Real Estate News

Condo sale in Miami Beach sets new record for 2017

The living area inside the southeast corner penthouse at W Hotel and Residences on Miami Beach. The unit sold Monday for $10.2 million.
The living area inside the southeast corner penthouse at W Hotel and Residences on Miami Beach. The unit sold Monday for $10.2 million.

Miami-Dade County’s stagnant luxury condo market may be suffering from too much supply, but some record-setting deals are still being made.

A 2,912 square-foot penthouse at W. Hotel and Residences at 2201 Collins Ave. sold Monday for $10.2 million. The price per square foot was $3,502 — the highest in the county thus far in 2017, according to the real estate/tech firm Compass.

The 3-bedroom, 3-bath penthouse features 2,912 square feet of interior space and 690 square feet of terrace, along with an additional 2,912 square feet of rooftop entertainment deck with a pool and hot tub.

The property was originally listed at $15 million in Nov. 2016 and reduced to $13 million in Feb. 2017. A recent study by EWM International found that price reductions have been fueling an uptick in luxury condo sales in Miami-Dade. Ninety-two condos costing over $1 million were sold in March 2017 — a 31 percent increase over March 2016.

The names of the seller and buyer were not disclosed. The seller was represented by Farid Moussallem and Miltiadis Kastanis of the Miami Lifestyle Team at Compass Real Estate in Miami Beach. The buyer was represented by Luis Gonelle from the global real estate firm Engel & Völkers.

“It was hard to price this property because of the unique location and rooftop feature,” Moussallem said. “With a suspended pool over one of the most famous beaches in the world, it was clear that we had to ask for a premium but we needed to test what the market can tolerate. At the end, it all fell into place. Rare translates to value in Miami Beach and elsewhere.”

Rene Rodriguez: 305-376-3611, @ReneMiamiHerald

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