Setai condo-hotel in South Beach sets record

By
Real Estate Agent with Coastal Properties Group International

A contract has been announced on a penthouse at the Setai oceanfront condo-hotel in South Beach. This would be a record high in Miami for a condominium at $24 Million, furnished. This 6,000 sq ft apartment with 4,000 sq ft of terraces, a pool and hot tub and separate butler's quarters. Reportedly Andrew Barroway, an attorney in Philadephia, bought the unit unfurnished in 2004 for $9,500,000.

It's interesting that this record sale is in a condo-hotel. The trend is certainly toward condos in luxury resorts, a trend well established by both Ritz-Carlton and the Four Seasons.

My best-buy recommendation for a condo adjacent to a hotel or a condo-hotel here in Pinellas County is the new Sandpearl on Clearwater Beach. There are a few of each available.

Also watch the trends in fractional interests. 

 

Posted by

Sharon Simms
CIPS CRS CLHMS CRB RSPS
Coastal Properties Group
CHRISTIE'S International Real Estate
238 Beach Drive NE
St Petersburg, FL 33701
www.ssimms.com    www.coastalpgi.com   www.christiesrealestate.com
(727) 898-2582    Sharon@SimmsTeam.com

 

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Show All Comments
Rainer
57,145
Monika McGillicuddy
Prudential Verani Realty - Atkinson, NH
NH Real Estate Broker
Oh that sounds like an incredible place and price :)
Nov 09, 2007 07:44 PM #1
Rainmaker
353,693
Elaine Stewart
Remax Consultants - #1 Agent 2013,2012, 2011,2010 - Palm Springs, CA
Palm Springs Real Estate
That is just incredible, I would love to see some pictures. I just read a little about it, it has everything amenity imaginable.
Nov 09, 2007 07:57 PM #2
Rainmaker
605,794
Sharon Simms
Coastal Properties Group International - Saint Petersburg, FL
St. Pete FL - CRS CIPS CLHMS RSPS

Moniks - incredible is right.

Elaine - here are some links:

 The hotel

 The condos

 The information on the condos is courtesy of our own Kevin Tomlinson.

Enjoy!

Nov 09, 2007 08:02 PM #3
Anonymous
Anonymous
Anonymous

Sharon - I can't even imagine what that agent must be feeling right now! Absolutely mind boggling!

Nov 09, 2007 08:07 PM #4
Rainmaker
73,930
Cris Burlew
Beach & Luxury Realty, Inc. - Saint Pete Beach, FL
Broker ~ St Pete Beach FL Real Estate
Sharon, you are so right to mention the fractional interests. It is a concept that will work very well on our beaches here in Pinellas. To do them properly, an agent had better be educated in them and not just fly by the seat of their pants. We have a group here on AR aptly titled Fractional Real Estate Group.
Nov 09, 2007 08:25 PM #5
Rainmaker
222,591
Rick & Ines - Miami Beach Real Estate
Majestic Properties - Miami Beach, FL
The Setai is absolutely magnificent!  and the location is fantastic - the sales at the Setai have broken all kinds of records.
Nov 09, 2007 09:11 PM #6
Rainer
130,493
Billnulls Blog Florida Realty Professional
Charles Rutenberg Realty - Clearwater, FL
AHWD
I would love to see the inside!!!!
Nov 10, 2007 11:09 AM #7
Rainer
136,920
Kimberly Grant
Exit Leon Crawford Realty - Huntsville, AL
Real Estate Agent - Huntsville Alabama
Sharon they are currently building condo-hotel here in our area.  It will be the first of its kind.  I don't believe we will see the record setting numbers that you have but I'm still watching to see how it will go.
Nov 10, 2007 11:36 AM #8
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Rainmaker
605,794

Sharon Simms

St. Pete FL - CRS CIPS CLHMS RSPS
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