$48 Million Surfside Penthouse Is Most Expensive U.S. Home Sold So Far in 2024

As luxury home prices rose across the country, the $48 million purchase of a decked-out, three-level oceanfront Surfside penthouse was the most expensive U.S. home sale recorded in the first quarter of 2024, according to a new report by real estate website Redfin.

Luxury home prices climbed nine percent year over year — twice the rate of non-luxury prices — while the luxury home supply increased by 13 percent, a record spike, according to Redfin.

During the first quarter of 2024, the median price of U.S. luxury homes stood at $1.2 million, and the country's most expensive home sale occurred in our backyard. (The report does not appear to consider off-market transactions, which often occur among high-end purchases with wealthier buyers.)

In late March, the 7,300-square-foot penthouse at the Four Seasons Residences at The Surf Club on Collins Avenue fetched $48 million. The luxury unit boasts five bedrooms, seven bathrooms, a yoga room, spa, gym, outdoor garden, and a 75-foot-long rooftop pool overlooking the "vast blue horizons of the Atlantic Ocean," as the listing describes it. The waterfront property was originally listed for $55 million in November 2023.

"A culinary haven, the kitchen is equipped with Boffi cabinetry, Miele, Viking & SubZero appliances & abundant storage. In the primary suite, pure elegance awaits. Its sleek bathroom is adorned with white onyx, free-standing tub & oversized shower," the listing reads.
Miami-Dade property records indicate G5C Capital Corp. purchased the property from PDE 1186 LLC. Records from the Florida Department of State show Coral Gables attorney Alan Fertel lawyer is the registered agent for PDE 1186. The condo had last sold for more than $29 million in the fall of 2018, the year after it was built.

Despite the high prices, luxury home sales nationwide have increased two percent year over year. The Redfin report defined luxury homes as those within the top five percent of a metro area's market value while non-luxury homes were those falling within the 35th to 65th percentile market value.

"New listings of luxury homes are soaring but not enough to curb the price growth that comes with rising demand; the total supply of luxury homes is still far below pre-pandemic levels," the report says.

On the other hand, non-luxury home sales have not risen since 2021. When compared to the first quarter of 2023, non-luxury sales decreased by four percent as demand took a hit owing to elevated mortgage rates.
The Redfin report explains that whereas regular home buyers are impacted by the high mortgage rates, a record number of luxury home sales are being purchased in cash. Forty-seven percent of the higher-end homes purchased since the beginning of 2024 have been bought with cash, according to Redfin's analysis.

The median sale price in the Miami-metro luxury housing market increased by more than 11 percent as compared to last year's first quarter. However, the speed of Miami's luxury home sales was the slowest among the 50 most populous U.S. metro areas, with a median time on the market of 118 days. The number of high-end homes sold in the Miami metro area fell by nearly 3 percent, while the number of new listings increased by roughly 23 percent year over year.

In Fort Lauderdale, the analysis found, the number of new luxury home listings rose by 31 percent and the median sale price increased by 9 percent.

Jacksonville had the largest year-over-year spike in new luxury home listings nationwide at nearly 64 percent.