imc
img
BY Michael Light / On May 8, 2015

 
After only 22 days on the market, my client closed on Kevin Durant’s luxury penthouse at 900 Biscayne Bay in Downtown Miami today. Durant’s Miami penthouse was listed for $3.45 Million, but closed today at $3.15 Million and included high-end designer furniture and over $200,000 of audio/visual equipment including a Crestron system.

The closed sales price of $830 per square foot is the highest price per square foot ever closed at 900 Biscayne Bay, but this luxury penthouse is worth this price because of the spectacular re-design of the entire penthouse and all of the furniture and audio/visual equipment included in the purchase price. I mean, this penthouse was gutted and completely redesigned for the purpose of selling it, furniture and all. You cannot find a brand-new penthouse for under $1,000 per square foot in Miami. Compare this price to One Thousand Museum, next door, selling at $1,500 per square foot…my client is very happy.

My client, a businessman from Columbia, purchased this luxury penthouse to add to his real estate investment portfolio in Miami. The buyer does not plan on living in the unit, but instead, will immediately offer it for lease at $22,000 per month. My client was focused on purchasing an assortment of unique “trophy” properties in Miami, and there is not another unit like this one in Downtown Miami at such an exceptional price.

Adding to his collection of spectacular properties, my client also purchased three condo units side-by-side on the top floor of the highly sought-after new construction building, Paramount Miami Worldcenter. My client is unsure if he will lease these units, once completed, separately or combine them into one expansive mega-condo. And, my client is not done buying yet, in fact we are in negotiations now for another “trophy” property.

Like many other investors I have worked with, my client is not interested in flipping properties. Instead, he would rather see his portfolio increase in value over time.  He truly believes in the Miami real estate market and plans on holding these properties as long-term investments.

The trend of foreign real estate investments continue to soar as many buyers consider Miami to be a safe investment. Even as the city’s real estate prices continue to rise, properties are still considered a “bargain” compared to other metropolitan areas. For example, buyers are paying $2,000 to $5,000 per square foot for a new construction condo in New York City. At Paramount Miami Worldcenter, buyers will spend $700 to $800 per square foot with penthouses speculated to start at about $1,000 per square foot.

If you, or someone you know, are interested in leasing this luxury penthouse at 900 Biscayne Bay in the heart of Downtown Miami, please contact Michael Light.  You may reach me on my cell at (786) 566-1700, directly at my office at (305) 350-9842 or via email at michael@miamiluxuryhomes.com.

img

Learn more about The Light Group

Learn More

NEWSLETTER

Get access to our exclusive weekly "Insider" newsletter on everything Miami!

5,000+ Subscribers follow the Miami Luxury Homes Blog and are the first to learn about new listings, open houses, exclusive properties, market reports and more!

The Miami Luxury Homes A-List

Join 5,000+ current subscribers and sign up to receive our weekly newsletter!

We will NEVER share your information

Explore Miami & Miami Beach Communities