tallest building at 35 storys, has 207 units including 7 direct oceanfront townhomes

Canyon Ranch: More Than Just Real Estate

Since the inception of this project, my focus has been on the real estate side of the project for the obvious reasons. After today’s presentation, I am even more excited about this project and what it brings to Miami Beach because it is SO much more than just another condo or condo-hotel. Canyon Ranch Living Miami Beach, which is dubbed “where the wealthy get healthy”, is more about the amenities and healthy lifestyle than the real estate.

The “Power of Possibility” is their slogan and today I learned exactly what it means. Many people come to “The Ranch” to change their lifestyle, to de-stress, get in shape and learn healthy living habits. I saw this incredibly interesting video where a 54 year-old man went to Canyon Ranch in Tucson, AZ and Lenox, MA for four months. They tested him at the beginning of his stay and determined that two of his arteries were 70% clogged, he had numerous ailments and he said he was taking about 17 Advil a day! The doctors estimated that this 54 year-old man had the body of an 84 year-old. After his four month stay at Canyon Ranch, his arteries showed NO SIGNS of blockage, lost 30 lbs. and doctors estimated that the 54 year-old NOW had the body of a 52 year-old man. Fascinating!

Update: Closings to Begin in Late July

The south tower (condo residences) is estimated to begin closings in late July. The center (Carillon) tower closings are estimated to start in September. The hotel and spa will have a soft opening by year’s end.

Back to Business

The reason why I continue to like this project so much is because throughout Miami and Miami Beach the branded projects like Setai, ICON and W South Beach continue to do well even in today’s market. Comparing other branded projects to Canyon Ranch is not fair because Canyon is so much more than just a brand it is a destination! The south and center (Carillon) towers have been SOLD OUT for about two years! There are re-sales available in south & center towers and the developer has great buys on the remaining units in the north tower. Prices in the north tower are about $1000-$1100 p.s.f. for western exposure, and $1100-$1200 p.s.f. for oceanfront units, which is a very fair buy for direct oceanfront luxury property.

I was a bit surprised to see how many of the $5M+ condo sales this year were on Fisher Island. Five units went for more than $5M; that is one a month! And if you think that’s pricey, then consider the $250K equity membership you must purchase just to use any of the Fisher Island’s amenities!

The Setai came in with the highest $ psf for non-pre-construction at just over $2300.

And get this—W South Beach sold a 2,700 sq. ft., south-facing PH for a cool $7.3M. Impressive, considering W South Beach just commenced construction and isn’t slated for completion until mid-2009!

Fontainebleau II sold an incredible PH for $6.4M. The view from this 4,500 sq. ft. residence with rooftop Jacuzzi is amazing.

SPECTACULAR MIAMI BEACH REAL ESTATE:

NEW TO MARKET

MIAMI BEACH PENTHOUSES

Il Villaggio – Spectacular PH in one of Miami Beach’s finest and most desirable buildings, Il Villaggio. $17,500,000. This Penthouse is a stellar piece of real estate. The unit has A LOT of millwork, so you better like wood-EVERYTHING!


1500 Ocean Drive- Largest condominium residence ever to hit the Miami Beach real estate market! 11,940 sq. ft. + 9,824 sq. ft. balcony/rooftop; 10 parking spaces (that’s right, 10!). Taxes: $107,246; monthly maintenance: $10,817. $18,500,000. 1500 Ocean Drive was built in 2000 and designed by architect Michael Graves.


Continuum- Tri- level, 40th floor Penthouse in SoFi’s exclusive Continuum I. Breathtaking direct ocean, South Beach and Fisher Island views! 7,400 sq. ft. with 6,000 sq. ft. of terrace with pool. Oh yeah, a paltry $25,000,000 for this pied-a-terre.  [Update: off market]


Continuum- While this is not a TRUE Penthouse, this one rates! This unit was in the BIG hit movie Miami Vice (joke). This condo is the epitome of over the top drama. It is basically a sexy bachelor pad. I love this unit– ALL FANTASY, NO REALITY! $18,000,000…chump change!  [Update: off market]

Setai-This isn’t the TRUE Penthouse in Setai, but it has received a lot of play by throwing that PH “thing” around. PH Villa B is a single-story unit in the uber-fab Setai, which basically is a deluxe hotel room which they “say” commands $25K per night. Madonna and Mariah have slept there; out of Britney’s and Lindsay’s league! I wonder if David Hasselhoff has dined on the master bathroom floor? Hmmmm….