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$15 Million Penthouse Purchase Indicates Upturn for Miami Market

A recent real estate sale in South Beach proves that luxury is not only haute, but also everlasting. For the first time in Miami’s luxury condo history, a penthouse at The Setai sold for a record-breaking $15 million. The 6,208 square foot Villa B penthouse, which was purchased by an overseas investment group, was closed by super-agent Diana Garchitorena.

Though the $15 million sale has certainly raised the bar for its market, it’s in good company with nearly 150 other Miami-Dade luxury condos with price points over $1 million, all of which sold within the second quarter of this year, proving that things may be looking up in the luxury condo arena. And, for the 40th floor Villa B penthouse at the Setai, looking up may even be an understatement.

The four bed, six bath property includes a 4,000-square foot balcony, which features a private infinity pool and two Jacuzzis, along with 360-degree views of the ocean, the city, and expanding as far as the Florida Everglades.

The Villa B property at The Setai has been on the market since 2006.

Garchitorena joined the Setai Realty sales team in 2001, and is one of the company’s three main sales associates.

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New York February / March 2014
New York February / March 2014