The sale of a condo in southwest Florida has shattered records and it hasn't been built yet.
The penthouse of the planned Waldorf Astoria Residences St. Petersburg sold for $27 million, developer PMG announced on July 22. It is the highest price paid for a condo unit in Pinellas or Hillsborough counties, which includes Tampa, according to property appraisers.
The previous record was $11.6 million for a unit in Tampa’s Ritz-Carlton Residences in 2024.
New building slated to set height record, too
Announced in April, the Waldorf Astoria Residences from developer PMG is set to be a 50-story tower on the St. Petersburg waterfront, which would make it the tallest building in the city.
Ryan Shear, one of the managing partners of PMG, said Florida's Gulf Coast has seen strong condo sales for the company's projects in cities such as Sarasota. "I think the west coast of Florida in general is a quietly but rapidly growing market," he said.
Designed by architectural firm CUBE3, the luxury condominium will include 163 units with two-and three-bedroom floorplans ranging from 2,031 to 3,408 square feet. California-based BAMO will be behind the interior design. According to PMG, the buyer will work with designers on the final layout.
The two-story, 10,684-square-foot penthouse will top the tower and have a 50-foot pool.
For all residents, the building will offer the Sky Lounge on the 46th floor, plus 73,000 square feet of office space and 10,000 square feet of ground-floor retail.
The condo is in pre-sale now, with units starting at $2.5 million, according to Shear, who predicts construction will begin in the second half of 2026 and be completed in 2030.
Condos face a mixed market
The building is being developed at a difficult time in Florida’s condo market. Regulations passed following the 2021 collapse of Champlain Towers South in Surfside have put placed heavy financial burdens on some condo properties, especially older buildings along the coast.
State lawmakers this year made changes to those regulations to help some owners afford to stay in their homes.
The median price for condos in the Tampa market was $220,000 in June, down 17% from the same time last year, according to Homes.com research.
"2025 has been a little slower for us," Shear said, though he added that he was still bullish on the Florida condo market.
Shear said he believes the Waldorf Astoria brand, which Hilton owns, could be transformative for the local real estate market. "When you get into the true five-star [brands] … that level of luxury has a lot of effect in terms of who it can attract to the city," he said.
Michelle Rumore, Homes.com senior director of market analytics for the region, said newer buildings have been attracting high-end buyers.
“The Tampa Bay region continues to be a top landing spot for luxury condo buyers. On both sides of the bay, developers are seeing success, with properties like One Tampa and The Pendry fetching top-dollar sale prices,” Rumore said.