The Miami penthouse market is where the city’s records get set — and where the gap between an asking price and a closed sale is widest. In November 2025 a 16,053-square-foot penthouse at Seaway at The Surf Club in Surfside closed at $86 million, roughly $5,358 per square foot, taking the Miami-Dade condo record from the $44 million paid at the Four Seasons Residences next door. That is a closed, recorded sale. Much of what gets reported as a “record” is not.
Closed Sales vs Contracts vs Asking Prices
Three different numbers circulate in this market and they are routinely conflated. Knowing which is which is the first piece of real advice anyone can give you.
Closed and recorded: Seaway at $86 million (November 2025). Aston Martin Residences penthouse 5901 at $23 million (December 2024), the downtown Miami record. Continuum South Beach at $35 million (2021). Five Park’s final penthouse at $18.5 million (February 2026).
Under contract, not closed: a Shore Club penthouse above $120 million, in contract since 2024. Two penthouses at the Residences at Six Fisher Island reported at $150 million combined. Two Mandarin Oriental penthouses on Brickell Key at roughly $49.9 million each — for a building expected to break ground in late 2026, which cannot have recorded a deed. A Faena Residences penthouse on the Miami River at $30 million.
Asking only: Rosewood Residences at The Raleigh at $150 million, announced in 2023 and still unsold. Apogee penthouse at $78 million, listed July 2026 at about $8,667 per square foot.
What Closes Below the Ask — and Why It Matters
The most useful record in this market is not the highest number, it is the spread. The Continuum penthouse that closed at $35 million was originally asked at $48 million in 2014 and sat roughly six years — a 27% gap between ask and close. Five Park’s last penthouse asked $21 million and closed at $18.5 million, a 12% gap. Trophy penthouses are illiquid by definition: there are very few buyers for any given unit, and time on market is the price of aiming high.
For a buyer, that means asking prices at this level are an opening position, not a market. For a seller, it means the pricing decision in month one determines the outcome in year two.
What Drives Penthouse Pricing
Above roughly $2,000 per square foot, buyers stop paying for space and start paying for things that cannot be replicated: a full floor with views in every direction, private elevator entry, a private rooftop pool and summer kitchen, ceiling heights that lower floors do not have, and outdoor terrace square footage that often approaches the interior area. The Seaway penthouse carried more than 16,000 square feet; the Shore Club contract unit pairs 10,500 interior with roughly 7,500 of terrace.
Note how terraces are quoted. Many marketing figures divide the price by interior square footage only, which flatters the per-foot number. Ask which basis is being used before comparing two buildings.
Where Miami’s Penthouses Are
Surfside and Bal Harbour hold the very top — the Surf Club buildings reset the record twice in two years. South of Fifth is the deepest concentration of trophy resale penthouses, at Continuum, Apogee, Murano Grande and Portofino Tower. Downtown and Brickell are where the newest sky homes are, at Aston Martin Residences, One Thousand Museum and the coming St. Regis and Mandarin Oriental towers. Fisher Island sits in a category of its own.
Key Takeaways
- Miami-Dade’s record is $86 million — Seaway at The Surf Club, November 2025, about $5,358 per square foot, closed and recorded.
- Several widely reported “records” are contracts or asking prices on buildings that have not been built; treat them differently.
- Ask-to-close spreads of 12% to 27% are normal at this level, and the units that achieve full ask are the ones priced correctly on day one.
- Terrace square footage materially changes quoted price per square foot — always confirm the basis.
Frequently Asked Questions
What is the most expensive penthouse ever sold in Miami?
A penthouse at Seaway at The Surf Club in Surfside closed at $86 million in November 2025 — 16,053 square feet at roughly $5,358 per square foot. It is the Miami-Dade condo record.
Is the $150 million Fisher Island penthouse sale real?
It was reported in 2024 as roughly $150 million for two combined penthouses at the Residences at Six Fisher Island, but the units were under construction at the time, so it is a presale contract rather than a recorded sale.
How much does a Miami penthouse cost?
The range is enormous. Recent closed sales run from $18.5 million at Five Park to $86 million at Seaway, while active asking prices reach $78 million at Apogee and $150 million at the Rosewood Residences.
Do penthouses hold their value in Miami?
They can, but they are illiquid. The Continuum penthouse that sold for $35 million had asked $48 million six years earlier — a 27% spread. Pricing discipline matters more at this level than anywhere else in the market.
What makes a penthouse worth more than the floor below?
Full-floor layouts with views on every side, private elevator entry, private rooftop pools and terraces, greater ceiling heights, and outdoor space that can rival the interior square footage.
Where are Miami’s best penthouses?
Surfside and Bal Harbour hold the record-setters; South of Fifth has the deepest trophy resale stock at Continuum and Apogee; downtown and Brickell have the newest sky homes; Fisher Island is its own market.
Why do quoted price-per-square-foot figures differ so much?
Because some are calculated on interior area only and others include terraces. On penthouses with 7,000-plus square feet of outdoor space that difference is very large. Always confirm the basis before comparing.
Are penthouse buyers paying cash?
Overwhelmingly. In the ultra-luxury tier above $2,000 per square foot, roughly 83% of Miami condo purchases are all cash.
Explore further: Miami luxury condos · South Beach · Fisher Island · Bal Harbour · the pre-construction pipeline · selling your penthouse
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Sources and further reading
- Florida Statutes Chapter 718, the Condominium ActGoverns declarations, budgets, reserves, assessments and buyer rescission rights.
- Florida Statutes 553.899, milestone inspectionsThe three-storey and 30-year thresholds that decide whether a building must be inspected.
- Miami-Dade County Property AppraiserOwnership, year built, square footage and assessed value for any Miami-Dade property.
- MIAMI Association of Realtors market reportsMonthly Miami-Dade sales volume, median price and inventory data.
- Florida Building CodeHigh-Velocity Hurricane Zone requirements that apply across Miami-Dade.