Another record has been set in Miami today for ultra luxury condominium sales. This particular sale is on a property that is not even built yet as well. The Miami Beach Edition is a project by architect John Pawson that is comprised of two buildings, one 26 stories high, and another that is 11 stories high, and they are mixed use with hotel and condominium residences in the epitome of Miami style. This project is truly an epic undertaking and is just outside South Beach located at 29th and Collins. Some of the amenities will include an ice skating rink, restaurants, a night club, and a bowling alley. It seems each new project in Miami is likely to trump the project before it.
The sale of the penthouse, which was a double penthouse sale, closed at $34 million today. It is on the top floor of the portion of the project that has 24 stories of hotel and the top two floors of residential property. The price per square foot came in at $3800, making it 200% above the current market value. This beats the previous record for condo sales by a large margin, and that record was set in 2012. There are two other penthouses on the market for $50 million and $55 million, at Faena House and Mansions at Acqualina, respectively, and judging by the ease of the transaction at Miami Beach Edition, these properties have a very good chance of selling out in preconstruction. If you would like more information on these incredible penthouses of the future and new developments in Miami Beach or Fort Lauderdale, contact us today.