After breaking records for a $21.5 million penthouse in 2011, another penthouse in the prime Setai Miami Beach has sold for $27 million, over $3800 per square foot. The latest blockbuster sale was for Penthouse B, the entire 40th floor comprising 7100 square foot inside, 3000 square feet of terraces, a private infinity pool and hot tub with spectacular ocean views.
With the latest record-breaking sales in Miami, the Setai has solidified itself as the highest priced building in the metropolitan area. The recent sale has also raised values elsewhere in the building, where several smaller residences are now trading at or near $2800 per square foot.
The Setai occupies an expansive two acre oceanfront campus at 20th Street and Collins Avenue. With the Delano a few blocks away, the opening of the Setai in 2003 solidified the shift of South Beach’s epicenter to the north. This may be a prime example that the best locations do hold their value as this same penthouse last sold for $15 million in 2010.
Through a unique exception to the city’s strict building height limits, The Setai’s 40-story tower is rare and this penthouse one of the very highest available. The tallest surrounding building is 20 stories, practically guaranteeing unobstructed views and the privacy that high-end residents and visitors are looking for. After all, the penthouse has reportedly hosted the likes of Simon Cowell, Madonna, Jim Carrey and other celebrities.
Other recent transactions of note include a custom combination at the St. Regis Residences Bal Harbour for $24.6 million ($1500 per square foot), a 7400 square foot triplex atop the Continuum in Miami Beach’s SoFi neighborhood for US $25 million ($3400 per square foot), and a reported penthouse sale at the Residences at the Edition Miami Beach which was asking $15.75 million ($3000 per square foot).
While the pundits may argue about the health of the Miami market, it seems that the luxury market on this stretch of South Beach is doing just fine.