A penthouse on Miami’s Fisher Island—one of the country’s wealthiest zip codes—is on the market for $38.5 million, making it the island’s most expensive listing, according to listing agent Pablo Alfaro of Douglas Elliman.
The residence is the largest of three penthouses at the ultra-luxe condominium Palazzo del Sol, the first new construction on Fisher Island since 2007. The building was finished earlier this year.
The penthouse first sold to an unidentified buyer for $35 million in February of 2015, setting a price record for the island. It returned to the market for $3.5 million more on Aug. 2. It is unclear why the owner is selling.
With 9,715 square feet of living space, the penthouse has seven bedrooms, seven full bathrooms and one partial bath. It has 8,595 square feet of outdoor space, which includes a rooftop swimming pool, a hot tub, a pergola and an outdoor kitchen.
Shared amenities at Palazzo del Sol include a lobby aperitivo bar, a movie theater, a fitness center and fur storage, among other perks.
Fisher Island’s second priciest listing, according to Douglas Elliman, is another penthouse at Palazzo del Sol. That 6,644-square-foot residence comes with an additional 5,171 square feet of outdoor space. It’s on the market for about $26.4 million.
The median sales price for a condo on Fisher Island was $7.102 million in the second quarter of this year, a whopping 91.3% increase compared with the same quarter in 2015, according to a report by real estate appraisal and consultancy firm Miller Samuel for Douglas Elliman. This boost can be attributed to several big-ticket closings at Palazzo del Sol.
Known for its exclusivity, Fisher Island is accessible only by ferry or yacht from Miami Beach. It’s home to the famed Fisher Island Club, which features a seaside golf course, a beach club, a spa and hotel accommodations. There’s also a deep-water marina and a private beach on the island.
Write to Gina Faridniya at gina.faridniya@dowjones.com