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Porsche Design Towers Penthouse Sells for $25M

  • Porsche Design Towers Penthouse Sells for $25M

    Recently, one of Miami’s highest-priced luxury living spaces was purchased for a price tag of around $25M. The penthouse of Porsche Design Tower was purchased by an unknown domestic buyer. The penthouse has four stories, and its signature feature is one large and two smaller attached “sky garages.” A “sky garage” is vehicle storage attached to each condo unit, and an indoor elevator that is able to move your vehicles from ground level to your condo, with many spaces having rooms specifically designed to show off a number of cars. The elevator within the Porsche Design Tower is nicknamed “The Dezervator,” after Gil Dezer, the man who designed the building.

    The purchased penthouse unit has an included five bedrooms, 7.5 bathrooms, a full office, and large space for a variety of needs. It also has two private pools, two outdoor kitchens, two balconies, as well as rooftop access.The tower itself is designed for car lovers in mind, with many of the living spaces containing rooms to show off cars, and small garages that hold two or more cars for everyday use. There is also a service provided to residents that includes a car concierge, which allows vehicles to receive routine maintenance.

    The purchase of the penthouse means there are few vacancies remaining within the tower. When the rest of the units are sold, it’s estimated that the total sum of the tower will be somewhere around $840M. While the penthouse property was purchased at an estimated $25M, it was originally listed at $32.5M, meaning the buyer obtained the property at around a 23 percent discount. This lower price reflects a trend in the Miami area, as sales of properties valued over $1M are down from previous years.