Penthouses in Miami
A penthouse in Miami is an apartment on the upper floors of a tower: an entire floor, two levels, or a lot with its own terrace. The price includes a private elevator, high ceilings, an open area, two to three parking spaces, and sometimes a pool on the terrace. The median meter in the luxury segment is $11,200; in the upper segment — $14,900. Buyers purchase in Miami Beach, Brickell, Sunny Isles Beach, Surfside, and Coconut Grove. The penthouse premium is 10–20% over lots in the same building, and the sale period is 93 days.
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Types of Penthouses in Miami: 2026 Prices and Cost of Ownership
The areas are ordered by price per meter in the luxury segment — from the most expensive to the most affordable. The figures are taken from registered transactions for the quarter; the price of a specific penthouse is higher than the area average by the amount of the premium for the upper floor. The sale period and supply inventory in the third column are given by area: citywide they are more even, while between areas they diverge threefold.
| Area and Towers with Penthouses | Meter and Transaction Sum | Timelines, Inventory, and Who It Suits |
|---|---|---|
| Sunny Isles BeachPorsche Design Tower, Acqualina, Jade Signature, Bentley Residences, Turnberry Ocean Club, Residences by Armani/Casa | $12,920–23,680 per m²the spread is set by floor and view; in the tower under the Ritz-Carlton brand, transactions run at about $23,325 per m². Ready lots — $3.2–17.5M, a penthouse in the under-construction Bentley is listed at $37.5M | Sells the longest in the city — 135–138 days. Who: a buyer of the ocean front line who is not in a hurry. Over five years, the meter here has risen from $9,040 to $13,910 — growth of 53.9%, the best along the coast. |
| Miami Beach and South BeachFaena House, The Setai, Apogee, Eighty Seven Park, Monad Terrace, Five Park, Aman, The Perigon | $12,680 per m²over the year the meter lost 14.8% — the strongest decline among the areas | The maintenance rate here is the highest in the city: in branded towers with hotel service it reaches $4.56 per foot per month. Who: someone buying now and counting on negotiation. A fall in the price per meter in a declining market is the best argument at the negotiating table that one can get. |
| Edgewaterfront-line towers on Biscayne Bay, views of the water and Downtown | $10,530 per m²the median transaction of the luxury segment — $1,612,500; the meter added 1.8% over the year | 107 days to sell with 21 months of inventory; 44 transactions for the quarter — twice as many as a year earlier. Who: a buyer who needs the water and the center nearby but does not need the Miami Beach price. The most revived area of the segment. |
| Brickelltowers of the business district, penthouses in branded projects of recent years | $10,230 per m²the median transaction — $1,675,000, which is 13.9% more than a year ago | Sells the fastest — 75 days, but inventory is 28 months: supply accumulates faster than demand. Who: someone for whom liquidity and the business part of the city matter. A short sale period here means it is realistically possible to exit the asset, not only to enter it. |
| Coconut Grove and Coral Gableslow-rise projects amid greenery, neighborhoods of private schools | $10,215 per m²the only zone where the meter has risen — plus 9.2% over the year | New towers are few; supply is not being replenished. Who: a family for permanent living. While the shore is getting cheaper, the mainland green part is getting more expensive — this is the main shift of 2026, and it plays in favor of holding the price. |
| Downtowntowers on the Miami River and in Park West | $7,860 per m²the most affordable meter among luxury areas; the median transaction — $1,350,000 | Inventory of 46 months — almost four years, only 11 transactions for the quarter. Who: a buyer with a strong negotiating position. Such inventory means the seller waits longer than the buyer, and the discount here is discussed seriously. |
The maintenance rate is not linked to the area's price: across 340 towers it runs from $0.44 to $4.56 per square foot per month, with a median value of $1.31. On a 139 m² lot, that is $659 or $6,845 per month — a difference of $74,232 per year at the same floor area. Find out the rate of the specific building before paying the deposit.
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How to Search for a Penthouse: Five Filters That Cut Out the Excess
A penthouse has no legal status: the word in a listing is backed by nothing, and it labels both an entire floor with a private elevator and an ordinary apartment under the roof. Before going to a viewing, check the lot against five criteria — this eliminates most of the search results:
- Entrance. The elevator opens into the apartment or into a private lobby. A shared corridor on the floor — an ordinary lot.
- Ceilings. Compare with the floor plans of the lower floors of the same building, not with neighboring projects.
- Open area. A terrace around the perimeter or access to the roof. A three-meter balcony — that is a balcony.
- Share of the floor. A full floor or half. Six doors on the landing — here it is called a penthouse out of habit.
- Price premium. The main test: compare the price per meter with lots ten floors below in the same building. For a genuine penthouse, the difference is never less than a tenth.
Where to look. The meter by registered transactions costs $12,680 on Miami Beach, $10,215 in Coconut Grove and Coral Gables, $9,537 in Greater Downtown with Brickell and Edgewater. Over the year, the first figure fell by 14.8%, the second rose by 9.2% — the shore is currently getting cheaper, the mainland green part is getting more expensive, and negotiation is built on this. The addresses are known by the names of the towers: Faena House, The Setai, Apogee, Eighty Seven Park, Monad Terrace, Five Park, Aman, The Perigon on Miami Beach; Four Seasons Surf Club, St. Regis Bal Harbour, Fendi Chateau, Arte Surfside, Oceana, Rivage in Surfside and Bal Harbour; Residences by Armani/Casa, Turnberry Ocean Club, Bentley Residences in Sunny Isles Beach. On the mainland — Fisher Island, Key Biscayne, Coconut Grove, and Brickell.
Stages of Purchase and Closing: What Happens and in What Timeframe
- Offer and negotiation. The unsold inventory in the luxury segment is 19 months against a norm of six to nine, so negotiation here is a normal part of the deal, not the exception. The offer is submitted in writing and is valid for several days.
- Deposit. After the offer is accepted, 10% is paid into an escrow account at a title company or attorney. The money is not passed to the seller.
- Property inspection — 10–15 days. During this period the buyer has the right to exit the deal and take back the deposit. During this time, a technical inspection is ordered and the association is asked for the bylaws, budget, reserve fund report, meeting minutes for two years, and information on planned assessments.
- Association approval. The building's board reviews the buyer's candidacy: application, references, sometimes an interview. It takes from two to four weeks and is done in parallel with the inspection.
- Money. A transfer from abroad goes through the bank's compliance: the origin of funds is confirmed. Start three to four weeks before the closing date, otherwise the deal will be delayed.
- Closing. The title company checks the history of title, issues title insurance, and conducts the settlement. The buyer's closing costs are about 1–2% of the price on top of the transaction amount.
- Registration. Title passes on the closing day, and the document is registered with the county. The buyer's presence is not mandatory: signing is possible by power of attorney.
The entire cycle from accepted offer to keys takes one and a half to two months when paying with your own funds. This is not the same as the exposure period from the first paragraph of the page: that shows how long a lot on average waits for its buyer. When exiting the asset, budget six months.
What Ownership Costs
- Association fee — monthly, charged on floor area. Each building has its own rate, with a tenfold spread across the city, so it is checked before paying the deposit.
- Property tax — annually, at the county rate of 1.76% of the appraised value. There are no assessment exemptions for a non-resident and a second home.
- Apartment insurance — separate from the building's common insurance. The top floor is the first to take the wind load, and perimeter glazing is the main risk item; on old buildings the rate can be higher than the association fee.
- One-time assessments. Since December 2024, buildings are required to maintain a fund for capital works. Where it has not been accumulated, owners are billed one-time sums, and the penthouse's share in them is the largest — it is also calculated on floor area.
Separately on rental: a penthouse is not a rental asset. The fee and tax grow with floor area and value, while the rental rate does not, and in most buildings short-term rental is closed by the association's bylaws regardless of city rules. This segment is bought for personal living and capital preservation.
Conditions for a Foreign Buyer
You can buy a penthouse in Miami without residency, a local partner, or ownership restrictions. The purchase grants no visa rights at any amount. There is only one restriction on the form of ownership — cooperative buildings, where the board has the right to exclude foreign owners; it does not apply to condominiums, which is almost the entire tower market.
Two tax points are decided before the deal, not after. On sale, 15% of the amount is withheld from a non-resident against capital gains tax: the overpayment is refunded based on the tax return, but the money is frozen for months. The non-taxable threshold for inheritance for a non-resident begins at $60,000 at a rate of up to 40%, so for properties at this level the ownership structure is chosen in advance together with a U.S. tax adviser.