The South Florida real estate market raised eyebrows this year when some condos in new developments came with $50 million price tags. So far, one is in contract — the duplex penthouse at Faena House, although that sale was for an undisclosed “record-breaking” sum.
For buyers not wanting to wait for new properties to be move-in ready, there are plenty of über-luxury condos for sale from the previous boom. These older resale properties could even be considered bargains.
Of course, resales generally come with some wear and tear – and are missing the technological advances that have been made in recent years, noted Peter Zalewski, principal at Condo Vultures. “Sellers [in older buildings] are bolstering their prices to take advantage of the wake created by new construction,” he noted. “But because the new product is priced at up to $6,043 per square foot, those five- to seven-year-old condos seem like good value.”
Francisco Angulo, 2014 residential board president of the Miami Association of Realtors, agrees. He pointed out that 76 percent of all realtors in Florida cited less-expensive property as a top reason for clients purchasing properties that entered the market prior to the last real estate boom.
To compare: The five most expensive resale units on the market are roughly half the price of the new record-breakers. The average price of these older units is about $3,400 per square foot.
Here are the five most expensive existing condo listings:
1. 10295 Collins Ave., Unit 2604 – One Bal Harbour, $30 million
5 Bedrooms/5 Baths/1 Half Bath
Square Feet: 7,779
Condo Fees: $8,613 per month
Real Estate Taxes: $183,983 (2013)
This penthouse with a wrap-around balcony in One Bal Harbour was initially listed for $38 million. With a 21 percent price reduction, coupled with the Ritz-Carlton’s plan to take over management of the building, the unit might finally sell. The listing boasts 360-degree views, a Lalique chandelier, a sauna and hot tub, more than $6 million in new build-outs and two private pools. It was used as a vacation home just a few times per year.
“This penthouse holds it value because there is no other penthouse in the famous Bal Harbor area that displays such beautiful beaches,” said Ed Gonzalez of Century21 Continental.
2. 100 S. Pointe Dr., Unit 3602/3/4 – Continuum South Beach, $29.9 million
7 Bedrooms/6 Baths/1 Half Bath
Square Feet: 8,229
Condo Fees: $8,149 per month
Real Estate Taxes: $129,363 (2013)
Three units have been combined to make this duplex “an estate in the sky with the most breathtaking views,” said broker Jill Eber of The Jills team at Coldwell Banker Residential Real Estate.
Situated on the south tip of South Beach, the condo overlooks the Atlantic Ocean, Fisher Island, downtown Miami and Government Cut “where the ships parade,” Eber noted. In addition to seven bedrooms (including one for staff), there’s a media room, wine cellar, and an audio and video network with personalized touch panels in each room. Continuum amenities include a pool pavilion, tennis courts, spa and gym, rooftop infinity lap pool and 24-hour gated security.
3. 1500 Ocean Drive, Penthouse – 1500 Ocean Drive Condo, $25 million
5 Bedrooms/7 Baths
Square Feet: 8,400
Condo Fees: $8,734.03 per month
Real Estate Taxes: $71,803 (2013)
Located just north of Lummus Park, 1500 Ocean Drive is the only development in Miami Beach designed by renowned architect Michael Graves. There’s talk of building renovations, but that shouldn’t impact this “uber chic” penthouse that features double walk-in wine rooms, stone baths and Savant home technology — each room is controlled by a personal iPad, according to the listing.
“The location is first and foremost the most compelling and attractive component [of the condo],” said Alixa Castellanos, operations manager for the Eloy Carmenate Group at One Sotheby’s International Realty. “Additionally, it has a circular living room encompassing a 270-degree ocean view, a 5,300-square-foot rooftop terrace and gardens, and it is the only penthouse in South Beach that has a movie theater.”
4. 101 20th St., Unit 3307 – Setai South Beach, $22.5M
4 Bedrooms/4 Baths/2 Half Baths
Square Feet: 5,400
Condo Fees: $17,900 per month (estimate)
Real Estate Taxes: $143,000 (2013)
Five units comprise this property at the Setai, and though it’s been on the market for about two years, “the owner only recently decided to get serious about selling it, and reduced it in May from $25.5 million,” said Becky Adkins of Gary Hennes Realtors. Adkins, who is partnering with Scott Klein on the listing, added that the seller gutted each apartment and “even rented the units below to do the plumbing from underneath. It’s a very extravagant renovation, but a very elegant apartment.”
International designer Tui Pranich recreated the space. In addition to the requisite ocean views and wrap-around balconies, the unit has an entertainment area with a separate entrance to a private spa with a sauna, steam room with fogless windows, massage room and waiting area, along with a billiards room, 100-bottle wine storage and a separate kitchen. The property also comes with five valet parking spaces.
5. 1425 Brickell Ave., #54DEF – Four Seasons Residences, $21.95 million
5 Bedrooms, 6 Baths/4 Half Baths
Square Feet: 8,911
Condo Fees: $6,123 per month
Real Estate Taxes: $85,585 (2013)
Seller Fred Drasner, former co-owner of the New York Daily News and the Washington Redskins, brought a bit of Park Avenue to Miami when he renovated this three-unit combined condo in the Four Seasons. “This is an elegant property that obviously was owned by New Yorkers,” said John Sandberg of Douglas Elliman.
The apartment looks out over South Beach and Key Biscayne, but it’s located downtown with “even more of a Latin market than Miami Beach,” Sandberg said. Luxury touches include “a million mosaic tile floor by Studium,” a movie theater with a shelf system that “retails for $5 million,” an 1,800-bottle wine room with tile work that recreates the John Huston-designed 1982 Mouton Rothchild label, custom wood cabinetry by Dakota Jackson, two private elevators and “a third entrance to a private office that is behind a secret door.”