The Miami Penthouse Life
The prestigious penthouse apartment, which occupies the highest floor of a residential building, has long been synonymous with wealth and luxury. But for affluent Miami buyers, the luxury penthouse condo options are abundant. With the surge in ultra-luxury coastal developments, Miami has a surplus of penthouses on the market. There are 389 penthouses for sale in Miami-Dade County as of November 2018, with 158 penthouses sold year-to-date (YTD), an overall 20% decrease in penthouse sales from the same time in 2017. Today, 48 premier penthouse units ask $5 million, while 18 are listed for over $10M.
Conversely, ultra-luxury penthouse sales ($5M+) are increasing with amazing new property options found today.
Some buyers may be confused about what even constitutes a penthouse, with luxury developers labeling their prized upper units as LPH (lower penthouse), UPH (upper penthouse), TS (tower suite), and alike. Penthouses in Miami’s newest residential buildings (2015+) are listed from $280,000 to $42M — many of which are not on the top floor.
Miami’s Penthouse Stats:
- 389 for Sale
- Median List Price$/PSF – $588psf
- Average List Price $2.833M
- 158 (YTD) Sold
- Median Sale Price$/PSF – $351psf
- Average Sale Price $1.685M
- Average Buyer Discount – 10%
- $5M+ – 11 Penthouses Sold
- 224 Sold
- Median Sale Price$/PSF – $339psf
- Average Sale Price $1.046M
- Average Buyer Discount – 7%
- $5M+ – 8 Penthouses Sold
- 195 Sold
- Median Sale Price$/PSF – $358psf
- Average Sale Price $1.016M
- Average Buyer Discount – 7%
- $5M+ – 3 Penthouses Sold
The days of the penthouse being solely the top floor are no more, with developers realizing there is a premium to be paid for the top floors of development to have the penthouse designation. In some cases, condos have been labeled a penthouse not because it’s on the top floor but because it has a different layout, higher ceilings, or other amenities that differentiate them from other units in the building.
As we move into the new year, penthouses for sale in Miami are abundant, with buyers finding awesome properties to choose from, great leverage to negotiate deals, and exceptional long-term value.
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Whether you’re seeking a Miami penthouse for sale, remodeled condo in Miami Beach, a deal on new construction, a beautiful waterfront estate, off-market & investment opportunities, vacant land for development, bulk condo sales, or relocation assistance for your family &/or team, I’ll have it customized and ready for you – contact me here and let’s discuss your ideas and a strategy here in South Florida.
I’m connected with the world’s best luxury real estate brand and a vast global network of friends & colleagues who offer a bespoke experience wherever you are. Locally, I offer the best in real estate knowledge and client services as a master broker-associate with the leading firm, ONE Sotheby’s International Realty. Why Sotheby’s? Because of the brand heritage, prestige, propensity for perfection, and, quite simply, the immense global reach in curating luxury goods and real estate. Since 2002, I’ve been active in the South Florida residential market with knowledge, experience, and white-glove service that consistently exceeds expectations.
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