In March of 2012, Miami Heat President Pat Riley sold his Luxury Real Estate in Miami – a stunning bayfront mansion in the gated Gables Estates that closed for $16.8 million. His 12,856-square-foot Mediterranean-style house is one of the most luxurious waterfront homes in Miami, and features a theater, wine cellar, library and an expansive pool complete with waterfalls and an aqua bar. However, this just wasn’t luxurious enough for the buyer of this astounding mansion. The home will be torn down to yield a bigger and better mansion.
It turned out that the buyer was actually interested in the lot, which is a rare fingertip of nearly two acres of prime land protruding into the azure waters of Biscayne Bay. Plans to tear down the home built in 1991 were soon presented with the intention of building a grander estate along the 900 linear feet of bayfront.
Jorge Uribe, vice president at One Sotheby’s International Realty, explains that people nowadays are after perfection. When it comes to investing in luxury real estate in Miami, buyers are looking for high quality products, which include a great location and top-notch materials; they expect nothing short of perfection and are willing to pay for it.
LUXURY REAL ESTATE IN MIAMI
Trends in the past several years show that Miami’s ultra-luxury market is booming, as prices for the finest single-family homes and condos have sky-rocketed to levels never before seen in the region. This trend has been greatly powered by foreign demand and renewed interest from New Yorkers and other individuals from the Northeast. In addition, Miami’s fame has been growing due to the renowned Art basel Miami Beach art festival, as well as many other popular cultural and entertainment venues, attracting the super-rich from all over the world.
Sale prices of $20 million and up have become the norm amongst luxury real estate in Miami. In January, a condo at The Setai Resort & Residences was sold for $27 million, while in August of 2012, a home at 3 Indian Creek Dr. was sold for $47 million – a record high for a Miami-Dade residence. This goes to show that luxury real estate in Miami is in demand and growing.