MIAMI--(BUSINESS WIRE)--Kevin Durant’s penthouse at 900 Biscayne Bay has sold. The property, listed for $3.45 million, sold for $3.15 million, including custom designer furniture and over $200,000 in audio-visual equipment. The buyer, a businessman from Colombia, purchased the penthouse to add to his real estate investment portfolio in Miami.
Michael Light of Miami Luxury Homes, who represented the buyer in the transaction, says the new owner does not plan on living in the unit. Instead, he will immediately begin renting the unit fully furnished at $22,000 per month.
“The buyer is purchasing an assortment of unique properties in Miami. When it comes to this property, there is not another unit that is a true, top-floor penthouse like it,” says Light. “Think of it as buying art and ask yourself, ‘Will a one-of-a-kind piece of art appreciate better than a mass-produced reproduction?’ Of course the answer is yes.”
Adding to his assets, the buyer also recently purchased three condo units side-by-side on the top floor in the highly sought-after new construction building, Paramount Miami Worldcenter. He is unsure if he will lease the units separately or combine them into one expansive mega-condo.
“The buyer of Durant’s penthouse is like many investors I have worked with. They are not interested in flipping properties because they would rather see their portfolio increase in value over time,” adds Light.
The trend of foreign real estate investors continues to soar as many of them consider Miami to be a safe investment. Even as the city’s prices continue to rise, properties are still considered a “bargain” compared to other metropolitan areas. According to Light, buyers pay between $2,000 and $5,000 per square foot, on average for a new construction condo in New York City. At Paramount Miami Worldcenter, they will spend $700 to $800 per square foot on average with penthouses speculated to start at about $1,000 per square foot.
“Not only do investors get a great deal when they purchase properties in Miami, they also position themselves on the cutting edge of design and technology,” continues Light. “For example, Paramount Miami Worldcenter has an incredible nine-acre amenity level that is truly unprecedented.”
About Michael Light of Miami Luxury Homes
Michael Light of Miami Luxury Homes is a top-producing, luxury real estate professional who is licensed with the National Association of Realtors (NAR) and the Miami Association of Realtors. He is the Senior VP of Luxury Sales at Keller Williams Coral Gables and a member of KW Luxury Homes International. Michael is one of approximately 1,400 members of Keller Williams Realty who has met the qualifications to join KW Luxury Homes International putting him in the top 2% of this prestigious group. He may be contacted at firstname.lastname@example.org or (305) 350-9842.