Miami Penthouse Market is Thriving

Demand for South Beach penthouses is growing larger than the supply, due largely to foreign interest in South Florida’s real estate market.

Many foreign buyers are primarily interested in purchasing a penthouse with sprawling ocean views. However, there is not an unlimited supply of such properties.

In May, a triplex penthouse at South Beach’s Continuum sold for $25 million, setting a Miami record. Another penthouse in Miami was sold for $20 million.

Over this past year, a number of Argentinian developments have occurred in Miami. Argentinian developer Eduardo Constantini broke ground  on a 142-unit condominium project in February. In March, Argentine Manuel Grosskopf paid $50 million for three parcels in Surfside, and Jose Luis Melo has five pending projects, totaling 800 units in downtown Miami.

Source: The Real Deal

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