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Miami sale hits a new high

By Judy Martel · Bankrate.com
Monday, March 11, 2013
Posted: 12 pm ET

The housing recovery may not be roaring back to full strength yet, but the right unique luxury properties will always appeal to wealthy buyers.

One of the residences at the Miami Beach Edition. Photo courtesy of The Brandman Agency.

In Miami, two penthouses that will be converted to one triplex sold for $34 million, a record penthouse sale for that city, according to Coldwell Banker Real Estate. When combined, the units at The Residences at the Miami Beach Edition will have eight bedrooms in 16,271 square feet. The triplex is part of a complex of 26 units developed by Ian Schrager and designed by architect John Pawson that are perched on top of the Edition hotel and a neighboring high-rise building.

The triplex will have views of the Atlantic Ocean and Miami's skyline, as well as all the amenities offered by the hotel. According to the website for the Edition residences, Miami's outdoor lifestyle is incorporated in the design of the units, with floor-to-ceiling windows and expansive outdoor areas that include lap pools, kitchens and fireplaces.

"Each unit has commanding panoramic view, and is a one-of-a-kind, custom one-off," Schrager said in a statement. "This makes them perfect for the new world traveler and global citizen looking to establish roots in the new Miami."

Miami has always appealed to wealthy homebuyers and investors, but it isn't the only city to experience a boom in high-end apartment sales. In the past year, a $48 million apartment at New York's Plaza Hotel and a $37 million penthouse at New York's Time Warner Center were sold.

Keep up with your wealth and mortgages, and follow me on Twitter @JudyMartel.

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3 Comments
vps
March 14, 2013 at 11:14 am

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