11/10/2016 In Miami condos, what do buyers get for their money? ­ Miami Today

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In Miami condos, what do buyers getfor their money?

Written by Camila Cepero onNovember 8, 2016

Miami is home to some of thegrandest and priciest condos in thecountry – or, at least, not every UScity can say that it typically sees anew record­breaking multi­milliondollar real estate transaction everytwo years. But how much exactly arethese condos going for and what dobuyers get for their money?

In September 2015, Miami’sresidential real estate market saw itsbiggest sale in history when a12,516­square­foot penthouse inMiami Beach’s Faena House closedfor $60 million, or $4,794 persquare foot.

The eight­bedroom and nine­bathroom residence, which featuresa 70­foot­long infinity pool on the9,900 square feet of outdoor terrace,closed for $10 million over theasking price.

The 42­unit Faena House buildingoffers amenities like an in­house spa and fitness center,private club and concierge service.

Miami’s previous biggest deal was a mansion on IndianCreek Island that went for $47 million in 2012. In thecondo world, a unit at the Continuum in South Beach heldthe previous record after selling at $27.5 million, or$3,342 per square foot, in 2014.

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11/10/2016 In Miami condos, what do buyers get for their money? ­ Miami Today

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Earlier this year, the Beach House at Regalia, a 17,015­square­foot condo, hit the market for $35 million. Thecondo is in the 39­unit Sunny Isles Beach tower at 19575Collins Ave. The residence is comprised of the entire thirdand fourth floors of the luxury tower and has sixbedrooms, six full bathrooms and two half­baths.

It was the most expensive listing in Sunny Isles andamong the five priciest in Miami­Dade County.

Today, Miami’s luxury condo developments sprawlthroughout the county, from Turnberry Ocean Clubresidences in Sunny Isles Beach to L’Atelier in MiamiBeach.

In October, a three­level, four­bedroom and six­bathroompenthouse at the Miami Beach EDITION was listed for$25.999 million by the Jills of Coldwell Banker. The5,246­square­foot unit boasts a custom­made staircase, afireplace, a rooftop terrace and direct ocean views.

The Turnberry Ocean Club Residences at 18501 CollinsAve. are to include 154 three­, four­, five­ and six­bedroom units when delivered in 2018. Listed by OneSotheby’s International Realty Development Division,pricing is to start at over $4 million and run through to$35 million.

Each residence will have direct oceanfront and bay viewsand six stories, totaling 70,000 square feet, exclusivelydedicated to a wide array of amenities, including asignature Sky Club on the 30th, 31st and 32nd floor.

Ownership also affords membership privileges at thenearby Turnberry Isle Resort and Country Club.

Currently, L’Atelier Miami Beach at 6901 Collins Ave. hasa penthouse going for $25 million. The 7,945­square­foot

11/10/2016 In Miami condos, what do buyers get for their money? ­ Miami Today

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condo features six bathrooms, seven full bathrooms andone half­bath and is selling for $3,147 per square foot.

For those on a budget, a 16th floor 4,600­square­foot unitis going for $9.559 million and a fifth floor 2,300­square­foot unit is going for $3.859 million.

One Sotheby’s 2016 Trends mid­year report defines theluxury condo market as the top 50% by average homeprice.

As of July of this year, 12,984 condos were for sale inMiami­Dade County the $1 million to $5 million pricerange. Around 381 had been sold as of the same timeperiod last year, at an average of $803 per square foot.

Around 1,285 condos in the $5 million to $10 millionrange were up for sale. Roughly 30 had closed, at anaverage of $1,651 per square foot.

Roughly 535 condos in the $10 million and above pricerange were for sale, with six closed, at an average of$2,252 per square foot.

South Beach saw an increase in price per square footcompared to the same time period last year, with all butone of six luxury buildings south of Fifth Street on MiamiBeach seeing an increase.

Continuum South saw an increase of 29% to $2,448 persquare foot; Continuum North increased 8% to $2,034per square foot; Murano Portofino increased 60% to$2,330 per square foot; Portofino Tower saw a 57%increase to $2,006 per square foot; Icon South Beachincreased 20% to $1,212 per square foot; and MuranoGrande, the only one that went the opposite way,decreased 6% to $1,270 per square foot.

There was a 51% increase in price­per­square­footbetween $1 million to $5 million condos and $5 million to$10 million condos; and a 27% increase between $5million to $10 million condos and $10 million and abovecondos.