Prices for Penthouse Condominium Homes Are Reaching Records Highs


Miami Beach Condos

South Beach condominiums reach high into the sky, and this is exactly how one can describe the purchase prices for these homes. Last week, a penthouse at the Setai Resort sold for $27 million. Miami real estate agents stated that no other condominium home has ever sold at such a high price before.


According to agent Jeff Miller, housing prices are on a definite march upward. Miller represented the investor who purchased the 7,100 square foot property mentioned above, and he has noticed that people from all over the world are expressing an interest in other Miami Beach condos.


Businessman Wayne Boich, Jr. realized a profit when he sold his Icon South Beach penthouse for nearly $21 million. Further proving that Miami real estate was becoming very popular recently, those interested in the Icon penthouse engaged in a bidding war that increased the purchase price by $2 million. In 2007, Boich only paid $7 million for this six-bedroom, seven and a half bathroom condominium home, and the price he eventually sold the property for is a record.


The South of Fifth area is the most sought-after for those who are seeking the most in-vogue real estate, and this is the area where people will find the most activity, according to Dora Puig the listing broker responsible for the Icon penthouse sale.


The Continuum South Tower also has a penthouse for sale, and it may break the standing record for the purchase price of a condominium home. Currently, this home that is located in the South of Fifth area is on the market for $39 million. No other Miami-Dade condominium home has had such a high price attached to it in its listing, and Puig is fortunate to have it in her portfolio as well. She noticed that there was considerable action occurring in the real estate market during the summer months, and she responded by raising the price from $35 million to the current $39 million.


Bruce Eichner was the developer of the Icon, and he saw fit to keep the 11,000 square foot prize penthouse in his possession. The penthouse also contains 6,000 square feet of deck and a heated pool on the roof. Inside the penthouse, the new resident who purchases the property will enjoy 13 ½ foot ceilings and floor-to-ceiling windows that offer a view of the entire surrounding area, including the Atlantic Ocean, Miami Beach, downtown Miami and the Biscayne Bay. People can even see all the way down into Fisher Island, according to Puig.


This property would not be complete if it didn’t have its own elevator. No one can enter the grounds without passing through a gated entrance, and residents also enjoy the fact that the lawn is so well manicured. Guests will feel welcome in their own 874 square foot guest area, and this is highly impressive. However, the guest area was designated to be the staff’s living quarters, according to Puig.


Most of the time, people can expect a penthouse such as the one at the Continuum to be paid for in cash. If not, the investor would need to place a $7.8 million down payment and obtain financing for $31.2 million. Mortgage broker Steve Schneider cautioned that this may be very unlikely. He has doubts that he could find a financier willing to grant such a high loan for one home.

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miami condos and homes
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