Midtown Miami recently closed a $1.4 million penthouse.

Luxury condo development Midtown Miami’s sales continue to tower to new heights as the community sees its biggest transaction to date.

The development explained in a press release that they closed on a $1.4 million transaction for one of its 10 luxury penthouses.

The all-cash transaction buys the future owners a 3,988 square-foot penthouse featuring, “2,000 square feet of terraces, 22-foot ceilings with with floor-to-ceiling windows and top-of-the-line stainless steel appliances,” according to the press release.

And because the buyers went with an all-cash transaction, Midtown Miami Sales Director David Staples, explained that the closing process only took three weeks.

Since the sale, Staples explained that they saw an increase in buyer interest, commenting that they sold eight penthouses in two weeks, and that their development has only one penthouse left up for sale.

The recent transaction for Midtown reflects a growing nationwide trend as listing prices continues to stabilize amidst the rocky economy, and as consumer confidence continues to recover.

In fact, Realtor.com released a report showcasing the city of Miami in the number two spot among markets with the largest list price increases, with a 22.27 percent increase year over year.

Edgardo Defortuna, president and CEO of Fortune International, the firm that closed the sale at Midtown Miami, commented on this trend.

“There is increased confidence in the Miami market as buyers take advantage of great value in purchasing a condo in a thriving neighborhood like Midtown Miami,” said Edgardo.

But the growing development isn’t the only one that’s seen an increased interest amongst buyers looking to move into the area.

Fellow luxury condo development, Paramount Bay, has also seen a steady increase in growth, stating that they’ve sold over 75 percent of their units since October 2011, “registering more than $190 million in sales,” according to an issued press release.