Miami luxury real estate buyers are setting price records on extravagant new penthouses and luxury condos boosting luxury real estate market in Miami and South Florida. The market responds with continuous price increase and shrinking inventory.
The duplex penthouses at Ian Schrager’s Residences at the Miami Beach Edition sold for $34 million, or $3,800 a square foot, a new Miami Beach record.
The penthouse at Jade Ocean sold for $3.25 million, or for an average of $1,020 per square foot, a record for Sunny Isles Beach.
Nearly $500 million in units have sold pre-construction in Porsche Design’s first residential tower in Sunny Isles Beach. 80% of units are already sold in Château Beach Residences, a luxury 33-story condominium to be completed in 2015.
MIAMI LUXURY REAL ESTATE
Responding to an influx of wealthy buyers from Russia, Argentina, Brazil and elsewhere, Miami luxury real estate developers up the ante with each new project, crowning condo towers with penthouses featuring exclusive amenities.
Meanwhile, the resale market of luxury real estate in Miami is not doing so well with, for instance, Casa Casuarina, the former home of Italian designer Gianni Versace now owned by telecom mogul Peter Loftin, reduced twice from its original $125 million price, and now listed for $75 million.