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MIAMI BEACH, Florida, March 6, 2013 /PRNewswire/ -- The Residences at The Miami Beach EDITION has sold both Penthouses to the same buyer at a combined contracted price of 34 million dollars, at a record-breaking $3800 per square foot.
"The Beach House"—a residence comprised of the top floor of the existing historic Seville structure plus two additional new floors above—has also sold for a contracted price of 14 million dollars, $3200 per square foot. All of the residences that have sold thus far represent a premium of over 200% above the existing market. In less than four weeks since the sales office opened and all sales collateral was complete, half of the residences in the project have been sold. These sales set records for the highest prices per square foot and velocity of sale for new residential condominiums sold during pre-construction at an average of $3,000 per square foot. This is a true paradigm shift and sets a new standard for Miami Beach.
These residences have garnered record-breaking prices at a record-setting pace because of the product distinction, the level of sophistication, the unique layouts and design, and the unprecedented level of finishes and details. Never before has there been a project of this caliber in Miami Beach. It is a new product, for a new Miami Beach. It is truly unchartered territory. "I have always strongly believed that if a product is special enough, distinct enough, and unique enough, it will always attract the new world class traveler and sophisticated buyer who wants to live in Miami Beach. It proves that if you build it, people will come," says Schrager. Breaking the mold and raising the bar for residential Miami living, The Residences set themselves apart from anything else in Miami Beach.
Famed lifestyle and hotel innovator, Ian Schrager is back in Miami for the first time in 17 years, and in partnership with world-renowned architect John Pawson for the EDITION Residences. Expansive "outdoor rooms" invite effortless, seamless continuity between indoor and outdoor living with the breathtaking panoramic views Miami is so famous for. Homeowners enjoy the best of both worlds: exclusivity and privacy and individuality of a custom home, benefits of ownership, and privileged access to all the services and amenities of the world-class Miami Beach EDITION hotel.
The Penthouses feature expansive rooftop "Gardens in the Sky" with indoor/outdoor lounges and dining areas with full height glass sliding doors; outdoor 30 foot swimming pools; outdoor kitchens; fireplaces; 21' ceilings in the living rooms; private elevators with access to all floors; and 4 bedrooms, 4 bathrooms and powder rooms.
"The Beach House" boasts expansive rooftop gardens, outdoor kitchen, outdoor shower, plunge pool, 3 powder rooms, 3 bathrooms, 4 bedrooms, all with prized views of the Atlantic Ocean.
About The Residences at The Miami Beach EDITION:
The 26 one-of-a-kind residences - literally "Homes in the Sky" and part of the world-class, spectacular Miami Beach EDITION Hotel scheduled to open in early 2014— offer everything that private homes and mansions do, but also command panoramic views of the ocean, bay and city. They are tailored for a new generation of global citizens who are calling Miami Beach home. Miami Beach is no longer simply a resort destination and is fast becoming a bonafide, world-class, international city with a vibrant art scene, first-rate architecture and cultural institutions. These world-class residences capture this zeitgeist and are attracting a new market and the most sophisticated and discerning buyers. www.miamibeacheditionresidences.com