Every conversation about Miami penthouse pricing should start here, because this is the only figure at this level that is a recorded transaction rather than a report.
This page describes the residence. Whether it is available, and on what terms, changes without notice. Contact the desk at Miami Dossier for the current position on any building we cover.
PH11 at Seaway, part of the Surf Club estate in Surfside, closed at $86 million in November 2025.
The residence sits within one of the most established luxury addresses in South Florida, on a site whose history as a private club long predates the current residential market.
This is the reference point. Everything else in this register is measured against it.
Closed. $86 million. November 2025. Recorded. This is the strongest form of price evidence available in this market and there is very little of it at this level.
It reset a Miami-Dade condominium record that had stood since 2015, when a Faena House residence sold at $60 million. A decade between records is itself informative about how thin this tier is.
Set it against what else circulates. The Shore Club contract at a reported $120 million and higher has not closed. The Raleigh figure of $150 million is an asking price. The Mandarin Oriental pair at roughly $49.9 million each are presale contracts on a building not yet built. Only the Seaway number is a completed, recorded trade.
When a source lists these together in one table, it is comparing four different categories of fact.
The Surf Club estate combines a restored 1930s club building with newer residential structures, under Four Seasons operation on the hotel side.
Established, delivered and occupied, which distinguishes it from most of this register. There is no delivery risk here and no question about whether the finished product matches the rendering, because it is finished.
That maturity is part of why the record was set here rather than at a preconstruction address. A buyer at this level was able to walk the building.
A recorded consideration is not the same as the full economics of a deal. Recorded price excludes furniture, finish allowances and side arrangements, and the recorded figure can differ from what the parties exchanged in total.
One trade is not a market. An $86 million sale establishes that one buyer paid that for one residence at one address on one date. It does not establish a price level for anything else, and it certainly does not establish one for a preconstruction residence delivering in 2030.
The most common misuse of this number is as a floor. It is not a floor. It is a single high water mark in an extremely thin tier.
Four figures circulate in this market at above $80 million and only one of them is a recorded sale. Contact the desk at Miami Dossier and we will tell you, for any building you are weighing, which category each number you have been shown actually belongs to.
We hold no listings and we are not the developer. Contact the desk at Miami Dossier and we will tell you what is actually available at the top of this building, what the last comparable trade was, and where we would not proceed. Where a question is legal, tax or structuring, we introduce you to advisers who handle that properly rather than answering it ourselves.