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

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.

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