On Again-Off Again Penthouse at Setai South Beach Returns to Market at $24M
(MIAMI BEACH, FL) -- Miami-Dade County's controversial condo market continues to roll and generate attention.
The newest buzz concerns the on again-off again; four-bedroom, 6,200-square-foot Penthouse Villa B at the 40-story, 163-unit Setai South Beach resort here.
It is back on the market with an asking price of $24 million.
That equates to $3,870 per square foot and would be a record transaction if the property at 101 30th St. sold at that price, according to South Beach Realtors specializing in luxury condo sales.
The record to date is held by W South Beach, a 20-story, 419 unit condo-hotel at 2201 Collins Ave. A previously-reported, pre-construction sale of a one-bedroom directly-on-the-oceanfront bungalow at that property was recorded at $3,348 per square foot.
Kevin Tomlinson, a broker at Miami-based Esslinger Wooten Maxwell, was the first to post the Setai penthouse property on his web site this week.
"It has been one of the most talked-about penthouses" in Miami Beach, he notes.
The condo is owned by Philadelphia lawyer Andrew L. Barroway and his wife, Elyse. Barroway is a partner at Schiffrin Barroway Topaz & Kessler in Radnor, PA,
The Barroways are no strangers in dealing with high-end residential real estate, according to Tomlinson.
They previously sold two multi-million-dollar properties they had listed for $10.9 million in the Philadelphia suburb of Villanova.
One of the homes was once owned by retired basketball star Julius "Dr. J" Erving.
The Tomlinsons bought the Setai penthouse for $9.5 million or about $1,583 per square foot when the billion-dollar Setai South Beach was constructed in 2005.
Tomlinson says Penthouse B has been "on and off the market for more than a few years now. It came back on the market for $24.9M in August 2005 and in June of 2006 the price was raised to $34M, but was reduced to a 'more reasonable' $29M, just three months later."
Tomlinson recalls, "The property languished on the market until December 2008. During that time, it was widely accepted that it was actually under contract for $19M, but the deal fell through."
Penthouse B encompasses the entire 40th floor of the internationally known Setai resort. The condo has four bathrooms, a 4,000 square-foot. terrace with private pool, garden, and outdoor dining areas, all overlooking the Atlantic and South Beach. The condo has been completely furnished by a well-known designer.
Tomlinson recalls on his web site, "I remember when I got into the real estate business about 15 years ago that agents who primarily sold condos were considered second-class brokers. How times have changed."