realestate

Bal Harbour Developer Sells $24M Penthouse to New Owner

Eduardo Costantini sells Oceana Bal Harbour penthouse for $23.5M, tops Miami-Dade County's residential sales.

D
eveloper Eduardo Costantini has found a buyer for the last remaining penthouse at Oceana Bal Harbour, a 7,534-square-foot unit asking $23.5 million. The oceanfront building was completed in 2017 and is owned by an affiliate of Consultatio USA, which lists the property with Martina Colombres of Consultatio Realty.

    This sale tops this week's residential signed contracts report in Miami-Dade County, according to Eklund-Gomes. Seven properties entered into contract between October 7-13, totaling over $69.7 million in asking dollar volume. The top single-family home is a Coral Gables mansion at 5245 Oak Lane, listed for $20.9 million and owned by Jazayri Mahmood and Janice Mahmood.

    The Mahmoods are selling the property after Miami art dealer Gary Nader filed a lawsuit against them, alleging "seller's remorse" when they canceled his contract to purchase the estate for $17 million. The Mahmoods' attorney claims they are now selling to different buyers for $18.5 million.

    Last week in South Florida, single-family homes averaged an asking price of $8.4 million and spent 170 days on the market, while condos averaged $2,254 per square foot and spent 131 days on the market. In New York, buyers signed contracts for 28 homes last week, with a combined asking price of $307.3 million and an average time on market of 469 days.

Bal Harbour penthouse sold to new owner for $24 million in luxury real estate deal.