Palazzo del Sol Penthouse Sells for Record-Breaking $35 Million

By Sunny Isles Real Estate Expert on May 18th, 2015

fisher island condo for sale

Exclusive Fisher Island real estate, which is home to a number of CEOs, athletes, billionaires, and stars from over 45 different countries that make up its 675 families, ranks as one of the highest per capita income zip codes in the US. It is to be expected that there are going to be some pricey homes in the area. However, even the residents who are accustomed to luxe homes and posh surroundings were impressed by the Palazzo del Sol penthouse that recently sold for a record-breaking $35 million.

Highest Island Sale Ever Recorded

The Palazzo del Sol, which is scheduled to be completed in early 2016, is a 47-unit tower and the first new construction in the area in over 7 years. The units are currently 47% under contract, and the buyers are from locations all over the world including Spain, London, Mexico, New York, Turkey, Venezuela, and Brazil. Penthouse 2 was purchased by a Russian buyer, who paid $3,602 for each square foot of the 9,715 square foot space. This is more than 2.5 times higher than previously recorded record sale, which was $13.5 million for a 6,170-square foot penthouse that had been built in 1992 and owned by Oprah Winfrey.

The $35 million penthouse #2 is one of three available in the space, and has many amenities, including:

• A private elevator
• 18-foot windows that provide panoramic views that include South Beach, the skyline of Miami, the Atlantic Ocean, and the Biscayne Bay
• An open floor plan
• Seven bedrooms
• Seven and a half bathrooms
• A theater
• An exercise room
• A bar and lounge
• Separate family and dining rooms
• Four terraces
• A zero-edge swimming pool
• Outdoor entertaining areas and a summer kitchen designed by Enea

The kitchen and bathrooms are Boffi, and include SubZero, Duravit, Dornbracht, and Gaggenau fixtures. Together, the combined indoor and outdoor spaces total 8,595 square feet.
The Palazzo del Sol itself is also designed to provide luxury and amenities that are meant to impress. These include a The Wright Fit fitness center, a hair and makeup salon, cinema style theater, professional fur storage, two lobbies, an aperitivo bar, private massage rooms, Kidville playroom, and integrated media meeting rooms.

Fisher Island itself has undergone $60 million in renovations to locations such as the Vanderbilt Mansion, the oceanfront Beach Club, and a wealth of additional amenities that include a championship P.B. Dye professional golf course, marinas, and a Spa Internazionale, which have all gone to attract even more of the international spotlight.

However, the addition of the Palazzo del Sol is adding to that international appeal and according to the leader of pre-construction sales for the development, Dora Puig, it is also “reasserting its position at the top of South Florida’s trophy real estate market”.

While the $35 million penthouse is in a class of its own, the rest of the units in the tower start at $5 million, which is none too shabby for the Fisher Island locale. With these prices, the island just might be making its comeback. See all condos on Fisher Island currently available for sale here:

Different Lifestyles, Different Miami Markets for Real Estate

By Sunny Isles Real Estate Expert on August 4th, 2013

Miami real estate for sale

Sunny Isles Beach condos for sale

Miami real estate

offers a very diverse housing market. For people looking at the high end of the real estate market, they will likely find that there is still a lot of diversity to take advantage of, even among the most expensive homes in the area. Depending upon your needs, you may want to look toward certain types of properties that satisfy those needs and that offer you exactly the living situation that you want. Where Miami luxury real estate is concerned – and this means real luxury; the top end of the market – there are essentially two ways that people can go.

Miami offers luxury estates on islands which is exclusive real estate in Miami. Fisher Island real estate and Star Island is a fine example of this. It is essentially closed off, comprising a gated community that has security and that offers a great deal of privacy. There are many other islands like this in the area.

Some of these islands have condominiums located on them and, for those who want a combination of living on a private island with the social aspects of living in a condominium property, these are great options. Many of these islands, however, are characterized by estate properties that tend to be very popular with specific types of individuals.

Many people who are concerned about privacy prefer the gated, exclusive communities that characterize what is to be found in these island markets. Many of these island estates also have their own docks, allowing people who have a passion for sailing to take advantage of having their own slip for their yacht. This makes for a great arrangement if you’re interested in estate living and if you want to have a property that is as private as possible.

Miami Condos

retain the exclusivity of a gated community and combine that with typically easier access to major shopping districts and so forth. For example, Miami Beach condos has a number of luxury condominiums that provide great places to live and that, while they do offer privacy and exclusivity, also allow their residence to easily get around the city, explore what it has to offer and to get home without any real hassles involved. This makes condominium properties very popular.

Condominium properties are also extremely popular with people who live in Florida part time. Rather than having to pay to maintain an estate when they are not there, condominiums generally have arrangements that ensure that the unit is maintained to the highest standards and that it is ready to move into when the owners come back for the season.

Condominium living doesn’t necessarily mean living in a small space. Some of these condominiums are quite expansive, extending into the thousands of square feet of living space. Some of that space is generally dedicated to a balcony, affording a great place to relax outdoors.

If there’s one thing that defines the Florida real estate market, it’s options. With a good realtor, people can generally find anything that they need.

Why Do Celebrities Come to Miami?

By Sunny Isles Real Estate Expert on July 29th, 2013

Miami celebrities homes for sale

Miami Beach Luxury Estates

Miami has a reputation for attracting celebrities. Particularly areas offering luxurious homes for sale in Miami Beach, luxury waterfront homes in Fort Lauderdale and most beautiful Coral Gables estates, which have many of the qualities that celebrities look for in housing. Aside from large price tags and luxurious estates, there are some aspects of housing in this area of the nation that make it particularly amenable to the needs of celebrities and other individuals who have high profiles for other reasons, such as government officials.


Many areas in and around Miami have gated communities or, at least, security that is available to help maintain the privacy of residents. For many people who have a high profile, this is an absolute necessity. As just one example, Fisher Island residences is one of the most expensive places to live in the United States. Some of the people who live there live there because they are wealthy enough to afford such luxury, but other people live there because the island is entirely private. People who are very well known can go about their lives normally without worrying about being recognized, hassled or having to deal with any of the other drawbacks that do come along with being publicly known.

Exclusive Areas

In addition to having a very vibrant and diverse culture, Miami does have some very exclusive areas of town. Areas such as Bal Harbour real estate, of course, open to anyone and everyone who wants to come down and enjoy some of the most upscale shopping in the world, but there are many well-known people in that area most of the time and, because of that, people who do have a high profile can enjoy going out and about and not standing out among the crowd. This is one of the more attractive elements of living in the Miami area, given that it doesn’t necessarily mean having to live in a gated community all the time.


Of course, if you happen to be living well, it doesn’t make much sense to not enjoy it. Miami has some of the best nightlife in the world. Take the distinctive music of the city, the characteristic colorful lighting and the very active and energetic streets and you have the recipe for an incredibly gratifying night out on the town. Whether you want to go somewhere casual and enjoy some dancing or go to some of the most exclusive establishments in the country, you can do it in Miami.

Miami real estate

has a lot to offer for people who are easily recognizable in public and who want to simply live a good life and not have to worry about being singled out constantly. Of course, many people of means do want to invest their money and, because the Miami real estate market has been picking up remarkably well in recent years, more people are moving here all the time. For privacy, upscale living and the ability to choose between many different types of luxury homes, Miami is very difficult to beat. These are only some of the many reasons that so many famous people are attracted to the city.

2012 Was The New 2002, Only Better!

By Sunny Isles Real Estate Expert on February 28th, 2013

Fisher Island Real Estate For Sale

Fisher Island Condo

If Miami real estate history

does repeat and the economists are correct, 2012 was the new 2002.

Last year was the return to normal for Miami real estate. With annualized homes sales at $4.6 million nationally in 2012, we are close to 2002’s $5.5 million mark, which has now been defined as the normal level for sustainable real estate sales. Interestingly enough, a look back at 2002 in South Florida looks very similar to 2012. Ten years ago, combined numbers for Miami–Dade and Broward showed an overall inventory level of just over 20,000 residential properties for sale which at the rate of sales represented about 5 months of inventory, very similar to the numbers for 2012. It is when you start evaluating pricing that things really get interesting and the differences start to emerge.

The average Miami home sales price

in both Dade and Broward counties combined has risen from $446,000 to $620,000 in the last 10 years, with many peaks and valleys along the way. The most significant growth trend has been in what is referred to as the “super” luxury market. Not a high end grocery store, the super luxury market are those properties that define the top tier of property sales in a market. In the last 10 years, that market has gone from above $5 million to above $20 million. In 2002, 768 residential properties were sold over $1 million in both counties. By 2012, that number had grown to 1,911. The over $5 million market growth was even more pronounced in the same time period, with 4 times as many sales in 2012 as compared to 2002. In the super luxury category, over $10 million, there were no sales in 2002 and 30 sales in 2012. This is clearly an entirely different market now.

Rental prices continue to rise as well: 41% of all investors purchased more than one property last year. With rental prices going up, and a continuing strong demand, this too will remain an active segment of the market.

2012 also saw the return of the U.S. Northeast buyer in a very strong way. Income tax changes in many states in the U.S. and countries abroad has been the final impetus to clench that purchase decision in Florida, and South Florida in particular. These are buyers that can claim residency anywhere in the world and choose our backyard. Who can blame them?

Luxury Home Sales Are Booming Once Again In Miami

By Sunny Isles Real Estate Expert on February 22nd, 2013

Miami Luxury Homes For Sale

Waterfront Homes For Sale In Miami

It appears as though the sale of luxury homes in Miami

might once again be on the rise. Last month, a penthouse in The Setai sold for approximately $27 million. Currently, this amount has set a new record for the most amount of money ever paid for a condo in the South Florida region. Neatly situated on the 40th floor of the high rise building, this penthouse suite boasts 4 bedrooms, 4.5 bathrooms, and an overall size of 7,100 square feet. Prior to that there was a sale of $21.5 million dollar condo in the same building back in 2011. The previous record for the amount of money ever paid for a single condo in South Florida was $25 million, which was sold in May of 2012.

Whether or not these signs are indicative of a recovery for the housing market of Miami is going to depend upon who you talk too. At the 2012 Miami International Real Estate Congress event at the Miami Biltmore Hotel, Lawrence Yun, the chief economist for the National Association of Realtors, stated that approximately 77% of Miami’s higher end realty firms had worked with international buyers. By comparison, only 27% of high end realty firms, across the United States, have worked with international buyers in the last year.

Miami’s exposure on an international level has been primarily responsible for the increase in growth from foreign buyers. The majority of foreign buyers have come from South America, Russia, Europe and recently sectors like China and India have shown interest from buyers seeking for a safe haven for their cash at the moment.

The sale of luxury homes in Miami

as well as non-distressed properties is certainly a desirable commodity right now. Available inventory levels have been tight since the summer of 2012. Many residential homeowners are still reluctant to place their homes on the market until they have begun to recover more of their pre-housing crisis values. On the downside, if the value of Miami homes continues to rise at its slow pace, the National Association of Realtors believes that it will be 2017 before these homes return to their pre-crisis levels.

The signs of recovery are there. Between August of 2011 and August of 2012, the median home prices in Broward County rose by 12.5% to an average value of $215,000.00. Is it safe to say that the housing slump is over? It is too early to tell at this point, but if the sale of luxury Miami homes is any indication, buyers are, once again, looking to Miami as a city worth investing in.

Do You Know the Exact Number of Celebrities That Live In Miami?

By Sunny Isles Real Estate Expert on February 7th, 2013

Miami Homes For Sale

Celebrity Homes For Sale In Miami Beach

In November of 2012, famous producer and rapper Pharrell Williams made headlines when he listed his home for sale for a sum of $16.8 million. This property is located on the 40th floor of Miami’s famed Bristol Tower, which falls into category of most expensive properties currently on the market in Miami today.

Today, we are seeing a nice surge in sold and also pending sale high-end homes and Miami penthouse sales. The South Beach real estate market continues to be strong and continues to attract both domestic and foreign buyers. The market for luxury properties in Miami and South Beach has experienced tremendous growth in the last year, but the front in Brickell has remained rather quiet up until now. A similar penthouse in Brickell, located at the Four Seasons, is currently for sale for $15 million.

Pharrell Williams might have garnered attention when he listed his home for sale, but he is far from the only celebrity who calls Miami home. Other notable names who currently maintain at least part time residences in Miami include Gianni Versace, Rickey Martin, Jennifer Lopez, Lenny Kravitz, and Madonna, amongst many others. O.J. Simpson used to maintain a residence in Miami until he was forced to sell, due to his ongoing legal troubles.

While Mr. Williams did not have a problem with his name being attached to the property that was for sale, other celebrities make a concentrated effort to hide their identities when it comes to selling their luxury pads. Even if a celebrity, like Mariah Carey, has posed for magazine photos inside of their home, they generally do want to acquire these same level of attention when it comes to selling the property. According to an article published in the New York Times, most celebrities will require the realty firms they hire to sign confidentiality agreements, or they will have the sale conducted behind the privacy scree that a limited liability company and lawyers provide.

Before opening the homes to tours from prospective buyers, realtors will actively scrub the property to ensure that any evidence a celebrity lives there is erased. The jury is still out on whether or not having a famous name attached to it will actually assist a property in selling more quickly, but the efforts taken in ensuring the privacy of famous homeowners prevents the curiosity seekers from attempting visit where their presence is unwelcome.

Ricky Martin’s Home On Golden Beach Miami Sells for $12.8 Million

By Sunny Isles Real Estate Expert on December 24th, 2012

Indian Creek Homes For Sale

Indian Creek Miami real estate

Ricky Martin, famous for the song “La Vida Loca”, recently sold his Golden Beach home for $12.8 million, according to reports. The home is located at 641 Ocean Boulevard. It’s situated on the island on the northern edge of Miami-Dade County.

The identity of the buyer isn’t known, but they certainly did purchase quite a bit of luxury in the transaction. This isn’t the first large-scale real estate transaction for the singer in Miami. In 2011, he sold a different Golden Beach house for $6.3 million. Earlier this year, he sold a home on North Bay Road in Miami Beach for $10.6 million.

The Property

Luxury homes for sale in Miami

rather lacking title to describe the property that Ricky Martin sold. The $12.8 million property includes 108-feet of private beachfront along with the deal. It is a five-bedroom, seven-bathroom property with two stories. The design is Mediterranean in flavor.

Among the amenities the home includes are a gourmet kitchen and a home theater, according to reports.

Other Properties

The property that Martin managed to sell in April of this year was 10,000 square feet in total size. This property was located at 5130 N. Bay Road in Miami Beach. The $10.6 million price tag was picked up by an undisclosed buyer for this home, as well. This particular home has seven bedrooms and 10 bathrooms. It had garnered the interest of celebrities, including Beyonce and Jay-Z, who visited the home in 2011, according to reports. At that time, the asking price was $2.5 million.

Other Celebrity Properties For Sale in Miami

Miami is, of course, one of the richest real estate markets in the world in terms of the sheer amount of celebrities who own at least a vacation home in the city. Combined with very private gated properties, the ability to live on islands where security is assured and condominium developments that come with 24-hour security as an amenity, there are plenty of properties in the area that have consistently appealed to the rich and famous. Some of those rich and famous individuals, such as Ricky Martin, end up purchasing several homes in the area to get in on the Miami real estate market.

Some of the most opulent homes in Miami, however, do not belong to celebrities. In addition, some of the most expensive properties in Miami are actually located in the condominium towers that make up integral parts of the Miami skyline. Some of the Miami condos for sale rival any freestanding home in terms of luxury, amenities and, in some cases, square footage.

Realtors can help individuals who have a high net worth to find properties that are suitable for them. Whether those properties formerly belonged to a movie star, a recording artist or some other high profile individual or they just happen to belong to a successful businessperson who decided to purchase a vacation or permanent home in Miami makes little difference. With the right realtor, even individuals who want to purchase at the absolute top end of the luxury market will find plenty of options available in Miami.

Indian Creek Island Home Sells For $47M – The Largest Residential Transaction In History

By Sunny Isles Real Estate Expert on August 12th, 2012

South Beach Condos For Sale

South Beach real estate

It started out as a dream project in 2008, Shlomi Alexander and Felix Cohen, two lifelong friends, invested $10.7M into the Indian Creek Island land in 2007 to build a spectacular, one of a kind home in the most sought after islands of Miami Beach. However, after completing the project, the times were tough for the real estate across the country and Miami Beach was no exception.

As of this week, 3 Indian Creek was closed for a whopping $47 million, a new residential sale record in the history of Miami-Dade. The mansion offers 30,000 square feet of ultra modern design (designed by architect Rene Gonzalez) with 10 bedrooms, 14 bathrooms on an 80,000 square foot lot, 100-foot pool, a glass-encased waterfront gym, 205 feet of bay frontage, and its own beach.

The foreign buyer paid over $47 million in cash and placed the house in the name of a limited liability company. The previous Miami Dade County record was set in March of this year, when Edward Lampert paid $40 million for another Indian Creek Island home.

It’s the second large-scale deal on the Miami Beach barrier island in less than two weeks, following the combination $24.6 million purchase by a foreign buyer at the St. Regis Bal Harbour condominium at the end of July.

This indicates that the Miami real estate market still really hasn’t reached its potential. Miami Beach luxury homes are still underpriced compared to other markets internationally, like New York, Los Angeles, Sao Paulo and Mexico City. People still see Miami as a great potential for an investment.

Sunny Isle Beach New Constructions

By Sunny Isles Real Estate Expert on July 21st, 2012

Sunny Isles Condos For Sale

New Construction Condos in Sunny Isles Beach Miami Florida

There may have been a time when the housing market throughout the United States has struggled, but that time is over. Now, South Florida is seeing a rise in homes and home construction that is sure to appeal to any buyer interested in the area. Just take a moment to look at Sunny Isle Beach real estate. This greatly sought after area, ideally located on the Atlantic ocean in the North Miami Beach, has quickly become the most desirable area to live in. In fact, according to Forbes magazine, Sunny Isles Beach falls into the top three cities in the world to live in. With its close proximity to the city and its perfect location along the beach, this is a residential area with lots of shops, supermarkets and activities, which makes it the area to move to. Nestled on a strip of beach between the upper scale areas of Golden Beach and Bal Harbour, Sunny Isle Beach is certainly a hot spot.

Nine New Condominiums In Sunny Isles Beach

The best way to see just how hot Sunny Isle Beach is would be to look toward the future. Not just one or two condominiums will soon be built. In fact, nine new condominiums will go up in the near future. Are you looking for luxury living right on the ocean? Then consider one of these luxury condominiums that will soon grace the sandy waters of Sunny Isle Beach:

Porsche Tower
Mansions at Acqualina
400 Sunny Isles
Chateau Beach Residences
• Three new St. Tropez Towers

The Life of Luxury

Anyone knows that condominiums on the beaches of Miami offer the life of luxury. Why not choose to live in a location that is brand new? These new condominiums are sure to offer the very best security from top of the line security and technology to pampering options like spas and saunas.

Sunny Isle Beach itself offers plenty of luxury as well. For the most part, this area has not been discovered like other areas of the coastline. For that reason, the area offers more parks than any other community in the Miami area. This means you will be able to offer a more private life of luxury. You will be able to get away from the busy life of Miami so that you can enjoy beautiful beaches and plenty of open space. Then, when you want, you will just be minutes away from the main areas of Miami. It is like having the best of both worlds!

Choosing South Florida

There are many reasons to choose South Florida for a condominium. This area offers plenty of sunshine and golden beaches. In addition, there is plenty to see and do. The Miami area is the center of activity for Sunny South Florida making it a sought after place to live. Sunny Isle Beach is certainly gaining attention as the best location in the South Florida and Miami area.

Are you ready to choose a top of the line condo with plenty of private beaches? This is just what you can gain from Sunny Isle Beach. There are plans for not one or two condominiums but actually nine different condos that will offer the true life of luxury in the world renown city of Miami. Come home to the sun and sand.

The Miami 2012 Luxury Market Analysis

By Sunny Isles Real Estate Expert on June 15th, 2012

Miami Condos For Sale

South Beach Condos For Sale

The luxury market in South Florida is exploding, with record-breaking residential listings as high as $125 million for the recently-listed former Versace mansion. But with prices that look like those of 2006, some are warning that Miami’s high-end market might be forming another bubble, CNBC reported. It is the type of speculative, largely foreign buyer in South Florida that worries experts. If Europe’s economy collapses, or if global markets fall back into a recession or even slow, the market for Miami’s pricey real estate could collapse overnight. “This is flight to safety for these buyers, an investment decision,” said Jonathan Miller of Miller Samuel Real Estate Appraisers and Consultants. “The question is, how long and how far will it go? Does this create a bubble at the very high end in these specific markets?”

In the meantime, the new condo transactions at the St. Regis Bal Harbour Resort & Residences as well as Mansions at Acqualina are off to a great start. About 170 units have been closed at St. Regis Bal Harbour Resort & Residences totaling more than $623 million in the first seven month of sales! In addition, deposits for about 80 units were collected at Mansions at Acqualina in the first 5 weeks of the sales center being open.

Buyers are purchasing these super-luxury, ultra-exclusive properties at an average $1,500 sq.ft. and paying on average between $1,2M to $13.5M dollars. This is a sure sign of Miami real estate exploding once again with prices breaking all previous records. The properties are up by 20 percent just this year, which even breaks the peak of 2006 year.
“Miami is hot and it’s not just the weather!” said Jack Levin, chairman of the Miami Association of Realtors.

Consider the stats: The lion’s share of Miami’s high-end real estate is now bought by foreigners. In 2010, according to the National Association of Realtors, Florida accounted for more than a quarter of the $82 billion in sales to international buyers.

The average price paid by those buyers was $400,000, against an overall U.S. average of $212,000. Sixty-two percent of international purchases were all cash, a percentage that has been increasing since 2007.

Real-estate economists and brokers say most of the foreigner investors are rich families from Brazil, Argentina, Venezuela and Russia. These families are growing increasingly nervous about threats to their wealth from economies and governments back home and are looking for a safe place to store their cash.

Miami is an ideal location, offering all the safety of the United States with the fun and mildly exotic feel of southern Florida.

In other words, Miami’s boom is not a broad-based market recovery driven by local families needing a home. It’s being fueled by a tiny top slice of super-rich overseas buyer looking for the latest hot investment.

As of the end first quarter in 2012, buyers had purchased nearly 45,000 condos in Miami, Fort Lauderdale and Palm Beach areas. They’ve spent over $22 billion dollars. Currently the developers are proposing at least 32 new condo projects with nearly 6,300 units in each of the tri counties Miami-Date, Broward and Palm Beach.

As of June 2012, nearly 1,300 luxury condos priced at $1 million or more are available for resale in the South Florida market where buyers are purchasing an average of about 75 units monthly between January and May of this year, according to the data.