The luxury real estate market has seen some record-breaking listings this year. While resales of some of Miami’s priciest properties have been sitting on the market, buyers have been actively purchasing extravagant penthouses in new luxury condominium buildings.

Wealthy buyers are currently leaning toward pre-construction penthouses in Miami that are designed with them in mind. In Ian Schrager’s Miami Beach Edition, two penthouse units were combined and sold to a single buyer for 34 million dollars. A penthouse at the Faena House is currently on the market for 50 million dollars. Over the past year, the price of these exclusive residences has climbed to over 3,000 dollars per square foot, as developers react to the influx of cash heavy foreign buyers.

However, some audaciously priced residences have lingered on the market for long periods of time. For example, the former Versace mansion – Casa Casuarina – has seen multiple substantial price drops since it’s been on the real estate market. The property was first listed at 125 million dollars, but due to financial problems and a lack of privacy, the mansion is now priced at 75 million dollars.

Source: The New York Times

Miami Beach Edition