Condo king Jorge Pérez finds buyer for South Beach penthouse

Billionaire condo developer Jorge Pérez found a buyer for his penthouse in Miami Beach, The Real Deal has learned. 

The pending sale is one of the 12 contracts signed last week for homes and condos priced above $4 million in Miami-Dade County, three fewer than the week before. 

The properties are asking a combined $90.5 million, down nearly $80 million compared to the previous week. Five new contracts were for single-family homes, and seven were for condos, according to the Eklund-Gomes report, authored by the Douglas Elliman mega-team. 

The top contract signed between April 29 and May 5 was for a spec mansion in Pinecrest asking $15 million, a sale that could set a record in the village. Michael Diaz from Miami Brokers Group has the listing for the seven-bedroom, 12-bathroom home at 8900 Southwest 64th Court. The 10,501-square-foot house, designed by Cesar Molina, was developed by Dionicio Investment Group. 

It could beat the existing Pinecrest record set by the $13.9 million sale of Jorge Mas’ former home last year. 

Pérez’s penthouse, unit 706 at One Ocean in South Beach, marked the priciest condo to go under contract last week. The four-bedroom, five-bathroom unit at 1 Collins Avenue spans 3,339 square feet. It’s asking $11.9 million and is listed with Jill and Danny Hertzberg of The Jills Zeder Group at Coldwell Banker. 

Pérez, chairman and CEO of Related Group, paid $4.2 million for the 3,339-square-foot unit in 2016, the same year Related completed the South of Fifth building. He then sought to flip it for $20 million with a different listing agent. It was on and off the market for years before it was re-listed in September at its current asking price. 

The luxury condos that entered into contract last week average $2,212 per square foot, up 14 percent compared to the week prior. They spent 200 days on the market, on average, up from 112 days the week before. The total asking dollar volume for the condos is about $45 million. 

Single-family homes spent about 210 days on the market before entering into contract, up from 170 days on average the week before. The asking dollar volume for the single-family homes totals about $46 million. 

The report is based on new signed contracts recorded in the Multiple Listing Service. Eklund-Gomes’ methodology mimics that of the Olshan Report in Manhattan, also released every Monday morning. Last week in New York, 26 new contracts were signed for condos, co-ops and townhouses asking more than $4 million. They totaled $215.8 million in combined asking volume. 

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