As the luxury market continues to cool in South Florida, developers and other sellers are becoming more creative in an effort to attract attention to—and ultimately sell—their properties.
The latest example: A 17,000-square-foot penthouse at Regalia in Sunny Isles Beach that comes with a unique perk for the buyer: A $500,000 pink diamond.
“This unit literally is the crown jewel of Sunny Isles, not only Regalia,” said Chad Carroll, of The Carroll Group at Douglas Elliman, the listing agent.
Carroll said that in the past, he’s spent $100,000 to $150,000 to stock the refrigerators of Regalia buyers with wines curated for their tastes. “Instead of doing that, since this is not an ordinary unit we thought the buyer would appreciate something that is rare and as special as that penthouse,” he said.
Carroll admitted, however, that he doesn’t expect a buyer to purchase the penthouse just because of the diamond. “They’re not going to buy a place of this stature for a $500,000 diamond,” he said. “But they will appreciate the gift.”
North Miami Beach-based Regalia Beach Developers LLC completed the 46-story condominium in 2014 but held the penthouse back while the interior was completed. It’s now listed for the first time with Carroll and is being sold fully furnished, with custom designs by Charles Allem.
The three-story penthouse features 10,755 square feet of interior space, with six bedrooms, including a 2,000-square-foot master wing complete with a private spa with steam room, sauna, massage beds and a couple’s Jacuzzi tub. There’s also a 1,000-bottle wine cellar, 10-seat movie theater and 1,100-square-foot game room.
Exterior space includes a rooftop sun terrace with summer kitchen, bar, outdoor shower and pool bathroom, as well as a private pool with waterfall.
And there’s that pink diamond as well.
“In my opinion, this screams desperation,” says Andy Weiser, a real estate agent with Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale who is familiar with the Sunny Isles market. “They realize that while they are sitting with a unit that is beautiful, it is grossly overpriced.”
According to Douglas Elliman, the median price of a condominium in Sunny Isles Beach dropped 16.9 percent year-over-year in the second quarter of 2017. And, according to a report released on Aug. 21 by Condo Vultures Realty, the Sunny Isles Beach market now has more than a 25-month supply of units available for purchase.
Regalia, at 19575 Collins Ave., features just 39 units—37 full-floor residences, a 17,015-square foot “Beach House” unit listed for $29 million and the $39 million penthouse.