The 10,012-square-foot Charles Penthouse went under contract to a New York family relocating to South Florida, bringing the Brickell Avenue tower to roughly $900 million in sales.
A penthouse at The St. Regis Residences, Miami is under contract for $47 million, per PROFILEmiami. Spanning 10,012 square feet, the Charles Penthouse is the largest residence sold at the development to date. The buyer is described as a New York family relocating to South Florida.
The transaction brings the project to more than 80% sold, with approximately $900 million in sales, and on pace for a nearly $1 billion sellout. That is a pre-completion tower at 1809 Brickell Avenue that has already moved close to a billion dollars of inventory.
$47 million across 10,012 square feet works out to roughly $4,700 per square foot. That is my arithmetic on the two reported figures, not a number printed in the article, so treat it as a rough read rather than a published metric. Even so, it resets the ceiling for the South Brickell waterfront. For scale, the Miami-Dade condo median in July was $400,000 with 125 days on market.
This is the cleanest evidence available that Miami's ultra-luxury tier has not softened the way the broader condo market has. Two markets, one county. Resale condos are sitting on roughly twelve months of supply and a $400,000 median. Meanwhile a Brickell Avenue tower that will not deliver until 2027 is 80% sold at prices most of the county cannot process. If you are buying preconstruction at this level, the questions I would push on are the ones the coverage does not answer. Has the contract actually closed, or is this a reservation converted to contract. What is the deposit schedule and what happens to your money if delivery slips past 2027. Who else on your floor bought, and at what, because that is your future comp set. A developer reporting 80% sold is reporting contracts, not closings, and those are not the same thing. Also unstated: the bedroom count on the penthouse, the identity of the buyer and the agents on either side, and the exact top-off date.
Deposit structure and delivery risk matter as much as the price per foot.
Open PreDevHub →Cover photography: Creative Commons / public domain — photo credits.
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