This Miami condo is still under construction, but its penthouse just sold for $10M
Where are the wealthy planning to be a year from now? Miami seems to be the place.
The luxury residential 57-story tower Missoni Baia at 700 NE 26th Terrace sold one of its two penthouse units for $10 million on Tuesday, said Edgardo Defortuna, chief executive officer and president of Fortune International Group. The two-story, 7,791 square-foot unit on the 56th and 57th floors features east-to-west views and has three bedrooms and four bathrooms. No seclusion worries here: the unit includes an infinity-edge pool, movie theater, game room, gourmet kitchen, library and gym. In normal times, owners also have use of building amenities including an Olympic-size swimming pool, gym with Pilates and yoga rooms, private cabanas, tennis courts and a pet spa.
The rising condominium, developed by OKO Group, is expected to be completed May 2021. It has a total of 249 units.
“The buyer is familiar with Miami. He finds Edgewater to be a great value proposition because of its views, its proximity to the Design District and the airport,” said Defortuna.
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The buyer, an e-commerce magnate originally from Germany, travels throughout Europe and Miami for business, Defortuna said. His primary residence will be in Europe but he will reside at his Missoni Baia penthouse when he visits for business.
The unit was listed at $12 million but the price was reduced since the buyer “wanted to do the customization of the kitchens and bathrooms himself,” Defortuna said. The unit went under contract during the first week of March.
“The pandemic has slowed sales but this indicates a strong appetite for our market,” Defortuna said.
Sales began in late 2017. The same virtual tools that Fortune International Realty used to attract buyers from Argentina, Brazil and Mexico — think: virtual tours, renderings and images of the views from the condo — are helping the team sell during this time, Defortuna said.
“We expect that there will be more buyers in our market after the pandemic,” he said. “People will come and appreciate Miami even more from a safety and lifestyle perspective.”
