It’s no secret that I’ve been a big believer in the Miami Beach project. We could have a big, macro-economic dialogue about theories, but the best answer is probably the simplest: It just came to market at the worst possible time.
Caribbean South Beach-3737 Collins Avenue, Miami Beach, FL
Caribbean South Beach has been purchased by a New York entity, Melohn Properties. Caribbean South Beach is not quite in South Beach, but close enough.
According to the Miami-Dade real estate tax records, only about six units have closed in the 103 unit condo. The project was ripe for investors because of it’s oceanfront location and low number of closings.
The units themselves are very well done with top-line finishes and appliances. I hate the master bathrooms, though.
How’s this bathroom for privacy? Imagine the glass walls with water spots and finger prints. Arrgh.
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.
Since starting this blog which, which seems like it’s been going on and on for years now, I was really excited to find out that I did a stats post for the EXACT same time period last year. When doing stats, my goal is to not just give the numbers but to show what they mean in relation to something. So many agents are now reporting real estate numbers, ad nauseum, with no insight–and therefore, offers little or no value to the reader.
So now we get to pin ’08 against ’09–and REALLY get a good look at where these ultra-luxury condo prices in Miami Beach are headed.