Setai South Beach Penthouse Sells at a Record High

by admin

Super-agent Diana Garchitorena’s sale of a 6,208 square foot penthouse at The Setai South Beach for a whopping $15 million, raised the bar on recent multi-million dollar sales of three other luxury Miami condominiums priced from $8.9 million to $11 million.

These price points, coupled with sales of nearly 150 condos priced over one million dollars in the second quarter of 2010 (double those of a year ago,) are positive indicators that the Miami Dade luxury condominium market is on a welcome upturn.

Demand for units in the Setai’s luxury residences is especially strong. The brand has held its value in the current economy and buyers are still willing to pay for quality at the top end of the market. From January to June 2010, Diana, the top producer at Setai Realty, sold eight units in the Setai totaling $27 million at The Setai property.

The $15 million sale of the fully-furnished Setai Penthouse to an overseas investment group (at an eye-popping $2,416 per square foot) attracted two buyers in three days. An additional higher-priced offer for the property came in too late to be considered. It was originally priced at $19.999 million and the selling price represents a discount of only 20 percent (notable in a regional market where 40 percent discounts are common).

Penthouse Villa B occupies the full 40th floor of Setai’s oceanfront tower and offers many impressive one-of-a-kind amenities. The breathtaking 360-degree views showcase water and land: The Atlantic Ocean and Intracoastal Waterway, city vistas of Miami and north to Fort Lauderdale, as well as greenery as far as the Florida Everglades. The four-bedroom, six-bathroom residence features an additional 4,000 square feet of balcony with a private infinity swimming pool, and indoor and outdoor Jacuzzis. The penthouse rents for $30,000 per night.

“The Setai has earned its reputation as a five-star luxury property with an Asian flair,” said Diana. “The superb combination of elegant style and wonderful views is matched by loyal staff, quality service and all the great hotel amenities available to owners of Setai residences.”

She speaks from experience having joined The Setai Resort & Residences residential sales team in February 2001, during the pre-construction phase of development. As one of the three original sales associates, Diana has generated over $185 million dollars of real estate transactions concentrating on the luxury condominium and hotel condo investment property market. The Setai entered the resale phase in 2005 with the opening of Setai Realty. Diana remained on board, chalking up dozens of resales and rentals in the sought-after building.

Reflecting on her early days with Setai, Diana recalls riding the construction elevator with a hard hat and pregnant belly when the building was in the final phase of construction; her first daughter Daniella, was born around the time the building opened in 2004. Now the mother of 6- and 4-year old daughters, Diana said “I’ve really enjoyed watching my children grow at the same time as the Setai has developed into a very special place.”

Today Diana Garchitorena continues to work as an independent sales agent on-site at the Setai. She specializes in luxury South Florida homes and condominiums, offering exceptional service and a talent for matching buyers with the residence of their dreams. She can be reached at Tel: 305-519-4004 or e-mail diana@setai.com.

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  • Wow, what a powerhouse! It is great to read about accomplishments of people. It certainly is interesting to read about a woman, while pregnant, doing as much as (Mrs) Diana Garchitorena. Kudos to her, and to your reporter, for the well writen article. (found thru the auspices of Twitter)

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