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]

I knew this was a really good year, but it wasn’t until I started to pull the stats that I realized HOW good a year it’s been – and continues to be.  We regularly track nine condos in South Beach’s South of Fifth (SoFi) neighborhood for a few reasons:

• Location
• Types of buildings
• Buyer profile

These to me are the most important factors for really gauging the luxury condo market here in Miami Beach.

South Beach-South of Fifth Condos We Track

• Apogee South Beach
• Continuum South Tower
• Continuum North Tower
• ICON South Beach
• Murano at Portofino
• Murano Grande
• Portofino Tower
• South Pointe Tower
• Yacht Club at Portofino

“I Have a Friend, and He Told Me…”

I’ve had many (oodles) clients during the last few years who wanted “deals.”  Of course, because I do these stats regularly, I know the numbers in my sleep.  (For the record, I’ve encouraged them ALL to pull the trigger.)  I’ve had to explain, ad nauseam, that Miami proper is NOT Miami Beach/South Beach.  I would liken Miami proper to Los Angeles and the Miami Beach/South Beach luxury condo market to, say, Beverly Hills.

You Want a “Deal?” It May Be Too Late.

Some bought, some didn’t.  It was ALWAYS their choice.  I must admit, I do get a certain sense of satisfaction knowing that my clients are making smart moves.

Okay… on to the stats.

Number of Miami Beach/South Beach Condos Sold

• 2008: 153
• 2009: 129
• 2010: 149
• 2011: 128 thru June 30

A few notes on the graph above.  The Apogee Penthouse closed in Q2 for $11.5M.  I thought it was a very unremarkable price for the property, but I’ll leave it at that.  Apogee South Beach tends to sell in waves.  One wave was May-July of 2010.  The last wave started in March 2011.  The current all-time high PPSF sold is Apogee unit #1404 at $1,769.  I’m particularly proud of this because #1404 was my listing.  The penthouse sold for $1,678/SF.  Ahem.

Continuum South has really impressed this year with 17 sales, and unit #3603/04 traded for $10.576M for a PPSF of $1,643!

Well, it’s clear that we are on track to get back to pre-2008 numbers.  Madoff and that whole economic “bizness” affected SoFi, and Miami Beach luxury real estate in general, more than that “other” stuff (sub-prime loans, jobs losses, etc.).

The Miami Beach/South Beach real estate market is a cash market.  There were a few peeps who had to do a short sale or foreclosure, but those deals were the exception, not the rule.  I would venture to guess that 80% of the 2,000+ units in this index were purchased with cash. (I’m so not doing THAT research.)

Most Expensive Condo for Sale in Miami Beach

• 50 S. Pointe Drive, PH 1, South Beach-South of Fifth (Continuum North)

Average Days on Market [DOM]

2008: 148

2009: 188

2010: 193

2011: 161 thru June 30th

Wow. Wow. Wow.  A market is considered “normal” when approximately 10% of its total inventory is available for sale at any given time.  It is definitely a sellers’ market.  Continuum North has fairly substantial inventory available because the developer held back and dumped about 40 units on the market at one time.  Although it seems like there are plenty of units left in this condo — the oceanside of the building is basically sold out.  Now, let’s take a look at available units in the rest of the South of Fifth buildings:  all hover around 5% of inventory.  That’s nothing.

Apogee is clearly the most expensive condominium in South Florida on a PPSF basis.  In six months, the average PPSF rose from $1,303 to $1,659.  All buildings are enjoying a nice increase in PPSF from 2010′s numbers.  I’ll end my post with one little nugget: low inventory and high demand only mean ONE thing.  Draw your own conclusions.

Related Reading:

• Nearly Three Years Later, Apogee South Beach Penthouse Sells for About Half Its Original List Price
• Miami Beach Real Estate: 2010 Condo Market Index
• Miami Beach Real Estate: A Six-Year Retrospective of the Miami Beach Condo Market
• Miami Beach Real Estate Statistics:  Distressed Properties & Diana Olick

Search Miami Beach Condos Here

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Wow.  It is insane out there.  Our “season” usually tapers off right around June. This post won’t reveal such shocking stats, but I will clue you in on what is happening right now. Deals that will show up in Q3 will really surprise a few.

Basically, the average PPSF is still hovering in the low $700s, which is what I expect will continue for the next year or so.  What did happen this year was the first residential deal to break $20M since 2008 – 13 Star Island Drive sold for $25.5M.

This transaction flirts with Miami Beach’s all-time highest recorded sale of $27M. Back in Oct. 2008, Robert Toll bought five lots on the tip of Sunset Island II for $22.5M.

Luxury Miami Beach Real Estate Sales to Date

As you can see, we’ve already basically surpassed 2009.  It’s clear that 2009 was the year to buy.  Current inventory is at an all-time low, especially at the ultra high-end of the market.

Most Expensive Homes in Miami Beach

• 3 Indian Creek Drive, Indian Creek Village: New Construction – $60M
• 5800 N. Bay Road, Miami Beach: JLo’s old home during the “Bennifer” days – $34.5M

Looking at the Miami Beach Real Estate Sales of 2011

The big story last year was North Bay Road. There were four large sales ($9M+), which were mainly due to those ball players buying two homes there.

So Far, It’s All About the Venetian Islands

The Venetian Islands have ruled Miami Beach real estate in 2011, with 42% (or 15) of all waterfront sales occurring there. Wow. The Islands racked up just 13 sales in all of 2010. The activity this year is pretty surprising considering all of the construction on the Venetians.  But, this is also the year that sellers are finally listening to what the market is saying and pricing their properties lower accordingly.

Sunset Islands

Also of note are the Sunset Islands. There were a couple of “knock down” sales last year, and three transactions in 2009. Nothing to write home about.  So far this year, two homes have closed, and there are another three homes pending; two of those are VERY prominent homes.

Star Island

There’s been intense activity on Star Island this year.  As you probably know, local attorney Roy Black purchased 45 Star Island.  Though the media went into overdrive, this is the first house on the southeast side of the island, and it is closest to the causeway. 13 Star sold for a near-record $25.5M in 90 short days. 35 & 36 Star Island Drive sold for $12.25M in February. That parcel is comprised of two 40,000 SF lots, and the seller was Philip Levine.

Donald Pliner listed his home this year at 29 Star Island Drive for $24M.  The Moroccan-style estate has since been reduced to $21M.

Big Miami Beach Real Estate Deals Ahead

It seems that our luxe neighbor to the north, Palm Beach, has had many sales in excess of $20M this year.  I know of two homes that will close in the relatively near future and add to these numbers.  One is a very prominent home with a very prominent owner, and the other pending deal may very well break the all-time highest sale record by closing for more than $27M. Additionally, a plot of land on tony Indian Creek Island is said to be under contract for $15M.

Finally, embattled businessman Claudio Osorio listed his home at 15 Star Island Drive for $14.9M in April.  The estate was only on the market for two weeks before going under contract.  The home was once owned by, ahem, Vanilla Ice.

That’s the whole scoop.

Happy 4th.  I hope you’re happy knowing that I’m sitting in front of a computer writing and calculating and verifying.  My job is real glamourous, eeh?

Related Reading:

• Miami Beach Luxury Real Estate: 2010 Waterfront Home Stats [SBCB]
• Luxury is Back [Pursuitist]
• Miami Beach Real Estate: Sunset Island Lots Sell for Near Record $22.5M UPDATED [SBCB]
• Miami Beach Luxury Real Estate: Waterfront Homes PPSF Falls 25% Y-O-Y [SBCB]
• Top 5 Miami Beach Trophy Properties For Sale [SBCB]

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After lingering on the market for almost three years, the Apogee Penthouse in South Beach closed for $11.5M yesterday (April 14). Originally listed for $22M in July 2008, owner Peter Fine paid $15M for the ultra-luxury condo property in February 2008.

The buyer is Yulia Solodova for Apogee 702, LLC.

Fine produced the Tony Award-winning musical “In The Heights” and is a prominent New York developer of affordable housing. He also owns a home on Miami Beach’s celebrity-studded North Bay Road, which he purchased from the then-developer of Canyon Ranch Miami Beach, Eric Sheppard.

The Apogee Penthouse is comprised of the top two floors of the east corner of the condominium building. It also has a large rooftop “palazzo” with a private pool and summer kitchen.

The Penthouse has 6,853 interior SF and more than 11,000 SF of terrace space. On the inside, that amounts to $1,678/PSF, which is an unremarkable number, considering the real estate involved.

The condo has five main bedrooms, a housekeeper’s room, elevator and a 2.5-car, air-conditioned garage.

Apogee South Beach Penthouse – The Real Estate

The main drawback to the Apogee Penthouse is that the Murano at Portofino tower hovers over the pool area (you can’t tell from this photo.). The pool area is not very private. Ahem.

More Info on the Apogee Penthouse

• Apogee South Beach Penthouse Lists for $22M
• Apogee South Beach Features and Amenities

Related Reading

• Miami Beach Real Estate: 2010 South Beach Condo Market Index

Number of condo sales:

• 2010: 149
• 2009: 129
• 2008: 153

Luxury Condo Statistics for Condos in the SoFi Neighborhood of South Beach

Days of Market [DOM] was 193 for the nine condos in the index.  In 2009:  188;  2008:  148.  2010 was a pretty bland year.  The number of sales and $/psf  is pretty stable.

I’m going to go out on a limb and rate these condos as “healthy.”  A “normal” market is considered to be approximately 10% of the total number of units in the condo could be on the market for sale at any given time.  Continuum North has higher inventory because the developer put approximately 40 units on the market during 2010.  Currently the developer owns about 30 units which are all rented.  Portofino Tower has been the poor performer for a few reasons:

• It’s the oldest of the “newer” luxury buildings and a tad dated
• It is not on the ocean or bay
• The buyer profile for a SoFi condo wants new and chic.  They are not necessarily looking for “deals”

With all that being said, I think Portofino is the BEST value to be in this expensive neighborhood.  Portofino is known for their excellent floor plans and views.  Financially speaking, the building runs like a top and maintenance is about $.70 PSF (about half of what the other condos in the neighborhood charge) and has never, to my knowledge, had a special assessment.

Ok.  Apogee South Beach continues to be the BMOC with average $/PSF of $1303.  Continuum North comes in 2nd at $1009 PSF.   Here is a quick and dirty of 2009 vs 2010:

Related Reading:

• Miami Beach Real Estate:  2009 South Beach Condo Market Index
• Miami Beach Real Estate:  2008 South Beach Condo Market Index
• A Six-Year Retrospective of the Miami Beach Condo Market

Search Miami Beach real estate here

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I could start out this post with “A Top Producer’s Perspective” or something, well, rather dopey like that—but since I’m a numbers guy—I’ll let them speak for themselves.  I have lots of analysis (easy to understand) and anecdotal info which will make it very easy to gauge what is going on with Miami Beach luxury waterfront real estate.

Miami Beach Waterfront Home Sales for 2010

Compiling these reports takes time.  It takes me a good ten hours to retrieve and research the data, look for non-MLS sales–verify that they were “arms-length” transactions, etc.  FYI, I DO NOT report sales that I know were not “arms-length” transactions.  An example of a non-arms-length transaction would be where a seller “short sells” the house to himself or herself, which most likely involves a corporation, usually one in Delaware, but is still living in the house.  That’s the new mortgage fraud.  I know of about three to four homes on Miami Beach that have done that, so those sales ARE NOT reflected in my stats.  Anyway, a good, smart agent would know that.  Wink, wink.

Moving right along, the stats reflect Miami Beach waterfront home sales up to 63rd Street, including Indian Creek Island, La Gorce and Allison Islands, North Bay Road, Sunset Islands 1-4, Star, Palm and Hibiscus Islands, Venetian Islands, and all the waterfront areas in the mid-beach neighborhood (Pinetree Drive, Flamingo Drive, N. Meridian, Prairie & Chase Avenues, and Lakeview Drive & Court.

In 2010, there were 51 waterfront sales in Miami Beach, up from 42 sales in 2009. The average Miami Beach waterfront home sold for $710/square foot, up from $702 in 2009.  The high sale was $16M for 88 La Gorce Circle; the high sale in 2009 was Shaq’s, which sold for $16M as well.  I would put the chart in for 2009, but except for the number of sales, it looks, more or less, like 2010.  Now, the real story was the drop from 2008 to 2009.

A relatively blah year–though some brokers are saying otherwise.  Here are some interesting nuggets excised from the data:

Sunset Islands

There were only two(!) waterfront sales on the Sunset Islands in 2010.  Both sales were on SS #4 and basically sold for land value.  The Sunset Islands, especially Sunset I & II, are one of the most desirable neighborhoods in Miami Beach.

Related Sunset Island Reading

• Miami Beach Real Estate:  Sunset Island Lots Sell for Near Record $22.5M
• Sunset Islands Waterfront Homes for Sale
• Sunset Islands Non-Waterfront Homes for Sale

North Bay Road

North Bay Road continued to shine as the BMOC.  Eleven waterfronts sold this year and many prominent pieces of real estate traded to equally prominent people. (Bosh, Wade, A-Rod, et al.)  The total volume for homes sold in 2010 was a whopping $67,462,000.  The average $/psf for North Bay Road was $862.19 for 2010.  5800 North Bay Road, an estate once owned by Jennifer Lopez during the “Bennifer” days, was listed for $29M.

Related North Bay Road Reading

• Miami Beach Celeb Real Estate: Seikaly and Piazza Sell
• Miami Beach Real Estate: Has A-Rod Finally Stepped Up? $7.4M Acre of Land on Celeb-Studded N. Bay Road Sells
• Miami Beach “Castle” Sells to MTV Exec Bill Roedy for $4.42M
• North Bay Road Waterfront Homes for Sale
• North Bay Road Non-Waterfront Homes for Sale

Venetian Islands

All the chatter this year went to North Bay Road, but the Venetian Islands quietly racked up 13 waterfront sales.  The average $/psf was $616.83, down from $671 in 2009, and the total volume of sales was $28,272,000.

Related Venetian Islands Reading

• Miami Beach Real Estate:  Waterfront Foreclosures and Stuff
• Venetian Islands Waterfront Homes For Sale
• Venetian Islands Non-Waterfront Homes For Sale

La Gorce Island

The highest sale of the year was on La Gorce Island.  88 La Gorce Circle sold for $16M in June.  It was originally listed for $25M.  One of the best buys of the year was 40 La Gorce Circle, which sold for $7.4M.  It is located on the western side of La Gorce Island so it has nice wide bay views.  It was priced at $7.9M and sold in seven days.

Related La Gorce Island Reading

• La Gorce Island Waterfront Homes For Sale
• La Gorce Island Non-Waterfront Homes For Sale

Other Notes

• 11 sales on Palm and Hibiscus Islands.  Average $/psf $702.42
• 7 sales on Pinetree Drive
• 1 sale on Indian Creek Island
• 3 sales in the mid-Miami Beach neighborhood

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Rony Seikaly, a retired basketball player, sold his stunning lower North Bay Road manse to Brightstar CEO, Marcelo Claure.  The approximately 9,300 sf home, built in 2005 and sited on a 26,500 sf lot, was sold to Claure for $11.5M.  The house was not listed with a broker but it was widely known that it could be for sale. Asking price:  $15M.

Rony Seikaly Sells North Bay Road for $11.5M

The deal also included a condo at Murano Grande in South Beach, that Seikaly now owns.  The Murano Grande condo was completely redesigned by a renowned interior design firm.  At one point, Claure was asking $5M; the unit traded for $2.5M.

Mike Piazza Sells Condo at Murano at Portofino in South Beach

In other sports related and real estate news, former baseball great, Mike Piazza, closed on his unit at Murano at Portofino condominium in South Beach.  The unit has been rented for the last year.  The property was listed for $3.8M and closed for $2.88M.  Piazza has been trying to sell the unit ever since he and his wife purchased their home on guard-gated Sunset Island II in 2008 for $10M.

For the most accurate and complete Miami Beach real estate info, subscribe to my blog via email or RSS feed.

Related Reading

• Miami Beach Real Estate: Has A-Rod Finally Stepped Up? $7.4M Acre of Land on Celeb-Studded N. Bay Road Sells
• Miami Beach “Castle” Sells to MTV Exec Bill Roedy for $4.42M
• Miami Beach Real Estate: Waterfront Home Sales Down a Shocking 50%

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The big sales in Miami Beach keep rolling on in.  On the heels of a $15M sale at Setai South Beach and A-Rod’s $7.4M land purchase on N. Bay Road, 88 La Gorce Circle, on gated La Gorce Island, closed today for $16M.

The home, which was built in 2008, has 17,200 interior sf, 10 bedrooms, two docks, and a five car garage. The sale represents the priciest residential sale in Miami-Dade County this year.  The property has been on the market since November 2008.

Click here for more pictures of 88 La Gorce Circle, La Gorce Island.

Check out more homes for sale on La Gorce Island

The second-most expensive property sold this year was 158 S. Prospect Drive in Coral Gables, for $14.1M.

Related Reading

• Miami Beach Real Estate- Has A-Rod Finally Stepped Up? $7.4M Acre of Land on Celeb-Studded N. Bay Road Sells
• Miami Beach Real Estate: Netscape Founder, Jim Clark, Lists Setai South Beach Penthouse for $27M, PH B Sells for $15M
• New: $20M on La Gorce Island –88 La Gorce Circle, Miami Beach

A-Rod has been looking for a place on Miami Beach for years- pre-Madonna, post-Madonna.  At one time he had Shaq’s Star Island home under contract, the estate that Naomi Campbell’s beau, Vladislav Doronin, bought about one year ago.

The parcel of land, which is 46,690 sf, has 230 linear ft. of prime, wide-bay waterfrontage and spectacular, unobstructed views of downtown Miami.  The land was purchased by the previous owner in 2006 for $8.94M.

If A-Rod builds a home, which is the general opinion from sources, his neighbors will be: Snookie’s boss, MTV’s Bill Roedy, Calvin Klein, Matt Damon, and Ricky Martin. 

Roedy just purchased Miami Beach’s famed “Castle”  for $4.42M, land value, in April.  (The house burned to the ground in July 2009.)

• Check out Miami Beach real estate here
• View other N. Bay Road homes for sale

Related Reading

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

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