Stuart Eichner relists Continuum unit at a discount

Stuart Eichner relists Continuum unit at a discount

Thursday, November 9, 2017

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Continuum investor Stuart Eichner is relisting his South Beach condo for $11.5 million, roughly 10 percent less than the asking price early last year.

Eichner, a private investor in the Continuum, is the brother of developer Ian Bruce Eichner, whose Continuum Company built the $440 million, two-tower condominium.

The three-bedroom, 3,030-square-foot unit is asking $3,800 per square foot, less than the $4,300 per square foot it was listed for in January 2016. “The market has shifted since we originally listed. At the time we were seeing highly desirable properties selling for record-breaking prices,” said listing agent Samantha Elenson of One Sotheby’s International Realty. “We’re not breaking records anymore.”

Eichner and his wife took the unit off the market after about three months in 2016 while the lobby was being gut-renovated. They decided to sell because the couple is spending more time traveling and less time in Miami.

The listing also includes the poolside two-story, 600-square-foot loft-style cabana – as well as five parking spaces. Property records show Eichner paid $4.1 million for unit 3501 and cabana 4 at 50 South Pointe Drive.

In 2015, his brother, Ian Bruce Eichner, listed his four-story penthouse at the Continuum for $50 million, or $4,519 per square foot. It is no longer on the market.

The development sits on a 12-acre property and features two lagoon pools, a spa and gym, and 1,000 feet of beach frontage. Recent sales are in the $2,200 to $2,4000 per-square-foot range.


Source: The Real Deal