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

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