The Real Deal Miami

Ritz penthouse in Bal Harbour hits market at $30M

Owner spent $9M building out unit
By Sean Stewart-Muniz | July 28, 2015 04:00PM

The penthouse at 10295 Collins Avenue and listing agent Chad Carroll (Credit: Daniel Petroni)

A penthouse in the Ritz-Carlton Bal Harbour has just hit the market for $30 million.

The residence is a top-floor unit measuring 7,874 square feet. Each of its five bedrooms has access to the unit’s 3,000-square-foot balcony, which has its own outdoor Jacuzzi and views of the Atlantic Ocean, Intracoastal Waterway and mainland Miami.

“It’s like a castle in the sky,” listing agent Chad Carroll of Douglas Elliman told The Real Deal.

The asking price of $30 million equates to a little more than $3,800 per square foot. If the unit sells at that price, Caroll said, his listing will break the record of the most expensive condo sold in Bal Harbour.

Caroll declined to mention any details about his client or why he’s selling. What he did say is that the owner purchased the unit directly from the developer and spent roughly $9 million building it out from scratch.

One of the most notable byproducts from that buildout is the master bedroom, which Carroll said is itself the size of a three-bedroom unit. It has its own office, lounge, massage room, plus two bathrooms and closets.

Since the listing went active a couple of days ago, the Realtor said he’s seen a lot of interest from international buyers. But he feels that a New Yorker could end up settling down in this unit.

“There’s a lot of New York-style shopping in Bal Harbour,” he said. “It’s like living near Central Park. It’s one of the most prestigious addresses in South Florida.”

The owner of the unit is listed as a company titled Santa Rita Real Estate, which leads back to the Commercial Property Group, a full-service real estate firm based in Doral that also works in asset management, according to Miami-Dade County property records. A deed filed in 2008 shows that Santa Rita paid $8.9 million to acquire the unit from WCI Communities, the developer of the building at 10295 Collins Avenue.

Bal Harbour is no stranger to pricey listings: a month ago and roughly a mile away, a full-floor unit at the St. Regis Bal Harbour was put up for sale at $25 million.