Miami’s Record-Setting Penthouse Sales

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Miami Record Setting Penthouse Sales 2022

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Miami’s record-setting penthouse sales of 2022 are impressive; as many of you know, Miami has been experiencing a red-hot real estate market. This year, the city has seen unprecedented penthouse sales prices, breaking all previous records. Although it’s back to a buyer’s market in Miami-Dade, the demand remains steady for luxury penthouses within The Magic City.

Miami offers its residents tremendous lifestyle advantages and super tax savings from calling South Florida home. Whether you’re looking to buy or sell a home in Miami or simply want to stay up-to-date on the latest real estate trends, this blog has something for you. Explore our inventory of homes available today, and let’s dive into the exciting world of Miami’s record-setting penthouse sales in 2022.

Miami’s Luxury Condos Sold >$10M

Per the MLS Matrix database, Miami had 68 luxury condos sold for over $10 Million this year at a median sale price of $2,804 per square foot. In 2021, there were 73 condos sold at $2,613 per square foot. This equates to 7% fewer sales while, at the same time, luxury home sale price values increased 7% more than in 2021. The average number of days on the market to sell a luxury condo in Miami this year was 215 days.

Miami’s Luxury Condos for Sale

Above $10 Million, there are 91 luxury condos for sale in Miami today. With 5.6 condo sales per month, we have an approximate 16-month supply, hence a buyer’s market and an open playground for selection, leverage, and value. There are 3 condos pending contract that will close next year.

Miami’s Top Penthouse Sales of 2022

Of this year’s top Miami penthouse sales, the sale price values ranged from $21M to $37M, with the median sale price value of $4,057 per square foot. Buyer’s noted an average 12% discount from the list price with an average sale price of $23.468M.

Last year’s stats showed the top ten penthouse sales with a 15% buyer discount from the list price, a median sale price per square foot of $3,139, and an average sale price of $27.295M. Sale price values (SP$/PSF) reflect the top luxury penthouse sales 23% higher this year!

Miami’s Top Ten Penthouses Sold

  1. 57 Ocean Penthouse ($37M) Miami Beach
  2. Palazzo Della Luna PH6803 ($30M) Fisher Island
  3. Jade Signature PH5603 ($23.5M) Sunny Isles Beach
  4. Regalia Penthouse 43 (auction sale at $20.524M) Sunny Isles Beach
  5. Surf Club Four Seasons S-511 ($23M) Surfside
  6. Eighty-Seven Park #1102/1106 ($19.152M) Miami Beach
  7. One Thousand Museum #5401 ($18.250M) & PH57 ($19.5M) Downtown Miami
  8. Palazzo Del Sol #6812 ($21.250M) Fisher Island
  9. Palazzo Del Mare #7153 ($21M) Fisher Island
  10. Surf Club Four Seasons ($21M) Surfside

This list proves that hot new markets within Miami are most desirable other than South Beach real estate. Sunny Isles Beach has a great future with many dynamic new condo developments, including the Estates at Acqualina, St. Regis, and Bentley Residences. Downtown & Brickell continues to amaze locals & brokers alike with new area records, such as Waldorf Astoria and Paramount Miami Wordcenter. Edgewater with Elysee and Aria Reserve is impressive yet still considered an up & coming location.

Altogether, the new ‘Magic City’ comprises many desirable coastal locations. Next year, we will see additional record-setting property sales, with several unique Miami penthouses listed for sale above $30M and several off-market condos, pushing $50 to $85M. Knight Frank recently predicted Miami to be the world’s second-best luxury market in 2023, forecasting market prices to jump another 5% next year.

Miami’s Best Penthouses for Sale Today

Here’s a recent blog post on the trophy penthouses for sale in Miami, but if you’d like to see Miami penthouses poised to sell soon, here’s my top ten list.

  1. Monaco Yacht Club Penthouse 2 ($5M) Miami Beach
  2. Jade Ocean Penthouse 4803 ($8.5M) Sunny Isles Beach
  3. Jade Beach Penthouse 4904 ($7.2M) Sunny Isles Beach
  4. Trump Royale Tower Suite 06 (LP$ TBD) Sunny Isles Beach
  5. Santa Maria Penthouse 4902 ($15M) Brickell
  6. Chateau Beach Penthouse 3201 ($35M) Sunny Isles Beach
  7. Estates at Acqualina Penthouse 1 ($45M) Sunny Isles Beach
  8. Echo Penthouse 01 ($38.5M) Brickell
  9. Aston Martin Penthouse 66th Floor ($59M) Downtown Miami
  10. Bentley Residences Penthouse 63rd Floor ($50M) Sunny Isles Beach

Miami real estate has been experiencing a surge in home sales from 2020 to 2022, breaking all previous records. The factors driving this trend include a strong economy, population growth, and low mortgage rates. The trend has had positive implications for sellers, who can command higher prices for their homes, but it has also made it more difficult for buyers in the area. These record-setting penthouse & condo sales in Miami are expected to continue in the coming year, with the demand for housing remaining high. If you’re considering South Florida as the next location for you & your family and are ready to take advantage of the abundant opportunity in this new year, connect with me today and let’s lock in your vision.

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