Over the past decade, South Florida’s city skylines have soared to incredible heights. From Miami to Boca Raton, high-rise living is now some of the most sought-after in the area. We look at homes that provide their residents with the best views possible, the penthouses.
When you think of high-rise living in the United States, three areas come to mind: New York City, Chicago, and South Florida, but the area getting the most attention these days out of the three is the latter. As tech and finance companies relocate to the low-tax and highly tropical South Florida, real estate developers are building some showstopping homes to attract buyers. With limited waterfront houses, many of these new homes can be found in the glitzy condominium buildings along Biscayne Bay and the Atlantic Ocean. After all, why move to Miami if you’re not going to have a view?
Home prices in South Florida have continued to surge since the start of the pandemic. For example, the median sales price for a condominium in Miami is USD 390,000. Although relatively low compared to major cities such as New York City, the median price a year ago was USD 325,000. That’s a significant 20 percent increase.
The price per square foot in South Florida’s high-end residences reached an all-time high in March 2022. It peaked at a whopping USD 1,325 per square foot as the region’s average. Comparatively, the average price per square foot just one year earlier was at a steady USD 945.
The recent interest rate increases haven’t affected the market as they traditionally would. A lack of supply and strong demand is continuing to keep prices high. This is evident as the record-setting price points of the region are not inhibiting the market’s buyers. In Q1 of this year, 394 South Florida luxury properties sold each month, as compared to 426 during April 2022.
At the top of the condominium market is the penthouse. Miami has some of the most luxurious penthouses on the market — and with killer views to match.
In the Brickell neighbourhood, a penthouse at the Four Seasons broke the record for the most expensive property sold there, when it was purchased for USD 15.9 million earlier this year. As the city continues to build up, we look at which penthouses buyers should have their eye on.
WHAT’S ON THE MARKET?
Paramount Miami Worldcenter — Miami
The second largest master-planned urban project in the US is happening right in the centre of Miami. The Paramount Miami Worldcenter, developed by Royal Palms Companies, is strategically situated in Downtown Miami and is located near some of the city’s primary attractions, including the Perez Art Museum Miami, Frost Museum of Science, Adrienne Arsht Performing Arts Centre, and the American Airlines Arena, which is home to the Miami Heat basketball team.
The USD 3 billion project spans over 30 acres and includes entertainment, museums, shopping, sports venues, parks, a 365,000 sq ft convention centre, and mass transit. In addition to this, it also has one of the most sought-after new residential buildings being built in the city.
The new condominium tower will feature more than 500 homes and include some incredible amenities outside of your usual swimming pool and gym. This includes a Tai Chi deck, boxing studio, and the country’s first outdoor soccer field in a high-rise residential building.
While the apartments here have been going quickly, there is a penthouse that is still available. The creme de la creme of penthouses in the building is 5411 — L1 duplex. The penthouse features a private lift that takes you up to the five bedrooms, den, study, and six and a half bathrooms covering an expansive 6,513 sq ft of indoor space across two floors. There is also a combined 573 sq ft of outdoor space with breathtaking views of Biscayne Bay, the Atlantic Ocean, and the surrounding city.
With a property like this, its lucky owner is more than equipped to entertain regularly. Fortunately, there is an open-plan layout so the kitchen and living room blend seamlessly. There are also top-of-the-line kitchen appliances from Miele, which the owner’s personal chef will surely be grateful for. Guests who choose to spend the night will enjoy the large bedrooms with spectacular views, as well as bathrooms that feature rain showers and spa tubs.
“Demand and competition continue to run high in Miami’s ultra-luxury market, especially as buyers shift their attention to new condo developments that offer sophisticated at-home lifestyles and heightened safety standards. PARAMOUNT Miami Worldcenter provides residents with more amenities than any other building, with over 40 at their fingertips, including essentials like the food market an entire soccer field and a resort-style pool deck. Beyond the amenity package, we’re very proud of the individual residences. People spend more time in their homes than anywhere else, which is why we thoughtfully designed the layouts to support daily needs and efficiency. The PARAMOUNT penthouses offer a luxury lifestyle that takes this functionality to an entirely new level, with double-height ceilings, expansive outdoor living rooms and grand entertainment spaces.” – Daniel Kodsi, CEO of Royal Palm Companies
All of this can be yours for USD 10.92 million
The Residences at Mandarin Oriental, Boca Raton
Located about 47 miles north of Miami is the upscale city of Boca Raton. Nestled within one of its nicest neighbourhoods is the Residences at Mandarin Oriental. This is one of the Hong Kong hotel group’s few exclusive condominium buildings that offer the luxury of a hotel, but the homeliness of a well-equipped apartment all year round.
The development features 89 stunning residences, 158 hotel keys, and a super luxury Penthouse Collection developed and designed by Penn-Florida Companies and SB Architects respectively. Buyers looking for a condominium in the area will be hard-pressed to find a more exclusive and luxurious property.
While the standard residences are plenty luxurious, those who want to take the high life to the next level should look no further than the penthouses here. One that’s currently on the market for sale is Penthouse 06, which is larger and more extravagant than many mega-mansions in the area.
For starters, the owner arrives home via a private lift, which then opens into the residence’s staggering 10,578 sq ft of space, 1,636 sq ft of which is outdoor space. This is spread across six bedrooms and six and a half bathrooms. The penthouse offers expansive views thanks to its floor-to-ceiling windows and is equipped with the latest in smart home technology, as well as the finest appliances from Sub-Zero and Wolf.
Because it’s part of Mandarin Oriental, residents can access all the amenities at the conjoining Mandarin Oriental Hotel Boca Raton, which includes the Downtown Athletic Club, the Spa at Mandarin Oriental, two rooftop pools, and a plethora of innovative dining experiences by Michelin-star rated chefs. Golfing enthusiasts will also be delighted to hear that membership to the invite-only private members-only Via Mizner Golf & City Club is included.
This immaculate penthouse is available for USD 25 million.