Miami Condo Goes For A Record $25 Million As Foreigners Snap Up Expensive Condos

There are tens of thousands of inexpensive condos in Florida that have no buyers in sight, and may have for sale signs on them for many more years.

But for high end condos in Miami, the market has never been better.

Wealthy Asians, South Americans, and Europeans seeking the political stability and relative financial security of the United States are snapping up condos in Miami in the seven digit or higher categories.

Infact, a new record was set this month when a triplex triplex penthouse in the South Beach section of Miami Beach was sold for $25 million, $3.5 million more than the previous record set five months earlier.

The latest record-setter in the Continuum was purchased by an Italian buyer.

“The Continuum is a two-tower condominium complex set in a 13-acre gated beachfront enclave that includes a 25,000-square-foot health and fitness center, two pools, three tennis courts, four hot tubs and two saunas,” reported the New York Times.

“The buyer of the 7,400-square-foot penthouse in the Continuum towers was an Italian who controls an investment company, said Pietro Belmonte, a broker at Prudential Douglas Elliman who has sold residences in the building. The seller was Alex Birkenstock, who withdrew from day-to-day operations of his family’s company in 2008, according to one person familiar with the matter. He bought the apartment for $9.9 million in 2009.”

“The penthouse, on the 40th, 41st and 42nd floors, has five bedrooms, seven and a half bathrooms and 6,000 square feet of outdoor space across six terraces, and includes a private pool and an internal elevator. The floor-to-ceiling windows reach as high as 26 feet in the living room, said Khashy Eyn, the chief executive of Platinum Properties of Manhattan and the broker who represented Mr. Birkenstock.”


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