A two-story penthouse at Onda, a new boutique luxury condominium planned for Miami’s exclusive Bay Harbor Islands neighborhood, has sold for $9.5 million dollars to a buyer from Louisville, Kentucky. The 8-story development, which is being developed by a joint venture between Ugo Colombo’s CMC Group and Valerio Morabito’s Morabito Properties, enjoys an enviable waterfront location with more than 300’ of bay frontage, a private marina, and sweeping views of Biscayne Bay and the Atlantic Ocean. Nearly 40% of Onda’s 41-units have already been pre-sold since launching sales in March, with a majority of buyers hailing from the U.S. Construction is estimated to begin in Fall 2021, with completion slated for 2023.

The expansive penthouse will include a total of 7,199 SF, encompassing 5,073 SF of interior space with 4 bedrooms, 4.5 bathrooms, an office/bonus room, and a wine cellar. The residence will also include an additional 2,126 SF of outdoor space in the form of 9-foot-deep wrap-around terraces and a private rooftop deck complete with its own pool, garden, and summer kitchen.

Melissa Pardo of Fortune Development Sales represented the developers in the transaction, while Fernando Rodriguez Parilli of Fortune International Realty represented the buyer.

“Our vision for Onda was to create a boutique-style building that felt like you were living in a private waterfront home with all the amenities and conveniences of a luxury condominium,” said Valerio Morabito, CEO of Morabito Properties. “Our residences boast oversized floorplans and an abundance of outdoor space. With its own rooftop pool deck and direct water views overlooking Biscayne Bay and the Atlantic Ocean, the sale of our signature penthouse speaks to its unique caliber in the Miami market.”

The news of the penthouse sale comes as a wave of wealthy domestic buyers migrating to South Florida and diminishing single-family home inventory has sparked renewed interest in Miami’s luxury condo market. According to the Miami Association of Realtors, sales of existing condos jumped a whopping 286% in May year-over-year, from 563 to 2,176, driven primarily by U.S. buyers from tax-burdened states. The latest statistics support that fierce competition and ballooning prices for single-family homes are driving buyers towards condominiums instead.

Located just west of the world-class shopping mecca Bal Harbour Shops, Bay Harbor Islands is one of the most sought-after residential neighborhoods in Miami. The exclusive two-island waterfront enclave is situated roughly two miles north of Miami Beach and neighboring Indian Creek Island, a private island famously known as “Billionaire Bunker” for its roster of celebrity residents. Bay Harbor Islands is renowned for its charming small-town community vibe, proximity to Miami’s poshest retailers and restaurants, and stunning waterfront location and views. The walkable family-oriented village also offers an abundance of parks and green space, along with access to one of the best schools in Miami-Dade County.

“Bay Harbor is like an undiscovered jewel in Miami. It’s a little island community that’s in the middle of everything with fantastic water views and just a few steps away from Bal Harbour Shops,” said Ugo Colombo, Founder of CMC Group. “With Onda, we set out to create an ultra-luxurious intimate building with a handful of units and a handful of residents in one of the nicest waterfront communities in South Florida.”

Onda – the Italian word for “wave” – has been architecturally designed by Bernardo Fort-Brescia of Arquitectonica, with interiors imagined by creative design masterminds Carlo and Paolo Colombo of A++ Human Sustainable Architecture, and lush landscaping by award-winning landscape architect Enzo Enea of Enea Garden Design.

Among Onda’s standout features is over 300’ of bay frontage, a private marina for the exclusive use of residents with boat slips, a water sports launch dock with available kayaks, paddle boards and inflatables, and direct ocean access through Miami’s Haulover inlet.

Building amenities and features will include a rooftop pool deck and lounge area; a state-of-the-art fitness center with Technogym equipment, a yoga studio, a spa with massage treatment rooms, changing facilities, and steam bath and sauna rooms. A private marina for the exclusive use of residents with boat slips, a water sports launch dock with available kayaks, paddle boards and inflatables, and direct ocean access through Miami’s Haulover inlet. Onda will also feature personalized services, advanced security and technology along with a front desk reception, covered valet drop-off area, personal parking spaces, electric vehicle charging stations and bicycle storage, and residential storage space. The building will offer an integrated digital concierge along with readily accessible WiFi throughout all public spaces, and FTTH (fiber to the home) technology for voice, video and high-speed internet.

All residences will feature an office/den, private and semi-private high-speed elevators, floor-to-ceiling impact-resistant sliding glass doors and windows, spacious tiled terraces with private gardens, open floor layouts with up to 9-foot grand ceiling heights, fully-accessorized Snaidero kitchens with top-of-the-line Miele appliances, bathrooms with Italian marble and wood cabinetry, exquisite Italian flooring throughout, energy-efficient air conditioning and heating systems with ultra-quiet technology, and air and water filtration systems.

Onda benefits from the track-record and expertise of Ugo Colombo of CMC Group and Valerio Morabito of Morabito Properties, two world-class developers driven by their Italian instincts for quality, style, and craftsmanship. Colombo and Morabito previously partnered in 2016 to lead the development of Beach House 8, a nearby boutique waterfront condo building on Collins Avenue in Miami Beach. Most recently, Colombo and CMC Group delivered Brickell Flatiron, a 64-story luxury tower in Downtown Miami’s Brickell Financial District.

Fortune Development Sales is managing sales and marketing for Onda Residences.

For more information, including preconstruction sales opportunities, please contact Fortune Development Sales at (305) 344-1234 or info@ondaresidences.com and visit the development’s sales gallery at 10301 East Bay Harbor Drive, Bay Harbor Islands, FL 33154.

Learn more at www.ondaresidences.com.

This article was produced as part of a partnership with ONDA Residences.