Real Estate News

On Again-Off Again Penthouse at Setai South Beach Returns to Market at $24M

(MIAMI BEACH, FL) -- Miami-Dade County's controversial condo market continues to roll and generate attention.


Setai South Beach Condos

The newest buzz concerns the on again-off again; four-bedroom, 6,200-square-foot Penthouse Villa B at the 40-story, 163-unit Setai South Beach resort here.

It is back on the market with an asking price of $24 million.

That equates to $3,870 per square foot and would be a record transaction if the property  at 101 30th St. sold at that price, according to South Beach Realtors specializing in luxury condo sales.

The record to date is held by W South Beach, a 20-story, 419 unit condo-hotel at 2201 Collins Ave.  A previously-reported, pre-construction sale of a one-bedroom directly-on-the-oceanfront bungalow at that property was recorded at $3,348 per square foot.


W South Beach Condos

Kevin Tomlinson, a broker at Miami-based Esslinger Wooten Maxwell, was the first to post the Setai penthouse property on his web site this week.

"It has been one of the most talked-about penthouses" in Miami Beach, he notes.

The condo is owned by Philadelphia lawyer Andrew L. Barroway and his wife, Elyse. Barroway is a partner at Schiffrin Barroway Topaz & Kessler in Radnor, PA,

The Barroways are no strangers in dealing with high-end residential real estate, according to Tomlinson.

They previously sold two multi-million-dollar properties they had listed for $10.9 million in the Philadelphia suburb of Villanova. 

One of the homes was once owned by retired basketball star Julius "Dr. J" Erving.

The Tomlinsons bought the Setai penthouse for $9.5 million or about $1,583 per square foot when the billion-dollar Setai South Beach was constructed in 2005.


Andrew Barroway

Tomlinson says Penthouse B  has been "on and off the market for more than a few years now.  It came back on the market for $24.9M in August 2005 and in June of 2006 the price was raised to $34M, but was reduced to a 'more reasonable' $29M, just three months later."

Tomlinson recalls, "The property languished on the market until December 2008.  During that time, it was widely accepted that it was actually under contract for $19M, but the deal fell through."  

Penthouse B encompasses the entire 40th floor of the internationally known Setai resort. The condo has four bathrooms, a 4,000 square-foot. terrace with private pool, garden, and outdoor dining areas, all overlooking the Atlantic and  South Beach. The condo has been completely furnished by a well-known designer.

Tomlinson recalls on his web site,  "I remember when I got into the real estate business about 15 years ago that agents who primarily sold condos were considered second-class brokers. How times have changed."  

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