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

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

Ruby Rinker’s Estate Home on Billionaire’s Row in Palm Beach

Palm Beach resident Ruby S. Rinker has sold her oceanfront estate home in a private deal for a whopping $23.5 million.  The deed was recorded by the Palm Beach County Clerk’s office.  According to property records, it is the largest single residential sale in Palm Beach in the last year.

The seven-bedroom home is situated on a 2.66 acre estate on the stretch of Palm Beach’s South Ocean Boulevard known as “Billionaire’s Row.”

Built in 1971, the house and a two-bedroom outbuilding have nearly 12,230 square feet of living space, according to Palm Beach property records. The property features a swimming pool and tennis court.

Rinker bought the house for $7.45 million in 1999.

Full Story: Palm Beach Daily News

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The Mansions at Acqualina (right) is One of Many New Ultra High-End Condos Being Built in the Booming South Florida Luxury Real Estate Market

In South Florida, the luxury real estate market is booming. While Wall Street turmoil kept many potential buyers on the sidelines for years, they’ve reentered the market with  renewed confidence.

Ultra-exclusive properties are in strong demand.

Most buyers are out-of-towners looking for a second, third or fourth home.  Nearly all pay cash — regardless of the price.

In Miami-Dade, the hot spots are well known: South Beach, Gables Estates, Star Island and Key Biscayne. Affluent New York deal-seekers are confidently purchasing these luxury waterfront properties.

Full Story:  The Miami Herald

If interested in more information and future updates, please call or visit our website: www.SeasidePropertiesGroup.com