Miami’s 50 Million Dollar Penthouse Condominiums
7 years ago, the South Florida housing market was in such poor shape that new condo construction in Miami came to a standstill, (As I detailed in my recent post ‘2015 Miami New Condominium Construction Update‘). Fast forward to 2015 and roughly 100 new condo towers are under construction in coastal South Florida, with at least 3 of those featuring a 50 million dollar penthouse on top. In Miami, two 50 million dollar penthouses have already gone into contract in 2015.
Before this recent 50 million dollar penthouse condominium building boom, Miami’s highest-priced single-family home sale was for $47 million back in 2012 (3 Indian Creek Island Rd Miami Beach, FL 33154). That was an absolutely stunning 30,000-square-foot single-family home set on two acres of land, and as of 2015, that house is still the highest closed sale on record in Miami. Another single-family home called Mashta House in Key Biscayne is currently listed for sale for $60 million, but hasn’t yet moved at that price. To date no condominium in Miami has closed anywhere near those prices. So far, the highest recorded sale for a condominium in Miami is $34 million, when a buyer purchased two triplex penthouses totaling 16,271 square feet across three levels at The Residences at Miami Beach EDITION (2901 Collins Ave, Miami Beach, FL 33140), the new hotel-condominium project by Ian Schrager.
Neither of these amazing records will stand for very long. At Faena House (3201 Collins Ave, Miami Beach, FL 33140), a luxury condominium tower in Miami Beach, the penthouse is under contract for more than it’s $50 million list price. Word on the street is that the 18,253 square foot duplex penthouse at Faena House is under contract for $60 million, but that cannot be confirmed until the sale closes. Alan Faenas next project is called Faena Versailles Contemporary and it will feature yet another 50 Million dollar penthouse condominium.
In my neighborhood of South Beach, at the Continuum 2, the four-story penthouse owned by the Continuum developer Ian Bruce Eichner, is listed for $50 million ($4,519 per square foot). The Continuum 2 penthouse isn’t even new construction; it was built 13 years ago; but as they say, strike when the iron is hot!
Condos aren’t the only properties that are setting record listing prices in South Florida: At an incredible $200 million+/-, ‘Gemini’ in Manalpan (south of Palm Beach) was just announced for sale today. Gemini is a 33 bedroom, 34 bathroom, 12 half-bathroom, 16 acre estate with 2500 feet of waterfront that’s owned by the Ziff Publishing family. Gemini is the most expensive single-family home for sale in the entire country. Another house in Key Biscayne called Mashta House, that I wrote about previously, is for sale for $60 million.
Is it your time to call Miami home? If so, please feel free to Contact Stavros Mitchelides, Miami Beach Luxury Realtor today for assistance with your new penthouse purchase!
Current 50 million dollar +/- penthouse condos for sale:
Faena House Balcony
Faena House Penthouse: $55 million ($3,013.20 per square foot).
Under contract at an estimated $60 million
Developer: Alan Faena
Architect: Foster + Partners
All Available Faena House Condos For Sale:
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Continuum 2 South Beach Penthouse Balcony
Continuum 2 South Beach Penthouse: $50 million ($4,519 per square foot)
Developer: Ian Bruce Eichner
11,065-square feet. Four floors, six bedrooms, seven full-baths, 6,092 square feet of outdoor space. Includes 10 private parking spaces, a 250-square-foot beachfront cabana loft, and an 884 square-foot guest suite.
Architect: Sieger Suarez Architectural Partners
All Available Continuum 2 Condos For Sale:
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One Thousand Museum Penthouse: $49 million ($2,866 per square foot)
A duplex penthouse on the 58th and 59th floors contains 15,700 square feet and offers 1,000 square feet in terraces; the condo features six bedrooms and six full-and two half-baths. The two-level unit also comes with its own private pool.
Developer: Gregg Covin and Louis Birdman
Architect: Zaha Hadid Architects
How many massive $50 million penthouses can the Miami market handle? Based on the current interest that we are seeing in these uber-luxury residences, it’s likely that we can see a few dozen more constructed or converted in the coming years. Instability in foreign countries is making these $50 million-plus properties an attractive investment for foreign buyers; and the horribly cold weather in the Northeast USA surely is driving many New Yorkers south as well!
Miami has gained the Worlds attention as a city that can easily attract the world’s richest people, thanks to its incredible climate, stunning residences, and attractions like Art Basel. Miami ranked 7th place in the Knight-Frank 2014 annual global cities list based on quality of life, political power, economic activity, and the number of ultra-high net worth people who live here.
Is it your time to call Miami home? If so, please feel free to Contact Stavros Mitchelides, Miami Beach Luxury Realtor today for assistance with your new penthouse purchase!
