Luxury condos keep closing in South Florida, underscoring purchasers’ continuous confidence in Miami real estate market. One of four penthouse units at the Ritz-Carlton Residences in Sunny Isles Beach sold for $21 million Thursday to an undisclosed U.S. purchaser, said Edgardo Defortuna, CEO and leader of Fortune International Group.
The penthouse at the 52-story waterfront tower features 10,760-square-feet and encompasses the whole 51st floor. The inside of this luxury condo measures 7,760 square feet with four bedrooms, six bathrooms, a half bath, service quarters, gym, theater and den. The garden, pool and terrasses spread 3,000 feet outside.
About 80% of the 209-unit building have sold. With luxury condo amenities such as a spa, two pools and a children room. “Most of our buyers are end users,” Defortuna said. “They buy because of the Ritz-Carlton brand — they want the customization, service and management that comes with Ritz-Carlton. And they come to South Florida for the lifestyle and weather.”
The Ritz Carlton Sunny Isles Beach luxury condo units sold about $1,107 higher per square foot than another recent luxury sale — a 7,630-square-foot Palazzo del Sol unit at 7021 Fisher Island Dr. that closed Friday for about $1,598 per square foot, or a total of $12.2 million.
The transactions prove Miami’s luxury condo appeal despite the pandemic, especially with North-easterners, said Jonathan Miller, chief executive officer and president of New York City-based real estate appraisal and consulting firm Miller Samuel. “New Yorkers are still the new foreign buyer. There are a little international buyers, and a little in-state [Florida] buyers too.”
Miami’s proximity to Latin American and European countries have enticed buyers to South Florida, Grosskopf said: “Buyers are attracted to Miami because it’s an international market.”
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