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Is Murano Grande Penthouse B Overpriced?


January 24, 2013
Penthouse B

Murano Grande Penthouse B

Murano Grande Penthouse B was listed for sale two weeks ago for $15,900,000, or $3,630 per square foot.

In addition to the fabulous amenities available in the Murano Grande South Beach, this penthouse features 2 floors of living space, 24 foot ceilings, four balconies, two large terraces, as well as a pool and custom hot-tub, as presumably amazing views of the Atlantic Ocean, Biscayne Bay, downtown Miami and more.

Sure, the Murano Grande is one of Miami Beach’s nicest buildings and Penthouse B is no doubt one of the nicest condos for sale in the region.  Nevertheless, the price seems unwarranted.

Miami Beach is currently experiencing a penthouse boom, where prices are appreciating substantially faster than normal luxury condos in the same buildings.  See the recent sale of Icon South Beach Penthouse 2, which sold at the height of Miami Beach’s infamous condo boom in 2007 for $7,000,000, or $875 per square foot, and then again on January 1, 2013 for $20,963,054 or $2,623 per square foot.  Sale prices are even higher for luxury oceanfront penthouse condos like Setai Penthouse B, which sold on January 14, 2013 for $27,000,000, or $3,800 per square foot.

The approximate $1,200 per square foot difference between Icon South Beach Penthouse B and Setai Penthouse B is largely attributable to the fact that the Setai is located on the ocean and the Icon is not.  Further, the Setai has slightly better amenities, such as legitimate dining facilities.

In light of these recent sales, Murano Grande Penthouse B seems overpriced.  The Murano Grande South Beach is substantially similar to the Icon South Beach in terms of location and amenities, yet it is priced as if it were an oceanfront penthouse.  Further, it doesn’t stack up to its competition.  Murano Grande Penthouse B is listed for nearly $100 per square foot more than Continuum South Beach Penthouse 2, which is located on the ocean, offers substantially more of everything and is arguably the most desirable penthouse for sale in Miami Beach.

Is Murano Grande Penthouse B overpriced?  Probably, but only time will tell.