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