Miami Beach condo sells for record $25 million

A South Beach penthouse, sold to an Italian buyer, sets a new condo sales record for Miami-Dade: $25 million.

05/24/2012 5:00 AM

05/24/2012 6:31 PM

A three-story penthouse with 25-foot ceilings and a private pool has sold in Miami Beach for a whopping $25 million, breaking a record countywide for condos, as the high-priced real estate market continues to heat up.

The five-bedroom, 7 ½-bath penthouse stretches from the 40th to the 42nd story of the Continuum, at 100 South Pointe Dr. in South Beach, offering both ocean and city views.

“It’s basically a glass box in the sky, very private,” said Khashy Eyn, chief executive of New York-based Platinum Properties, which represented the seller. “Someone looking to spend this kind of money, privacy is the most important thing, and you can be anywhere in the apartment naked and no one can see you.”

The unit set a new record for condo sale prices in Miami-Dade, surpassing the $21.5 million record reached in January for a penthouse at the Setai in Miami Beach.

Built in 2003, the Continuum condo is 7,374 square feet, and boasts an additional 6,000 square feet of outdoor space and an elevator, said Julian Johnston, broker with Miami Beach-based Sterling Equity Realty, who represented the buyer.

The buyer plans to “rip everything out and spend $2 million to finish it,” said Johnston, who signed a confidentiality agreement and cannot name him. The New York Times said the unnamed buyer is from Italy.

“He has visited Miami many times before,” Johnston said.

The condo was last sold in May of 2009, for $9.9 million. The buyer at the time and current seller is Alex Birkenstock.

This time, the condo was not even listed for sale when the buyer asked to see it, wanting a unit with high ceilings, Johnston said.

The space recently WAS rented out by Mary J. Blige for a photo shot promoting her new perfume, said Eyn, whose agency served as managing agent for the property.

Jill Eber, broker with The Jills of Coldwell Banker in Miami Beach, held the listing when Birkenstock bought it.

She said she has another unit at the Continuum, listed at $19.9 million, that is now under contract to an international buyer. It is expected to close in June, and will set a new record for price per square foot, she said.

The sales are further evidence that homes and condos are selling at a quickening pace in the high-priced market.

“There is a confidence in the market,” Eber said. “And when somebody sees something they want and they have to pay the price, they’re doing it.

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