Real Estate News

Unbuilt Miami Penthouse Sells for 21 Million

One of the penthouses in the Ritz Carlton Residences has sold for 21 million.

miami real estate

When you think of the name Ritz Carlton, you automatically think of luxury. So it isn’t surprising that the new Ritz Carlton Residences in Sunny Isles Beach is selling spectacularly well even though it isn’t built yet. It’s incredible to think about the value here if you remember Sunny Isles beach from 20 years ago– it was a mess of trailer units and old, crumpled retirement rentals. If you had $250 a month for rent a just enough to scrape together for sandwiches by the sea, Sunny Isles was perfect for you… until real estate geniuses realized, “Wait. This is really valuable oceanfront property.”

A 7,735-square-foot Miami penthouse unit, a combination of two units on the 51st floor is under contract for $21 million. The residence is comprised of five bedrooms, 6.5 bathrooms, and a terrace with a garden and a pool. The original asking price was $24.5 million, as reported by Edgardo Defortuna of Fortune International Group. A $3.5 million price reduction seems impressive, right?

READ MORE: Yacht Inspired Miami Home, Underwater Windows Lists at 9.6M

Of the 212 units in the building, 60 percent are sold, and construction is set to complete in 2018.

miami real estate

miami real estate

miami real estate

miami real estate

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Gary Adrian Randall

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