Housing 39 Million And Up Nonsales
Written by Vanessa Zambrano on July 11, 2013
By Vanessa Zambrano
Prices on ultra-luxury real estate in Miami Beach are staying up despite deals not having closed deals yet. At least, that’s the case with properties that have listed at $39 million and above.
The highest-priced condo in Miami Beach was taken off the market after a year. Asking price for the 11,031-square-foot penthouse on the exclusive South of Fifth complex, the Continuum, was $39 million. Dora Puig, principal of PuigWerner Real Estate Services, said she received good offers but that they didn’t reach the price.
“The developer [Ian Bruce Eichner] is keeping it for now. If he decides to put it back on the market, he’ll ask for more,” Ms. Puig said.
Why was it selling at such high price for a condo?
Ms. Puig said The Continuum had three penthouses and the other two closed at $25 million and $15.7 million last summer. Those were both smaller than the $39 million unit but if square footage prices were compared, that’s what the biggest one would be worth, Ms. Puig said. “It was a matter of alignment.”
She said that due to its vast space, potential clients weren’t typical condo buyers but rather people looking for single-family properties.
A Miami Beach condo has never sold for that high a price, and $39 million was more than any condo had ever been listed for.
A penthouse at the Setai Resort at 2001 Collins Ave. closed for $27 million in January, the highest price ever for a South Florida condominium, said Ms. Puig.
Her record high is Icon South Beach Penthouse 2 at 450 Alton Road, which closed for almost $21 million at the start of 2013.
Condo prices are now moving into the $30 million range, said Ms. Puig.
The highest-priced property in the area is still Casa Casuarina, the former Gianni Versace mansion at 1116 Ocean Drive, with an asking price of $75 million — down from $125 million and then from $100 million. The 23,462-square-foot home is being sold by Coldwell Banker team The Jills: Jill Eber and Jill Hertzberg.
It has been on the market for about a year and they have received offers, said Jill Eber. “It’s an iconic property. Many things make it desirable. There is so much history there and the location is incredible. It’s exquisite and one of a kind,” she said.
The Jills hold the record sale in Miami-Dade: the 30,000-square-foot 3 Indian Creek Island Road closed for $47 million in August 2012.
“In the past year we’ve actually seen prices that we’ve never seen before,” Ms. Eber said.
If sold at the asking price, Casa Casuarina would bring the county a new record high.
The second and third highest-priced single-family homes in Miami Beach are still on the market after almost a year as well, said Nelson Gonzalez, the Esslinger-Wooten-Maxwell broker representing the seller.
The second highest would be 12 Indian Creek Drive — listed for $45 million six months ago and now for $42 million. The home, built in 2000, has seven bedrooms and sits on nearly 2 acres with 200 feet on Biscayne Bay. Its 21,746 square feet include a home theater, library, formal living and dining rooms, a French country kitchen, an elevator and, on the lower level, a seven-car garage and billiard, gym, game, wine and yoga room, among other amenities.
The third highest-priced property is only about five miles south: the Mediterranean-style 5800 N Bay Road. Despite having been built in 1929, its interior has been renovated and according to its sale listing now has a chef’s kitchen equipped with stainless steel appliances, a temperature-controlled wine cellar, an elevator and integrated security system. Also, a new dock offers a boatlift with 20,000-pound capacity and a double jet-ski lift. The 12,153-square-foot house that sits on a 52,881-square-foot lot is selling for $40 million.
As to why prices are staying sky-high, both Ms. Puig and Mr. Gonzalez agree on shrinking inventory. All real estate agents say potential buyers are both from other countries and from the US. Ms. Eber said people are looking in this market because it gives them good opportunities compared to prices in New York, California and abroad.
“They look for a safe place for their investments,” Ms. Eber said. “People that are coming in want the best, the finest.” To read the entire issue of Miami Today online, subscribe to e-MIAMI TODAY, an exact digital replica of the printed edition.