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Recent Penthouse Sale Reveals Value in Price for Continuum South Beach Penthouse 2


January 19, 2013

Continuum Condos for SaleThe January 14, 2013 sale of Setai Penthouse B for $27,000,000, or $3,800 per square foot, marks the latest uptick in the recent Miami Beach penthouse boom.  Prices for South Beach luxury condos are identifiably higher than they were during the infamous condo boom; especially in the ultra-luxury market.

For example, click the following to read about the recent sale of Penthouse No. 2 at the Icon South Beach, which was sold at the height of the condo boom in 2007 for $7,000,000, or $875 per square foot, and then again on January 1, 2013 for $20,963,054 or $2,623 per square foot.

Based on recent sales, the $39,000,000, or $3,535 per square foot, asking price for Continuum Penthouse 2 doesn’t seem like enough.  This 11,031 square foot masterpiece boasts four levels of greatness, with 13’ high ceilings and sweeping views of the Atlantic Ocean, Biscayne Bay, Fisher Island, Downtown Miami and Miami Beach.  Further, the extras included in the sale price are unbeatable: ten parking spaces, two studio apartments on the 4th floor converted into a two-bedroom guest or staff quarters, the best available cabana in the Continuum South Tower, a rooftop pool and more.  Further, the amenities at the Continuum South Beach are the best available.  It offers Miami Beach’s only private gated community, which occupies 12 acres on the southern-most one thousand feet of South Beach sand, an outdoor restaurant, a four story fitness center and spa, and much more.

Nothing compares to the Continuum South Beach; not even the Setai South Beach.  When Setai Penthouse A sold in December 8, 2011 for $21,500,000, or $3,462 per square foot, the owner of Continuum South Beach Penthouse 2 increased the asking price from $35,000,000 to $39,000,000 to bring the asking price in line with recent comps.  Let’s see if they do it again . . .