The Real Deal Miami

Another penthouse sells at South Beach’s Continuum, this time for $16.25 million

June 01, 2012 03:00PM
By Alexander Britell

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Penthouse 3 at Continuum

Just a week after a reported $25 million sale of a unit at South Beach’s Continuum that was the highest ever for a Miami-area condo, another Continuum unit has been sold for $16.25 million to a foreign buyer, The Real Deal has learned. The three-bedroom, three-bathroom property sold just over a month after being listed for $19.5 million by Coldwell Banker’s Jill Hertzberg and Jill Eber.

The seller is listed as Tresor 1520, a limited liability company that lists Frederic Puren as its manager, according to Florida’s Division of Corporations.

“I think there wasn’t previously this level of finish and looks — it was spectacular,” Hertzberg told The Real Deal.

Teresa Rogero of WestPark Realty of Broward represented the buyer. She could not be reached for comment.

Hertzberg’s brokerage also had the listing on the aforementioned $25 million Continuum property when its previous owner, Alex Birkenstock, bought it in 2009.

It was the first time the 4,661-square-foot triplex unit, which has its own pool, had been on the resale market.

Tresor 1520 purchased it as a new unit from the developer in 2003.

The recent surge in sales of ultra-high end Miami Beach properties is largely a result of dwindling inventory, according to Kevin Tomlinson, senior vice president at One Sotheby’s International Realty.

“There’s a big market out there for ultra-luxury homes and ultra luxury condos,” said Kevin Tomlinson, a vice president at One Sotheby’s International Realty in Miami Beach. “It’s the first time [Penthouse 3] has ever been on the resale market — so these are apartments that have never really been seen before. I think there are more buyers in the market for these types of properties than there are actual properties.”

It was hedge fund manager Eddie Lampert’s $40 million purchase of a home on Miami Beach’s Indian Creek in March that began the recent surge.

“If we had houses that took up three or four lots on Sunset Island 2, that would sell,” he said. “If we had all three penthouses connected at Apogee listed for $120 million, that would sell. It’s just that we don’t have the next level of properties — this is the highest we get.”