The Real Deal Miami

Apogee’s $12.4M sale sets Miami-Dade record for non-oceanfront unit, broker says

A similar unit in the building sold for $10.5 million just six months ago
By Emily Schmall | July 08, 2013 11:00AM

The view from a unit at Apogee

The view from a unit at Apogee

A $12.4 million sale at Apogee Miami Beach has set a record for a standard, non-oceanfront unit in Miami-Dade County, the seller’s broker, Carlo Gambino, told The Real Deal.

At nearly $3,000 per square foot, the sale of the three-bedroom, 4,154-square-foot apartment represented an 18 percent premium over a similar unit five floors below that sold in January for $10.5 million, Gambino, a Douglas Elliman executive vice president, said.

“You are seeing this incredible appreciation with prices way above the peak of the last real estate bubble,” said Gambino, who declined a request to disclose the names of the buyer and seller. Jill Eber of the Coldwell Banker broker duo The Jills represented the buyer.

Crunched inventory and signals of a resurgent U.S. economy are sending prices to record highs in South Florida.

Late last month the uber-contemporary mansion Villa Fendi sold for $14 million, setting a new record for Miami Beach’s Venetian Islands.

The $34 million purchase in March of a pair of adjacent triplex penthouses at Ian Schrager’s Residences at the Miami Beach Edition precipitated a wave of pricey sales.