Extravagant Penthouse Residences Are Selling for Top Dollar

May 24, 2013

The ultra-luxury real estate market has seen some record-breaking listings this year. While resales of some of Miami’s most expensive properties have been lingering on the market, buyers have been actively snatching up extravagant penthouses in new developments. Top dollar is being paid for new, “trophy” residences that top luxurious buildings throughout Miami.

Mega-rich buyers are currently gravitating toward pre-construction residences and penthouses in Miami that are designed with them in mind. In Ian Schrager’s Miami Beach Edition, two penthouse units were combined and sold to a single buyer for 34 million dollars. A penthouse at the Faena House is currently on the market for 50 million dollars. Over the past year, the price of these ultra-luxurious residences has climbed to over 3,000 dollars per square foot due to developers reacting to an influx of wealthy international buyers.

However, not all properties are created equal. Some audaciously priced residences have lingered on the market for extended periods of time. For example, the former Versace mansion-Casa Casuarina-has seen two substantial price drops since it’s been on the market. The property was first listed at 125 million dollars, but due to financial problems and a lack of privacy, the mansion is now priced at 75 million dollars.

Source: The New York Times

Miami Beach Edition


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