Luxury Real Estate Momentum: $35M Sunny Isles Penthouse Under Contract
Miami Luxury Market Shows Resilience With Noteworthy Penthouse Deal
The Miami-Dade luxury real estate market continues to demonstrate selective strength despite broader market adjustments, with notable transactions still commanding attention in premier locations. Most recently, prominent scrap metal entrepreneur Adam Weitsman's spectacular oceanfront penthouse in Sunny Isles Beach has entered into contract at an impressive asking price of nearly $35 million, representing one of the most significant luxury condominium transactions in recent months.
According to the latest Eklund-Gomes report, which meticulously tracks residential listings of $4 million and above through Miami-Dade's Multiple Listing Service, the luxury segment registered 14 new contracts between April 7 and April 13. While this figure indicates a slight decrease from the 16 contracts signed in the previous week, the market continues to show solid fundamentals with properties spending an average of 145 days on the market before securing buyers.
The report further illuminates market dynamics with 58 new luxury listings entering the marketplace during this period, bringing the total active luxury inventory to 1,362 properties. This expanding inventory provides affluent buyers with increasingly diverse options while potentially creating more competitive conditions for sellers.
Inside the Marquee $35M Penthouse Transaction
At the pinnacle of recent luxury transactions stands Weitsman's extraordinary residence at the prestigious Jade Signature in Sunny Isles Beach. The 56th-floor penthouse spans an impressive 11,661 square feet of interior living space, complemented by over 7,500 square feet of panoramic terraces that maximize the property's commanding Atlantic Ocean views.
Originally acquired by Weitsman's LLC in 2022 for $23.5 million, the asking price of nearly $35 million represents a potential appreciation of approximately 49% over just two years—a testament to both the property's exceptional attributes and the continued desirability of ultra-luxury Miami oceanfront residences.
The residence, currently marketed by prominent Compass agent Chad Carroll, offers exceptional living accommodations with seven bedrooms and nine and a half bathrooms. Distinguishing features include a dramatic two-story primary suite, entertainment facilities featuring a dedicated game room, a sophisticated bar and wine room, and the extensive private outdoor terraces that have become signature elements of Miami's most coveted luxury properties.
Weitsman, who has built his fortune through Upstate Shredding – Weitsman Recycling based in Owego, New York, joins the ranks of successful entrepreneurs making significant real estate moves in South Florida's luxury market.
Market Segment Analysis: Condos vs. Single-Family Homes
The latest market data reveals interesting contrasts between luxury condominium and single-family home segments in Miami-Dade County. The eight condominium properties that secured buyers during the reporting period commanded an average asking price of $11 million, representing a combined asking dollar volume of $87.8 million. These properties averaged 163 days on market and reflected an average price per square foot of $2,406—still demonstrating the premium associated with luxury vertical living in Miami's most desirable locations.
In comparison, the six single-family homes that entered into contract during the same period presented an average asking price of $8.1 million, with a combined asking volume of $48.9 million. These properties demonstrated somewhat greater market efficiency, spending an average of 122 days listed before securing buyers—41 days less than their condominium counterparts.
The most notable single-family transaction was the 8,014-square-foot residence at 9737 West Broadview Drive in Bay Harbor Islands. While not waterfront property—traditionally commanding the highest premiums in Miami's luxury market—this architecturally significant home designed by renowned architect Ralph Choeff sits on a generous half-acre lot. Built in 2019, the six-bedroom residence with five and a half bathrooms exemplifies the continued demand for newer construction with contemporary design elements in Miami's luxury market. Jonathan Bigelman of One Sotheby's International Realty holds the listing for this distinctive property.
Comparative Market Perspective: Miami vs. New York
While Miami's luxury market showed moderate activity with 14 contracts, New York's luxury segment demonstrated stronger performance with 29 contracts signed during the same period according to the latest Olshan report. The combined asking price for these New York properties totaled $213.2 million, narrowly outpacing Miami-Dade's $136.7 million in luxury contract volume.
However, a striking contrast emerges in market efficiency, with Miami luxury properties spending an average of 145 days on market compared to New York's much longer 818-day average—revealing fundamental differences in market dynamics between these two premier luxury destinations. This substantial difference suggests Miami's luxury market may be experiencing more balanced conditions between buyers and sellers than its northern counterpart.
Market Insights: What Buyers and Sellers Should Know
Is Miami's luxury real estate market cooling off?
The current data suggests a moderation rather than a cooling. While the number of signed contracts has decreased slightly from previous weeks, properties are still moving at healthy average asking prices. The market is showing signs of increased selectivity rather than decreased demand, with exceptional properties like Weitsman's penthouse still commanding premium prices.
What features are most valued in today's luxury market?
Today's luxury buyers are prioritizing generous space, both indoor and outdoor, spectacular views, privacy, and turnkey readiness. The most desirable properties combine architectural significance with practical livability—evidenced by the continued appeal of both the Jade Signature penthouse and the Ralph Choeff-designed Bay Harbor Islands residence.
How is Miami's luxury inventory trend impacting the market?
With 1,362 active luxury listings and 58 new properties entering the market during the reporting period, inventory is expanding. This gradual increase provides more options for buyers while potentially extending selling timelines for property owners. Sellers should recognize that exceptional marketing, appropriate pricing, and distinctive property attributes are becoming increasingly critical in securing buyers in this evolving environment.
What price trends should luxury property investors monitor?
The $2,406 per square foot average asking price for luxury condominiums provides a valuable benchmark for both buyers and sellers. While this figure remains strong by historical standards, investors should closely monitor price-per-square-foot trends across comparable properties to identify emerging opportunities and challenges in specific submarkets and property categories.
How does the Miami luxury market compare to other premium destinations?
Miami continues to demonstrate stronger market efficiency than New York, with properties spending substantially less time on market before securing buyers. However, New York's higher contract volume suggests continued robust demand in both markets, with different underlying dynamics. Miami remains particularly attractive to domestic buyers seeking tax advantages and lifestyle benefits, while maintaining strong appeal to international investors from Latin America and increasingly from Europe and the Middle East.
