he co-founder of AQR Capital Management and Billionaire investment fund manager the ‘Cliff Asness’ just marketed his Miami Beach penthouse for only$22 million. Although, it’s a notable value drop from the purchase price. Just two years ago he paid $26 million for this penthouse.
Certainly, Mr. Asness had posted the beachfront penthouse for selling late last year with an asking price of $29.5 million. The Seth Feuer of Compass represented for an unnamed buyer to close the deal. The buyer is a private-equity official from the Northeast, who is thinking of shifting to Miami. Lastly, he got the deal, but with a lesser value than the asking price. According to records the former owner of the penthouse, Mr. Asness also has a big property in Greenwich, which he acquired for $14.6 million only in 2005.
Furthermore, according to the listing with Mick Duchon and Eloy Carmenate of Douglas Elliman, this penthouse has 6800 sqft of carpet space. It has a total of 5 bedrooms, a private roof deck, a fire pit, an outdoor kitchen, etc. The massive 36-ft pool facing the seaside is really amazing.
However, according to a statement by Douglas Elliman, now While Palm Beach has witnessed an inrush of single-family house customers due to the coronavirus pandemic, but the Miami condo demand hasn’t experienced the same hike. In the following quarter, the sales figure of a closed luxury condo in Miami Beach fell approximately 50% year over year. Indeed, the Miami property market is suffering an oversupply of commodity, climate change anxieties, etc. Likely, foreign clients, especially from South America is now showing any notable interest, so the price is dropping to attract them more. But this situation will get resolved, and we will hopefully witness a market boom soon!