The Setai, an exclusive oceanfront condo tower in South Beach, just hit the highest price for a penthouse unit at $27 million. The price tag is the highest ever for a condominium in South Florida, according to real estate records. Located on the 40^th floor, with 4 bedrooms, 4.5 bathrooms and 7100 square feet of luxury living space, this penthouse is an undeniably spectacular residence.

The Setai, is a trendy building, featuring 175 residences with floor-to-ceiling glass windows. Residents enjoy panoramic views of the beach, the ocean and Miami.

A close runner up, an oceanfront penthouse located in the Continuum sold for $25 million. The Continuum is also located in South Beach.

The Setai South Beach

This past year, luxury homes and condominiums were outselling supply, and it looks like this trend will continue, even with many new luxury developments in the works.

A 5,803 square-foot penthouse at the exclusive Setai South Beach recently sold for $21.5 million. The luxury oceanfront penthouse was originally purchased by Netscape founder Jim Clark for $9 million in 2004.

A beachfront penthouse at the Mansions at Acqualina in Sunny Isles Beach is currently on the market for an astounding $55 million. The 15,000 square-foot duplex unit is the second most expensive luxury listing in Miami. The six-bedroom, eight-bathroom unit was furnished by Fendi Casa and features a theater, private elevator, wine room, billiard room, indoor pool, sky garden, waterfall and glass pool overlooking the ocean.

Source: Palm Beach Daily News

Setai South Beach

Sam Tawfik, a New York developer and investor, purchased 27 waterfront apartments and penthouse units for $12 million off of Biscayne Boulevard. Many are hoping Midtown Miami becomes the new SoHo.

“This is the time to be a New York seller and a Miami buyer,” said developer Sam Tawfik, who owns commercial property in Manhattan and shopping centers in the tri-state area. “The upside is better and competition less intense in Miami. Every hedge fund and international investor wants to buy in New York. Midtown is like a mini-boomtown.”

The majority of the one and two-bedroom condos he purchased are already rented. The rent ranges from $1,700 to $3,000 per month.

“I think to be a mover and shaker in Miami with a New York get it done mentality can be very profitable,” Tawfik said. “This area has a cool demographic. It’s chic and sophisticated but not pretentious. You can feel the energy on the streets like it felt in SoHo or Trebeca 20 years ago. Look at those places now.”

New York developer iStar Residential has two, nearly sold out buildings in Miami. Ocean House, a boutique building located in an exclusive South Beach neighborhood, has only 18 units left. The units range from 4,500 square feet to 7,000 square feet, and the prices are upwards of $7.5 million.

“This is American Riviera,” Tawfik said. “It’s 80 degrees outside. People think this market is all about the foreign buyer. New Yorkers love it here, too.”

Source: New York Daily News

Condo in Miami

A luxury oceanfront penthouse in the exclusive Continuum condominium in Miami Beach recently sold for a staggering $25 million.

According to the Miami Herald, the penthouse set a new record for sale prices in Miami, exceeding the $21.5 million spent for a luxury penthouse at the Setai, also in Miami Beach.

The exquisite 3-story penthouse features 25-foot ceilings, 5 bedrooms, 7 ½ bathrooms, a private pool and magnificent ocean and city views.

The penthouse was last sold in 2009 for $9.9 million. The new buyer plans on spending another $2 million on various renovations.

Source: Miami Herald

Continuum Miami Beach

Some of the newly proposed luxury condominiums in Sunny Isles Beach are Chateau Beach, 400 Sunny Isles, Mansions at Acqualina, Porsche Design Tower and Regalia. It’s possible units in these buildings will be sold out by the end of 2012.

Foreign buyers have been eying South Florida real estate. Many of the foreign buyers are looking for good deals and a safe place to invest their cash.

Sunny Isles Beach was created about 15 years ago. At the time, the stretch of beach in Miami was covered with theme-oriented boutique hotels from the 1950’s. Developers realized that this area was ideal for beachfront condos.

At this point, Regalia is the only new tower under construction. The Regalia is a 43-story, luxury oceanfront residential building, featuring 39 units overlooking Golden Beach.

Source: The Miami Herald

This week, the Continuum, a luxury condo building in Miami Beach’s South of Fifth neighborhood, is making headlines with a $16.25 million oceanfront condo that sold to a foreign buyer. The beautiful three-bedroom, three-bathroom property sold within a month. The listing price was $19.5 million.

This is an exciting time for the high end real estate market.

Source: The Real Deal

Continuum located on South Beach

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