Miami Penthouses by Street
The only thing hotter than the weather in South Florida is the burgeoning real estate market, particularly luxury penthouses in Miami.
A Miami penthouse search will run the gamut from reasonably priced to jaw-dropping spendy. The luxury doesn’t necessarily follow the price tag as some units are priced based on former penthouse tenants or equally famous designers.
Ten years ago the average price per square foot for real estate in South Florida ranged anywhere from $1,000-$2,000 per square foot. Today? Try doubling and sometimes tripling that impressive number.
In fact, a basic internet search of luxury penthouses in Miami unearthed a story about a record-breaking deal where the Faena House, an 18-story penthouse in Miami Beach sold for a stunning $60 million.
While it’s certainly good news for sellers in this type of real estate market, those on a penthouse search in one of the most sought after places to live on the planet are simply salivating.
Real estate agents who study real estate marketing trends for the region have noticed a staggering level of enthusiasm from buyers and sellers.
Best Streets in Miami to Look for Luxury Penthouses
So where are some of the hottest areas to find luxury penthouses in Miami? Let’s take a look:
Collins Avenue in Sunny Isles
Collins Avenue is a historic area of Miami Beach, situated parallel to the Atlantic Ocean along State Road 1A1. Besides the amazing real estate property, it is also peppered with Art Deco architecture, particularly its many hotels, nightclubs, and restaurants.
As for Miami penthouses, the Collins Avenue area is loaded with luxurious penthouses.
Ocean Drive South Beach
Ocean Drive is an iconic location in South Beach, about a quarter mile from the Atlantic Ocean. Also an excellent location for architecture buffs, as it is the center of Miami’s Design District, home of the famous Sunray Apartments, The Clevelander Hotel as well as one of the most photographed homes in the world, the Casa Casuarina (a boutique hotel the was once occupied by fashion designer Gianni Versace).
Many popular TV shows and movies use Ocean Drive locations during filming. So the luxury penthouses in Miami are prevalent here.
Brickell Drive Business District
Brickell is an urban neighborhood located close to Downtown Miami, and is where South Florida’s financial movers and shakers call home. Brickell is home to Miami’s famed Central Business District, the financial heart of South Florida, and one of the financial capitals of the country.
It’s one of the fastest growing and diverse areas of Florida, home to “Millionaire’s Row” and houses some of the most expensive real estate — including Miami penthouses — in the country.
The residential population is where the most impressive growth is at, so those seeking housing are extremely active, particularly searching for upscale penthouses, condominiums, and apartments. To give an idea on the rapidity of growth in this area, in 2010, the number of residents living in the area was right around 40,000.
Today, over 80,000 live in the Brickell community. Finally, the diversity of the area is driven by the fact that there are a number of foreign government’s consulates in the Central Business District.
Mexico, Japan, Great Britain, France, Argentina, Brazil, the Dominican Republic, Chile, Guatemala, Peru, Switzerland and many others are represented with foreign consulates, so the diversity of the area is unparalleled.