Largest condo purchase at St. Regis Bal Harbour closes for $24.6 million

TRD MIAMI /
Jul.July 26, 2012 12:00 PM

An undisclosed buyer has closed on the $24.6 million purchase of a combination of five units at the St. Regis Bal Harbour, The Real Deal has learned. It is the single-largest transaction at the St. Regis Bal Harbour, which officially opened its doors in January.

Considered as one unit, the deal is the second-largest condominium sale in Miami-Dade County, following the $25 million purchase of a unit by an Italian buyer at South Beach’s Continuum in May.

Senada Adzem, director of Douglas Elliman Florida’s luxury division, represented the buyer.

“There is an increasing demand for trophy properties in the U.S.,” Adzem told The Real Deal. “This transaction certainly fortifies the Miami condominium market as a whole and signifies an upswing in the ultra-luxury market segment.”

The St. Regis had topped $624 million in sales through mid-June, according to a report from Condo Vultures.

The units collectively total 16,430 square feet under air and 21,176 square feet overall. Sources said the buyer would likely combine them at some point.

Jonathan Miller, president and CEO of real state consulting firm Miller Samuel, said the deal was part of “the region’s emerging trend of redefining the housing market through high-end real estate.” The property is located at 9701 Collins Avenue in Bal Harbour, directly across from the Bal Harbour Shops luxury mall.

The previous Miami-Dade condo record had been set by the $21.5 million sale of a penthouse at the Setai South Beach in 2011.


Related Articles

arrow_forward_ios
Laurent Ouazana and 224 Bal Bay Drive (Linkedin, Douglas Elliman)

French insurance firm CEO sells Bal Harbour mansion for $24M

French insurance firm CEO sells Bal Harbour mansion for $24M
Richard Swerdlow and Bruce Goldstein 

Betting on distress: Bulk condo website launches, aimed at investors

Betting on distress: Bulk condo website launches, aimed at investors
Eighty Seven Park (iStock)

Eighty Seven Park’s priciest penthouse sells for $37M

Eighty Seven Park’s priciest penthouse sells for $37M
Residential sales surged in South Florida in the third quarter (Credit: iStock)

Single-family saves the day. Q3 resi sales up in South Florida

Single-family saves the day. Q3 resi sales up in South Florida
2120 Bay Avenue (Realtor)

Renter who sought to ride out pandemic in Miami Beach home sues owner, brokerage over alleged filthy conditions

Renter who sought to ride out pandemic in Miami Beach home sues owner, brokerage over alleged filthy conditions
Mark M. Rubin & Howard M. Lorber

Movers & Shakers: Related taps Douglas Elliman for condo sales & more

Movers & Shakers: Related taps Douglas Elliman for condo sales & more
1776 Bay Drive, Miami Beach (Courtesy of Douglas Elliman)

Waterfront Normandy Isles home sells for record $7M

Waterfront Normandy Isles home sells for record $7M
Michael Wekerle & 1000 Riviera Isle Drive (Credit: Google Maps and Isaiah Trickey/FilmMagic via Getty Images)

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M

Fort Lauderdale estate built for Anheuser-Busch CEO hits the market at $19M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...