The Real Deal Miami

Waterfront unit at St. Regis Bal Harbour fetches $9.4M

Residence features custom finishes, smart home systems

May 02, 2016 03:00PM
By Sean Stewart-Muniz

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Unit 2401 in the St. Regis Bal Harbour north tower

Unit 2401 in the St. Regis Bal Harbour north tower

A custom-built unit at the flashy St. Regis Bal Harbour condo complex just closed for $9.4 million.

Unit 2401 at the St. Regis’ north tower had on the market since March 2015. Measuring 3,884 square feet with three bedrooms and three full bathrooms, its closing price breaks down to a whopping $2,420 per square foot.

According to Douglas Elliman’s Kaila Mardoyan and Bryan Sereny of the Bill and Bryan Team, who represented the undisclosed buyer, this sale marks the highest price ever paid for a non-penthouse unit in the St. Regis. The previous record was set early last year with the $8.6 million sale of unit 1201 in the south tower — also set by the Bill and Bryan Team.

Some of unit 2401’s features include ocean views through floor-to-ceiling windows, modern finishes, automatic blinds and smart home systems.

The unit was sold by Vladimir Morozov, who bought it from the St. Regis’ developer Starwood Hotels in 2012 for $6.538 million, or about $1,683 per square foot, according to county property records. After his purchase, Morozov completely remodeled the unit: he repositioned the kitchen, added a den and custom-built the master bedroom and closet.

He then hired Mantas Kudrinas of Carrington Real Estate Services to list the unit at $11.3 million. It closed just over a year later at a $1.9 million discount.

The St. Regis Bal Harbour has been known to capture big price tags: in June, Jeff Miller of Brown Harris Stevens | Zilbert was hired to list a full floor in the south tower for $25 million. And in 2014, the complex’s hotel component was sold to Qatar’s largest development company for an incredible $213 million.