Journal · Penthouses in Miami
By Josh Stein · Florida license SL3057661 · Updated 5 October 2026
Closed versus contracted
A contract is not a sale. Two of the biggest numbers in this market have never recorded a deed.
The Miami-Dade condominium record is $86 million: $86,004,500 for penthouse PH-11 at Seaway at The Surf Club in Surfside, 16,053 square feet, recorded on 10 November 2025 according to the Miami-Dade County Property Appraiser (checked 22 September 2026), about $5,358 per square foot. The Real Deal reported on 24 November 2025 that it beat the previous condo record, a $44 million penthouse at the Four Seasons Residences next door.
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One wrinkle proves the point of this piece. The county also records a $60,000,000 sale at Faena House in September 2015, made as one transaction across two units, which is why some lists call that the old record and others do not. All three are closed sales. A deed was recorded. You can look them up, and we list the highest recorded sale in each of Miami’s top penthouse buildings.
The numbers that get quoted anyway
A Shore Club penthouse has been under contract above $120 million since 2024. Two Mandarin Oriental penthouses went under contract in 2026 at roughly $49.9 million each.
Neither has recorded a deed. They are contracts, not closed sales, and we report them that way.
Why the distinction is not pedantry
A contract can be renegotiated. It can be extended. It can fall apart quietly, and in ultra-luxury it frequently does, because the buildings are often years from delivery when the contract is signed.
Meanwhile the number enters circulation. It gets quoted in comparables, cited in valuations, and used to justify asking prices in neighboring buildings, for a transaction that has not happened and may not.
What this tells you about the market
Watch which numbers a source leads with. A market report that opens with a $120 million contract and does not distinguish it from an $86 million recorded sale is not lying, exactly. It is selecting the more impressive number and letting you assume the rest.
When you are the buyer, that habit costs you. When you are the seller, it sets an expectation your building may not support.
How we handle it
Closed sales come from the county record and are reported with the recording date. Contracts are labelled as contracts, with the year they were signed and the note that no deed exists. If a contract later closes, it moves categories and we say so.
It is a small discipline and it is most of what separates a record from a rumour.
The recorded sales, not the reported ones
Contracts get announced; deeds get recorded. Josh works from the county roll. Tell him the building and he’ll send the qualified sales it actually holds: dates, sizes and rates per square foot.
Frequently asked questions
What is the most expensive condo ever sold in Miami?
$86 million, paid in November 2025 for a 16,053-square-foot penthouse at Seaway at The Surf Club, about $5,358 per square foot.
Are there bigger Miami condo numbers than $86 million?
Two, but neither is a closed sale. A Shore Club penthouse has been under contract above $120 million since 2024, and two Mandarin Oriental penthouses went under contract in 2026 at roughly $49.9 million each. No deed has been recorded for any of them.
Why does the difference between a contract and a closed sale matter?
A contract can be renegotiated, extended or abandoned, yet the figure still circulates in comparables and asking prices as though a transaction had occurred.
How has your building held its value? The Miami Condo Index ranks Miami condo buildings by their county sale records: real price per square foot, turnover and four-year change.
Sources and further reading
- Josh Stein Realtor — Miami Luxury Condos, building by buildingjoshsteinrealtor.com
- Miami-Dade County Property Appraiser — folio 14-2235-051-0360 (SC 2 Residences Condo, unit PH-11), checked 22 September 2026miamidadepa.gov
- The Real Deal — Fort Partners sells oceanfront Seaway penthouse for record $86M, 24 November 2025therealdeal.com
- Florida YIMBY — The Residences at Mandarin Oriental, Miami achieves two record-setting penthouse sales, March 2026floridayimby.com