In an extreme example of buying on spec, an unbuilt Florida penthouse was recently scooped up for $21 million. The 7,735-square-foot oceanfront condo will occupy the top floor of the Ritz-Carlton Residences in Sunny Isles Beach, a soon-to-be-constructed property designed by by Miami-based firm Arquitectonica with interiors by Italian designer Michele Bönan. What’s more, the condo will include five bedrooms, six and a half baths, a 3,560-square-foot garden terrace, and a private pool. The anonymous buyer will also enjoy unrestricted ocean views, as well as views of the Miami skyline (which is 20 miles to the south), all from the condo’s 15-foot-tall floor-to-ceiling windows and terrace. “There are only a few new high-rise building opportunities that have such an expansive beachfront with stunning views and a resort-style atmosphere," said Manuel Grosskopf, CEO of Château Group in a statement. “Sunny Isles Beach has become a very coveted destination and continues to attract buyers from all over.”

The 52-story tower is a joint project of Château Group and another prominent Miami firm, Fortune International Group. In addition to the penthouse, the building will consist of 212 units, each featuring two to four bedrooms and ranging in size from 1,605 to 3,640 square feet. Residents will have access to the building’s private beach (which comes with cabanas, chaise longues, and umbrellas), oceanfront fitness center, and poolside restaurant, among other amenities. For an additional cost, the residence also offers homeowners luxurious services that include grocery shopping, personal shopping, and a personal chef.

Construction on the beachfront tower is slated to begin in 2016, with a projected completion date of 2018.