The deal for the most expensive condo ever sold in South Florida has been finalized at $34 million. Miami’s premium real estate market is bouncing back and registering new records regularly. According to reports carried by New York Post and credited to Jennifer Gould Keil, the infomercial tycoon Ajit Khubani has bought a condo in the Miami Beach Edition for a whopping $34 million. The pricey transaction is sure to boost the luxury property prices in the area. Khubani is the founder and CEO of TeleBrands. It is the direct response marketing company behind “As Seen On TV” products and has created a niche for itself.
The Price is 3 Times Higher Than Average Luxury Real Estate
The high profile transaction has created a new benchmark for luxury real estate in Miami. The South Beach condo was sold last month and the final price works out to $3,800 per square foot which is remarkable as it is almost three times higher than the prevailing prices for the average luxury real estate in Miami. The deal is even more significant because the condo or the building that houses it is not complete as yet. The prestigious building, Miami Beach Edition is scheduled to open in 2014. The building has been designed by Ian Schrager as a hotel cum residence complex. When completed, the building will house a total of 26 apartments and 250 hotel rooms and suites.
The Condo Boasts of Unbelievable Views of the Atlantic ocean
The most expensive condo is not ready but the developers have released renderings of a range of residences in the Edition. It gives you a fair idea of the grandeur of the exclusive condo and why it was priced so high. After all Khubani is a hardnosed businessman who wouldn’t invest in something that wasn’t worth it. The condo is going to be a true haven in the sky. Located on Collins Avenue, the building is right on the beach and offers panoramic views for the residents. The condo will feature floor to ceiling windows that will provide unbelievable views of the Atlantic Ocean. The penthouse also boasts of a stone fireplace which might rarely used in the warm Miami climate but it enhances the décor of the room. The Edition is sure to become the most sought after address in Miami and its priciest condo will become the envy of even the elite.