Last week Netscape Founder Jim Clark sold his Setai penthouse for $21,500,000 ($3,704) which he purchased-decorator ready-in 2004 for $9,000,000. Clark transformed this two story residence into an opulent Southeast Asian retreat. This trophy property was listed for $27,000,000 in April 2010.

101 20th Street PH A

• 3Bed 2.5Bath
• 5,803SF Interior Space
• 9,558SF Interior and Exterior Space
• Private Rooftop Pool
• Private Summer Kitchen
• 4 Reserved Parking Spaces
• Direct Ocean Exposure

This transaction is another sign that the Miami Beach luxury market is thriving and the inventories at the top are razor thin. The trend for 2011 high end sales: they are exceeding prices fetched in the most recent boom years of 2005-2006 .

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Facts and Trends: Miami-Dade Condo Inventory 2003-2011

MIAMI BEACH, the small universe where I conduct business, the high end properties with the best addresses sold briskly during the first quarter of this year.  Five sales were recorded just on Star Island during the past two months, three of which closed over $10,000,000.  A record high of $25,500,000 was fetched for 13 Star Island Drive. Yes: inventories are dissipating, multiple offers are being received and nobody is building anew (yet).

SINGLE FAMILY HOMES

Lower North Bay Road, below 31st Street, has also been a HOTSPOT, with five homes going under contract or closing recently.  Most of these properties were bought with the intent to re-model or tear down for new construction by end users. Former Miami Heat center, Rony Seikaly’s, home is the exception, it traded in turnkey condition in December 2010 for $11,500,000. Today, 3114 North Bay Road is the only waterfront home available. Asking $4,500,000, the sellers are close to being permitted for a complete rebuild, which is motivating them to take it off the market temporarily, construct and re list a brand new modern home for $15,000,000.

CONDOS

The Miami Beach condo market is also thriving with inventories down and prices on the rise.  The ‘sun seekers’ have stayed in the game purchasing ocean and bay front units in the primest buildings including the South of Fifth and the Collins Park neighborhoods. Apogee, the youngest tower South of Fifth,  just unloaded one of its three penthouses for $11,500,000.  Originally listed for $22,000,000, this is a significant transaction for the Miami Beach condo market despite the incredible discount. A four bedroom, direct ocean front unit closed two weeks ago for $10,500,000 in the south tower of the Continuum. I sold a pied-a-terre at the Setai in March for $2,200psf, that’s a weighty number.

The buyer’s are international and domestic alike.  They realize that the market bottom has been reached and Miami Beach is a world class resort offering the best values in the United States if not globally. The price is right, the weather’s great, beautiful beaches and a growing sophistication!

The Setai South Beach Penthouse B: private rooftop pool

A Finnish buyer acquired Penthouse B at the Setai South Beach for $15M/$2,416PSF last week. On the market since 2006, this opulent condo was once listed for $34M and since February 2010, for $19.9M.  Outfitted with over 6,000SF of living space, this 4bed/4bath floor plan is decked with a private rooftop pool and panoramic views of the Atlantic Ocean, South Beach and Downtown Miami.

Is rocker Lenny Kravitz going to ‘Fly Away,’ like the title of one of his hit songs, from Grammy Award winning album 5, suggests? Today, Kravitz listed his Miami Beach home located at 7936 Biscayne Point Circle for $2.85M. He purchased the property in 1997 for $725k.

Located on the tip of Biscayne Point, the peninsula just north of Normandy Island, Kravitz’s residence offers unobstructed views of Biscayne Bay, not to mention spectacular sunsets. Biscayne Point is a guard gated community located in the northern part of Miami Beach.

Property Highlights

• Lot Size: 12,150 SF
• Living Area: 5,717 SF
• Built in 1954

Not his first picnic in Miami Beach residential real estate, Kravitz sold his Sunset Island 2 home, 1800 W 25 Street, when the market was soaring in 2005 to developer Steve Muss for $14.5M. Kravitz purchased the property in 2001 for $8.9M.

Further adding his mark to South Florida, he launched a new business, Kravitz Design.  Maybe you have seen his work,  he is the creative behind the Delano Hotel’s ultra chic lounge, The Florida Room, which opened in December 2007. True to the music industry, Kravitz fused his new venture with his staple by designing a recording studio in the luxurious Miami Beach condo-hotel, Setai, that opened in 2008. A two-story penthouse, Setai Recording Studio (as it is know in the music world) offers 2,500 SF with state of the art equipment and inspiring views of the Atlantic Ocean.

At the 2005 MTV Music Awards, Kravitz proudly called Miami home, let’s hope he continues to spread more of his luster over our beautiful city.