Despite an economic downturn in most global markets, Miami residential market continues to show positive momentum in setting record-breaking sales for ultra-luxury residences. International buyers have flooded the market with their cash buying power investing in luxury oceanfront condominiums in some of the most highly sought areas of South Florida. These Ultra-High Net Worth Investors and foreign billionaire buyers have purchased most of Miami’s priciest residences in the last few years.
Miami’s residential market has shown a surge in luxury home and condo sales for the past 4 years. Low inventory on the oceanfront, coupled with new luxury developments in urban centers and high demand from UHNWI have made the city one of the hottest markets in the nation. But it’s the record sales transactions in the last few years in areas such as Miami Beach, Sunny Isles, and Bal Harbour that sets the bar for the nation’s top Real Estate market. Miami’s most exclusive luxury condos and homes come with hefty price tags, including amenities and services to match.
We’ve listed some of the past few years’ worth of multi-million dollar residential purchases below from the most highly-sought buildings in Miami such as the Continuum South Beach, Faena House, St. Regis Bal Harbour, Setai Miami Beach, Residences at Miami Beach Edition and homes on prestigious Star Island and Indian Creek Drive. As Miami’s status as a global city with the second-largest financial hub in the country continues to draw increased demand from international and domestic home buyers, all reports to indicate a healthy real estate market for both buyers and sellers.
MIAMI'S MULTI-MILLION DOLLAR RECORD BREAKING SALES
$60 MILLION - Miami Beach 18-story ultra-luxury Penthouse sale at Faena House made it the highest sale EVER for a single family residence in Miami- Dade county.
$47 MILLION - 3 Indian Creek Island Road (also known as Indian Creek Drive) broke records for the most expensive residential sale ever in Miami-Dade County when it sold for a whopping $47.
$38 MILLION - Hedge fund billionaire Edward Lampert bought his multi- million dollar mansion on Florida’s ultra exclusive Indian Creek Island.
$34 MILLION - Sale of two side-by-side penthouse units in The Residences at the Miami Beach EDITION, a luxury hotel-condo hybrid developed by Studio 54 co-founder-turned-boutique hotelier Ian Schrager.
$27 MILLION - Penthouse B at the Setai, a full-floor unit on the 40th floor sold for $27 million, which beat the Continuum as the most expensive condo ever sold in South Florida at the time.
$25.5 MILLION - The highest post-bubble price paid in the county for a residence was $25.5 million in 2011, by Russian billionaire Roustam Tariko, for a 15,000-square foot Star Island estate.
$25 MILLION – Continuum South Beach’s triplex Penthouse sold for $25 Million eclipsing the previous record of $21.5 million reached five months before.
$22.75 MILLION - The full 25th floor penthouse of one of the St. Regis Bal Harbour South Towers
$21.5 MILLION - James H. Clark, the billionaire founder of the Netscape Communications Corporation, got for his 6,209-square-foot duplex penthouse at the Setai Resort and Residences
$21 MILLION - 4 Indian Creek Island Road was purchased for $21.6 million by the same buyer of 3 Indian Creek Drive.
$21 MILLION - The Ritz-Carlton Residences in Sunny Isles Beach, developed by Fortune International Group and Château Group, recently sold its first penthouse for $21 million, setting a record for Sunny Isles, Florida.