When they were not attending the Formula 1 Miami Grand Prix and dining at swanky Carbone Beach, they were busy snapping up multimillion-dollar waterfront mansions left and right.
May's ultra-high-end home sales showed that top executives, tech industry players, and investment gurus are continuing to amass property around Miami, in keeping with the trend of wealth migration into the area. While prices in the general real estate market in South Florida have stabilized after years of rapid growth, the luxury property sector is still logging sales that are breaking neighborhood pricing records.
"People keep on waiting for the other shoe to drop, but more and more businesses like Apple and Blackstone and Citadel are moving to the area. These are major industry players," real estate agent Jessica Adams at One Sotheby's says.
Fisher Island, gated communities in Coral Gables, and Indian Creek are among the hotspots for luxury home sales, Adams says.
"These are obviously discerning buyers, but if they find what they want, and it's exactly what they're looking for, they are willing to pay top dollar," Adams tells New Times.
From a seven-bedroom estate in Florida's "Billionaire Bunker" to a 10,000-square-foot palatial mansion in Miami Beach, here is a rundown of the five priciest home sales we dug up in Miami-Dade County in May. The list includes standard sales as well as an eye-popping off-market sale that topped the list.
If you have a scoop on additional off-market sales, we're all ears.
40 Indian Creek Island Road — $64.5 million
After buying his waterfront estate in the wealthy enclave of Indian Creek Village for $9.3 million in 2010, Geert-Jan Bakker, the heir of a Dutch magnetics company, sold the property for $64.5 million last month in an off-market sale, according to the Real Deal. Talk about a return on investment. The 7,500-square-foot home, which was built in 1991, spans seven bedrooms, eight bathrooms, and two half-bathrooms. Like nearly every other waterfront property in Miami Beach, the estate has a pool and dock.40 Palm Avenue — $40 million
Chilean developer Claudio Fischer snatched the 14,930-square-foot mansion on Miami Beach's private Palm Island for a cool $40 million, making it the most expensive sale ever recorded in the exclusive island community off the MacArthur Causeway.The modern mansion, designed by architect Cesar Molina, has eight bedrooms, nine bathrooms, and four half-baths. We can't forget to mention the house's four-car electric garage, detached guest house, home theater, and rooftop terrace with a picturesque view of the Miami skyline. The primary bedroom has its own private pool and patio because, obviously, one pool isn't enough.
1835 West 27th Street — $26.5 million
As described by the listing agent, this waterfront estate is "sheer luxury." You apparently enter the property through private gates and "step over a tranquil koi pond" before entering the 10,000-square-foot mansion. The primary bedroom is two stories with its own private rooftop area and patio. The house has eight bedrooms, 10 bathrooms, a gym that overlooks Biscayne Bay, a three-jet-ski lift, and a state-of-the-art chef's kitchen.
This mansion is located in Miami Beach's Sunset Islands community.
Listing photo via Zillow
416 West San Marino Drive — $23.1 million
The five-bedroom, seven-bathroom house wasn't even done being built before the property was purchased for more than $23 million. The waterfront home is located on Miami Beach's Venetian Islands in Biscayne Bay. Justin Korsant, CEO of venture capital firm Long Light Capital, purchased the property from Clara Homes. Korsant is reportedly investing millions to add high-priced personalized finishes. The home will span nearly 7,000 square feet.
Step inside a $23 million oasis in Miami Beach's Venetian Islands.
Listing photo via Zillow
655 Ocean Boulevard — $21 Million
Developer Stuart Meyers, who purchased the oceanfront property for just under $10 million in 2019, sold it for $21 million on May 21. The 8,857-square-foot home features eight bedrooms and nine bathrooms on a 31,500-square-foot lot. The home is located in the luxurious Golden Beach community, which has its own police force along with a private beach and clubhouse for residents. The existing home will likely be razed to make way for a sprawling modern mansion. Gastón Taratuta, the founder and CEO of digital marketing firm Aleph Holding, was the buyer.
There is nothing quite like a private beach in your backyard.
Listing photo via Zillow
Bonus: 2184 North Bay Road — $21 million
One more for good measure.The Miami Beach property has a four-bedroom, four-bathroom home and was sold on May 7 for $21 million. Yes, you read that right, $21 million. Clearly, there are big plans for the waterfront site.
