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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Tags:
condohotels
setai contract miami
sandpearl clearwater beach

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Rainer
57,145
Monika McGillicuddy
NH Real Estate Broker
Prudential Verani Realty
Oh that sounds like an incredible place and price :)
November 09, 2007 07:44 PM
Rainmaker
351,925
Elaine Stewart
Palm Springs Real Estate
Remax Consultants - #1 Agent 2013,2012, 2011,2010
That is just incredible, I would love to see some pictures. I just read a little about it, it has everything amenity imaginable.
November 09, 2007 07:57 PM
Rainmaker
605,739
Sharon Simms
St. Pete FL - CRS CIPS CLHMS RSPS
Coastal Properties Group International

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!

November 09, 2007 08:02 PM
Anonymous #4
Anonymous
Anonymous

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

November 09, 2007 08:07 PM
Rainmaker
73,830
Cris Burlew
Broker ~ St Pete Beach FL Real Estate
Beach & Luxury Realty, Inc.
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.
November 09, 2007 08:25 PM
Rainmaker
222,571
Rick & Ines - Miami Beach Real Estate
Majestic Properties
The Setai is absolutely magnificent!  and the location is fantastic - the sales at the Setai have broken all kinds of records.
November 09, 2007 09:11 PM
Rainer
130,493
Billnulls Blog Florida Realty Professional
AHWD
Charles Rutenberg Realty
I would love to see the inside!!!!
November 10, 2007 11:09 AM
Rainer
136,920
Kimberly Grant
Real Estate Agent - Huntsville Alabama
Exit Leon Crawford Realty
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.
November 10, 2007 11:36 AM
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Rainmaker
605,739

Sharon Simms

St. Pete FL - CRS CIPS CLHMS RSPS
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