Record-Breaking Sale: Downtown Miami Penthouse Sells for $12.6 Million, Setting New Price-Per-Square-Foot Record
A penthouse at Casa Bella Residences in Downtown Miami's Arts and Cultural District has been sold for $12.6 million, making it the most expensive condominium sale on a price-per-square-foot basis in the area.
In a groundbreaking deal that has sent shockwaves through the Miami real estate market, a penthouse at Casa Bella Residences in Downtown Miami’s highly desirable Arts and Cultural District has been sold for a staggering $12.6 million. This sale not only represents a significant milestone for the luxury condominium market in Miami but also sets a new record for the highest price-per-square-foot ever achieved in the area.
The penthouse, located at 1400 Biscayne Boulevard, known as Unit UPH01, spans an impressive 5,893 square feet. With a price per square foot of $2,138, this sale has surpassed all previous records in Downtown Miami.
The seller of this remarkable property is a joint venture between The Related Group and Alta Developers, two prominent real estate development firms in Miami. The Related Group is a well-known developer with a strong presence in the Miami market, while Alta Developers has made a name for itself with its luxury residential projects.
Representing the buyer in this transaction was Maribele Faura, a realtor from Coldwell Banker. Faura’s expertise in the luxury real estate market and her extensive network of high-net-worth clients made her the ideal choice for the buyer. On the seller’s side, Olga Monson, Director of Sales at Fortune International Realty, played a crucial role in facilitating the deal. Monson’s deep knowledge of the Miami market and her strong relationships with developers and buyers alike made her an invaluable asset in this transaction.
The penthouse at Casa Bella Residences is part of an exclusive collection of ten luxury penthouses developed by B&B Italia. These residences offer unparalleled views of the Miami skyline and are designed with the utmost attention to detail and luxury. The remaining penthouses in the development are priced from $4.8 million, making them highly sought after by discerning buyers.
Olga Monson, the seller’s representative, commented on the significance of this sale, stating, “This is the largest penthouse out of the ten exclusive penthouses at Casa Bella Residences by B&B Italia. The sale signifies what will be the most expensive condominium sale on a price-per-square-foot basis in Downtown Miami’s highly desirable Arts and Cultural District. Remaining penthouses are priced from $4.8 million. Contact Olga Monson - Director of Sales for more information about the project.”
This record-breaking sale has attracted attention from both local and international investors, highlighting the strong demand for luxury properties in Miami. The city’s vibrant arts and cultural scene, combined with its favorable tax environment and stunning waterfront views, continue to make it an attractive destination for high-net-worth individuals.
As the Miami real estate market continues to thrive, industry experts predict that this sale will have a ripple effect on the pricing of luxury properties in the area. With the bar set even higher, developers and sellers will be motivated to push the boundaries of luxury and innovation to meet the growing demands of affluent buyers.
In conclusion, the sale of the penthouse at Casa Bella Residences for $12.6 million has not only shattered records but also reaffirmed Downtown Miami’s position as a premier destination for luxury real estate. With its prime location, world-class amenities, and breathtaking views, this property represents the epitome of luxury living in the heart of Miami’s vibrant arts and cultural district.