Miami Beach continues solidifying its status as a premier luxury real estate destination, with high-profile buyers flocking to the city’s prime properties. In a notable transaction, Steve Hafner, co-founder and CEO of travel giant Kayak, has purchased a stunning oceanfront penthouse in the exclusive South of Fifth (SoFi) neighborhood for $24 million. The sale marks a significant milestone in Miami’s luxury market, reinforcing the area’s desirability among affluent investors.
A Premier Penthouse with Unmatched Features
The newly acquired penthouse is perched atop Ocean House, an elite boutique condominium at 125 Ocean Drive. Spanning nearly 4,000 square feet of interior space, the residence boasts four bedrooms and five bathrooms, providing ample room for luxurious living. A standout feature of the penthouse is its expansive outdoor area, which totals over 4,400 square feet and includes a private rooftop oasis.
Designed with seamless indoor-outdoor integration, the property features towering glass walls, high-end Italian porcelain flooring, and a sleek, modern aesthetic. A state-of-the-art chef’s kitchen is equipped with top-tier appliances, while the sprawling wraparound balconies provide breathtaking panoramic views of the Atlantic Ocean and the Miami skyline. The crown jewel of the property is its rooftop terrace, which houses a private negative-edge pool, spa, outdoor kitchen, and entertainment area—offering the ultimate in resort-style living.
A High-Value Investment in Miami’s Booming Market
Hafner’s $24 million purchase represents a record-breaking price per square foot in the SoFi neighborhood, further highlighting the growing demand for exclusive waterfront properties in Miami Beach. The penthouse’s previous owner originally acquired it for $15 million, reflecting a substantial increase in value over the past decade. This appreciation underscores Miami’s status as a lucrative market for luxury real estate investments.
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Hafner’s Expanding Footprint in Miami Real Estate
Hafner is no stranger to Miami’s high-end real estate scene. His latest acquisition is a return to Ocean House, where he previously owned another unit that he sold in 2021 for over $10 million. His portfolio also includes several other high-value Miami properties.
In December 2021, Hafner made waves in the real estate world with two record-setting deals in a single day. He sold his penthouse at L’Atelier Miami Beach for $36 million, a property he had purchased for $21 million just four years prior. The custom-designed residence featured a private 40-foot infinity pool, a glass elevator, and a summer kitchen with a full bar. On the same day, he acquired a nearly 10,000-square-foot penthouse at Palazzo Della Luna on Fisher Island for $40 million, adding another ultra-exclusive property to his collection. Fisher Island, known for its privacy and exclusivity, is one of the most sought-after enclaves in Miami, accessible only by ferry or private yacht.
Hafner’s continued investments in Miami real estate signal his strong belief in the city’s future growth. With Miami increasingly attracting tech entrepreneurs, hedge fund executives, and international investors, the demand for luxury properties remains robust.
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The Prestige of Ocean House and South of Fifth
Ocean House, where Hafner’s new penthouse is located, is one of Miami Beach’s most prestigious residential buildings. Built in 2009, the condominium consists of only 28 residences, ensuring exclusivity and privacy. Residents enjoy a full suite of luxury amenities, including a private beach, a resort-style swimming pool, a state-of-the-art fitness center, a spa with a sauna and steam room, a screening room, and personalized beach services.
The South of Fifth (SoFi) neighborhood is regarded as one of Miami Beach’s most exclusive enclaves. Bordered by water on three sides, it offers a serene atmosphere distinct from the livelier parts of South Beach. This area has become a haven for ultra-high-net-worth individuals seeking a combination of privacy, oceanfront views, and easy access to Miami’s vibrant dining and cultural scene. Notable residents and investors in the neighborhood include business moguls, celebrities, and sports team owners who value the tranquility and prestige of SoFi’s limited luxury offerings.
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Miami’s Luxury Market Continues to Thrive
Hafner’s latest real estate move is further evidence of Miami’s robust luxury market. The city has seen an influx of high-net-worth individuals in recent years, drawn by its favorable tax policies, warm climate, and booming business landscape. The migration of top executives and entrepreneurs from financial hubs like New York and Silicon Valley has fueled demand for exclusive properties, pushing prices to record highs.
In addition to its real estate appeal, Miami continues to establish itself as a financial and tech hub. The city has become a hotspot for hedge funds, venture capital firms, and technology startups, attracting a wave of professionals who are seeking high-end residences in prime locations. This shift has further solidified the value of properties in top-tier neighborhoods like South of Fifth.
Conclusion
Steve Hafner’s $24 million penthouse purchase not only adds to his impressive real estate portfolio but also serves as a testament to the strength of Miami Beach’s luxury market. With its unparalleled oceanfront views, top-tier amenities, and prime location in one of Miami’s most coveted neighborhoods, the property represents the pinnacle of high-end living. As Miami continues to evolve as a global destination for business and luxury, high-profile real estate investments like this one are expected to remain a key trend in the city’s dynamic property market.
