Miami has always been known for its boom and bust real estate cycles. But as of now, 2021 has been the craziest year on record for Miami luxury real estate sales, especially in the high-end waterfront homes for sale miami real estate market.
In Miami Beach alone, there have been over 40 luxury waterfront single family homes sold with sales prices above $10 million. These incredible single family homes and prime waterfront lots that sold were located all throughout Miami Beach, including the Venetian Islands, Sunset Islands, La Gorce Island, North Bay Road, Hibiscus and Palm Islands, and Star Island.
And it’s not just in Miami Beach FL where Miami real estate is booming. Cities such as Coral Gables have seen some massive real estate sales this year. Just in 2o21 alone, there have been nearly 50 closed sales (waterfront single family homes) in Coral Gables alone, with the most expensive home located in Tahiti Beach which sold for $28.9 million in March 2o21. In addition, a prime 70,000 Sq.Ft. waterfront lot recently sold in Coral Gables for an astonishing $14.5 million in April 2021.
And in tropical Key Biscayne FL, a 15,000 Sq.Ft. waterfront home just sold for a record price of $17.4 million on Mashta Island, not to mention many other pricey real estate closed sales in Key Biscayne.
So Why This Meteoric Rise in Miami Real Estate Prices?
There are a few factors that have contributed to this meteoric rise in real estate sales. The first and most obvious one being that Florida has no state income tax. Residents in Miami Dade County are able to take advantage of huge tax savings, compared to other states such as California and New York. This is nothing new, but as taxes continue to rise in other states, Florida is now seeing large hedge funds, technology companies, fashion houses, banks, and high net worth individuals take advantage and move their entire enterprises to Miami, FL.
Another reason for the Miami real estate boom has been the Covid Pandemic. If you’re forced to stay home and not be around other people, then you might as well be living somewhere where you can enjoy the outdoors year round and properties in Miami provide that. And if you can afford it, a waterfront property sure beats living in a small apartment in NYC or other congested cities. It’s no surprise that larger properties with large outdoor spaces, luxury amenities, swimming pools, and boat docks have been top requests from buyers.
Buyers Are Setting New Records
I’ve been a real estate agent for two decades and I have truly never seen a real estate market like this. Prime real estate continues to escalate in price and buyers and sellers of luxury properties are setting new records in almost all neighborhoods in Miami, FL. Bidding wars are once again common and a well priced listing is typically sold within weeks. And in my professional opinion, once all of the travel restrictions ease up and international flights all resume back to normal, the Miami single family home and condo market will explode even higher, with more pent up demand.
At the moment, there are very few Miami waterfront homes on the market, especially in Miami Beach, FL. Listings in the upper price range are getting multiple offers and properties are selling at record prices on a weekly basis. Every time I open the MLS, I see both Miami luxury condo and single family home sales in Miami Beach that blow my mind. As a local RE agent, I can tell you that home sales are just going to the moon now, no matter the property types or the size. At the moment, I am checking the MLS two and three times per day for clients now to make sure the single family home or condo they like is still available. A well priced home or lot that goes on the market most likely will receive multiple offers at above asking price. I hear similar stories on a daily basis from other realtors.
On the Venetian Islands in Miami Beach, nearly every waterfront home has been sold. Even older properties on Venetian Way, San Marino Dr, and Rivo Alto Dr have been sold, no matter the size, design, home condition, bedrooms and bath count, etc. Because of its great Miami Beach location and close proximity to Lincoln Road, the Venetian Islands has become one of the most desirable neighborhoods in all of Miami Beach.
Waterfront Homes with Boat Docks in Miami
Having a boat dock in your backyard in Miami Beach, FL is an amazing luxury to have and makes boating fun again. As a boater myself, having to go down to the marina, put the boat in the water, and then have to drive home at the end of the day, can be a real hassle and take the fun out of boating.
Most of the larger waterfront homes for sale in Miami Beach, FL have boat docks and provide quick access to Biscayne Bay and the Atlantic ocean. There are currently listings for sale in Miami Beach with dockage for boats up to 50 feet in length. And Miami Beach, Florida is a great place to go boating, from the protected waters of Biscayne Bay to the Intracoastal Waterway and many canals.
For a true boater’s paradise, be sure to check out Coconut Grove, Key Biscayne and Golden Beach. These tropical communities have both condo and single family homes with a boat dock and located directly on the water with some of the best boating in the world. Both the city of Coconut Grove and Key Biscayne have city owned marinas where you can also dry rack your boat, depending on the type and overall length.
Waterfront homes in Key Biscayne, FL start around $5 million dollars and waterfront homes in Golden Beach start around $6 million, offering some of the finest amenities and the perfect Miami location for the boating lifestyle.
This Luxury Home For Sale Makes Me Wish I Were A Billionaire
Miami, FL is known for beautiful scenery, beautiful people, and beautiful luxury homes for sale. There are plenty of gorgeous condos and waterfront home listings in every Miami neighborhood.
However, there are a few luxury homes for sale that sit above the rest; that truly go above and beyond the other homes in the area, and 650 Casuarina Concourse is on the top of that list. This incredible home located in Gables Estates is complete with incredible views of the bay, eight spacious bedrooms, and a swimming pool that looks like it belongs in a luxury resort on a private island.
This 19,000 square foot Miami, FL single family home has left no stone unturned when it comes to contemporary architecture, state of the art appliances and features, breathtaking views and visually stunning details both inside and out. There are multiple family and living rooms, all surrounded by floor to ceiling windows that allow everyone to get unobstructed views of the perfectly landscaped lawns and sparkling pool.
The beautiful fully equipped kitchen has everything you (or your personal chef!) need to create gourmet meals for the entire family. There are cozy breakfast nooks, formal dining rooms, and indoor/outdoor seating areas that provide plenty of options for everyone to enjoy a delicious meal, snack, or round of drinks. Practically invisible sliding floor to ceiling glass doors can be easily moved to transform an indoor seating area into a shaded outdoor oasis.
Huge master suites, with beautiful wood paneled floors, elegant lighting, and private balcony access create a peaceful and private retreat at the end of a long day. The bathrooms have their own private bathrooms, completely modern and complete with “floating” tubs, marble accents, large walk in showers and upscale fixtures, and soft lighting.
The sleek and sophisticated look of the entire pool and patio area makes this house truly spectacular. There are covered seating areas for those who want to stay out of the sun and patio areas that jet out into the pool for ultimate sun exposure. Tall palm trees dot the estate, adding to the cool “beachy” vibe, and an expansive outdoor kitchen is a perfect place to host a pool party or BBQ.
This giant Miami, FL home is the definition of luxury real estate. On any list of luxury homes for sale, this one is usually at the top. With a price tag of $48 million, this impressive Miami luxury house is for those who work hard and play harder, for those who know exactly what they want, for those who enjoy entertaining others and having the best of the best. Your options for waterfront property in Miami are endless, but only a select few can live in luxury like this. Is 650 Casuarina Concourse the missing piece of your VIP Miami lifestyle you’ve been looking for?
My name is Josh Stein and I have been a Miami Realtor for 20 years, selling luxury properties all over Miami, from Miami Beach and South Beach to North Bay Village and up to Sunny Isles Beach and Fort Lauderdale. I specialize in condos and single family homes and would love to meet and have a consultation with you.
My office is located on Lincoln Road in Miami Beach and have I have properties and listings available for sale to fit any budget or desire. Whether you are looking for an art deco condo in South Beach or interested in Altos del Mar waterfront homes on the ocean, I can help find you the best deals and help to negotiate the best price.
If you’re interested in buying Miami property or would like information about any of our listings or have questions about buying or selling real estate in Miami-Dade County, please reach out to me directly at +1 (305) 695-8257.