The Real Deal Miami

The week in luxury: A map of Miami-Dade’s priciest condo sales

Top deal was attorney Jim Ferraro's closing at Palazzo Del Sol

May 16, 2016 03:45PM
By Sean Stewart-Muniz

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Miami-Dade County’s condo market perked up during the second week of May, with sales volume showing healthy gains over the previous week and a well-rounded list of multimillion-dollar closings — including a massive $21.5 million sale on Fisher Island.

The week’s priciest deal was attorney Jim Ferraro’s $21.5 million closing at Palazzo Del Sol, where he purchased penthouse No. 3. Ferraro’s pad has four bedrooms, four-and-a-half bathrooms, a private rooftop terrace with its own swimming pool and direct views of the ocean. Dora Puig of Luxe Living Realty represented the developer, which sold the unit for a whopping $3,200 per square foot.

New development condo sales aren’t typically entered into the MLS, which uses for its data, but all of Palazzo Del Sol’s units so far have been recorded.

Next on the list is the $4.415 million sale of unit 3305 at the Portofino Tower in South Beach, which was on the market for 345 days with John Lennon of South Pointe Drive Realty. The fully renovated unit boasts three bedrooms, two-and-a-half bathrooms and ocean views. Its purchase price breaks down to $1,731 per square foot.

Following that deal, the week’s third-priciest deal belonged to Fabian Garcia-Diaz of Fortune International Realty, who closed his listing of unit 2903 at Aventura’s PortoVita for $2.52 million. The unit was on the market 183 days before selling for $616 per square foot. The flow-through unit has French limestone floors, ocean views and floor-to-ceiling windows.

After those top three sales, the week’s remaining seven most-expensive condo deals ranged in price from $2.1 million to $1.085 million.

Miami-Dade saw 136 condo sales last week for a total of $69.38 million. Largely thanks to the Palazzo Del Sol unit, those figures rose significantly from the previous week’s 131 sales for $46.9 million. Average prices were $510,173 per unit and $278.

Here’s a breakdown of the data for the week of May 8 to May 14. Click on the map for more information: CondosandProperty_Updated

Most expensive
Palazzo Del Sol #PH3, Fisher Island | $21.5M | $3,236 psf | Dora Puig of Fisher Island Real Estate

Least expensive 
Trump Royale #1507, Sunny Isles Beach | $1.085M | $756 psf | 106 days on market | George Baronov of Exclusively Baronoff Realty

Most days on market
Portofino Tower #3305, South Beach | 345 days on market | $4.415M | $1,731 psf | John Lennon of South Pointe Drive Realty

Least days on market
Paramount Bay #2307, Edgewater | 64 days on market | $1.111M | $664 psf | Melissa Meskauskas of Opulence International Realty