Sales prices of Miami waterfront homes have skyrocketed over the past year with inventory dropping dramatically and sellers raising asking prices. Simply put, the market for Miami waterfront homes has been exploding, with bidding wars taking place among real estate buyers and active listings very limited.
Dozens of record breaking sales have closed over the past year from Coconut Grove up to Golden Beach. Super hot neighborhoods such as the Venetian Islands in Miami Beach FL, a narrow strip of islands that run between the Miami mainland and Miami Beach FL, has seen a huge surge in Miami waterfront home sales, many setting new price records. According to the Savills World Cities index released in July, Miami is the second-strongest performing city in the U.S. with a 9% price increase in the first half of 2021.
And it’s not just Miami waterfront homes and Miami Beach luxury real estate, but luxury real estate sales throughout of south Florida has been booming since the pandemic first started.
If you’re in the market for a Miami waterfront home, there’s just very little listings inventory and you need to move fast. It’s important to make sure that your real estate professionals notify you as soon as a new property comes onto the market and you should be prepared to make an offer that same day.
Domestic Buyers in the Miami Real Estate Market
The majority of the demand for luxury real estate in Miami and Miami Beach has been coming from domestic buyers, given that many international travel restrictions are still in place. But even without the usual number of foreign investors in Miami, activity remains very strong. This can be attributed to an influx of second-home buyers from other parts of the U.S.
Buyers from the Northeast have been flooding the Miami real estate market, seeking out more space and sunshine as well as the tax breaks, local real estate professionals say. But we are also seeing buyers from Ohio and Kentucky and other places in the US that wouldn’t typically be the first that come to mind when you’re talking about high-end luxury in South Florida. And many of these buyers are purchasing true second homes, not just vacation homes.
More international demand from buyers in LATAM from México, Colombia and Peru
Once travel restrictions are lifted and Miami becomes more accessible, there will likely be a return of investors from overseas, which could further fuel competition and price increases. While the current market is made up mostly of domestic buyers, we are starting a lot of real estate money coming in LATAM and South America including from Mexico, Colombia, Venezuela and Peru.
And we haven’t even seen European buyers come back to the Miami market yet, so once they do, prices will most likely continue to rise.
Miami’s status as an emerging cryptocurrency capitalMiami FL Wants to Be the Hub for Bitcoin and Mayor Francis Suarez is selling his city as the world’s cryptocurrency capital. Combined with low interest rates and remote work, Miami is expected to bring in new buyers to the city’s luxury sector this fall. And Miami is also expected to attract a new population of tech workers which will further increase luxury real estate home sales.
Miami Beach Waterfront Homes for saleIn Miami Beach FL and the barrier islands, single-family home sales grew by 240 percent to 292 closings in the second quarter. And with the median sale price was just over $2 million, the volume is up 60 percent year over year. At the time of writing this, the supply totaled just 3 months for single-family homes in Miami Beach FL listed sale on the Multiple Listing Service. Recent deals in Miami Beach FL include a $21 million purchase of a Hibiscus Island home, which was then re-listed for sale for $30 million just days later. A number of sellers are also flipping their homes for multimillion-dollar profits due to the increase in demand. Also this year, a media mogul sold his Venetian Island home on Di Lido Island for $25 million in an off-market sale and a vitamin mogul also sold two adjacent waterfront estates on Di Lido back in March and November for a combined sales price of $37.3 million. Also last year, a well known tech investor paid nearly $29 million for a Miami Beach waterfront mansion on the Venetian Islands. Just across the bay on Star Island in Miami Beach FL, Gloria and Emilio Estefan recently sold their Star Island guest house that is next to Sean Diddy Combs’ mansion for $35 million.
Record breaking Miami waterfront home in Coconut Grove sells for $65M setting new record in Miami-DadeA Miami waterfront mansion that is still under construction in Coconut Grove just sold for $65 million, making it the highest price ever sold for a single family home in Miami-Dade and setting a new record. The home is located at 3488 Saint Gaudens Road in Coconut Grove and is situated on 4.3 acres of prime waterfront land. Designed by Miami-based Pacheco Martinez, the modern mansion features a pool deck with a Jacuzzi, outdoor entertaining spaces, a private boat dock and spectacular views of Biscayne Bay. This recent record surpasses the $49.9 million sale of 3 Indian Creek Island Road in Miami FL back in early 2019. Other records were set in Coconut Grove with a waterfront mansion that recently sold for $48 million at 3500 Curtis Lane, followed by the sake of a massive waterfront home at 3085 Munroe Drive for $46 million. Coconut Grove is filled with lush parks, sidewalk cafes and indie boutiques, making it a favorite bayfront destination in Miami FL. As one of Miami’s most historic neighborhoods, Coconut Grove is also one of its most beautiful. Known for its tropical vibe – banyan trees, palms and live oaks mingle along quiet residential streets, and peacocks are known to roam wild.
Miami’s billionaire is selling his waterfront mansion in Coconut Grove for $33 million.
The founder and chairman of Florida’s Related Group just listed his incredible luxury property for sale in Coconut Grove Miami for $33 million. Known as Villa Cristina, the waterfront home sits on a 40,000 square foot plot of land that encompasses three lots.
The Miami real estate billionaire paid just paid $1.45 million for the site in 1994, meaning that he would rake in a more than a $31 million profit if he sells the home at its asking price. The residence has 10,000 square feet of interior living space and has 482 feet of water frontage, making it one of the most spectacular Miami waterfront homes on the market.
Waterfront Venetian Islands Property Sells for $35 Million
The creator of the television series TV Show Full House paid $35.5 million for a 1-acre property at 1230 South Venetian Way in Miami Beach FL.
The Miami waterfront home was originally purchased by the family of the El Dorado Furniture company in Miami FL for just $290,000 back in 1979.
Floyd Mayweather buys a Miami Waterfront Home on Palm Island for $18MFloyd Mayweather Jr., the former boxing champion just purchased a Miami waterfront home on South Coconut Ln for $18 million. The Miami Beach FL mansion features nearly 11,000 Sq.Ft. of interior space, 9 bedrooms/ 10.5 bath and includes an indoor movie theater, pool, boat dock and parking for 10 cars. The Miami home was built in 2011 and recently listed for $19.9 million. Prior to owning this home, Mayweather owned a home on Pine Tree Drive in Miami Beach FL which he sold last year at a loss of more than $1.4 million.
Miami Beach waterfront home sells for $21M and re-lists for $30M days laterThe Miami Beach waterfront home real estate market is so hot that a Miami Beach investor just closed on a waterfront single family home at 432 South Hibiscus Drive, Miami Beach FL and re-listed it for sale for $30 million days later. Built in 2001, the Mediterranean style Miami estate boasts 6,090 Sq.Ft. of interior space and includes a private dock with a boat lift, a pool and outdoor kitchen.
Brazilian Businessman sells his Miami Beach waterfront mansion for $27MA Brazilian businessman just sold his waterfront Hibiscus Island mansion for $26.5 million. The 10,754 Sq.Ft. mansion features 5 bedrooms/ 5.5 bathrooms and was on the market for nearly $28 million. The Miami Beach FL home was designed by architect Reinaldo Borges. The waterfront home also has two heated pools, a cabana, outdoor kitchen and bar, sits on a nearly half-acre lot with 122 feet of water frontage. Raymond Jungles designed the landscaping. There were other big sales on Hibiscus Island this year, including a spec home which sold for $7.8 million to Miami Heat player Victor Oladipo.
A beautiful Star Island mansion owned by Gloria Estefan sold for $35MGloria and Emilio Estefan recently sold their Star Island mansion in Miami Beach, FL for a whopping $35 million. The Miami waterfront home has been on and off the market for more than six years. The home was known as Nena’s Villa and was the so-called guesthouse and was one of two properties that was owned by the couple on the guard-gated Miami Beach FL island. The couple purchased the Miami waterfront home back in 1993 for $1.8 million and updated it in 1995. The home sites on 1.34-acres and includes six bedrooms and 10 bathrooms with almost 8,000 Sq.Ft. of living space. The bayfront corner lot has an incredible 240 feet of Miami waterfront and unobstructed views to Biscayne Bay and the downtown Miami skyline. The main two-story, Floridian-style villa features open verandas that face the bay and details include a white interior, hardwood and marble floors, arched doorways, a living room with a fireplace, separate dining room and piano room. In the front of the Miami property there is also the separate three-bedroom guesthouse. The lushly landscaped Miami Beach grounds feature tropical foliage, palms, a resort-style pool and spa, grill area, private dock and sunset views. Due to its location, lot size and amenities, this residence is like no other on Star Island and is truly one-of-a-kind. The price was raised from $27.9 million to $35 million at the end of 2020 when the pandemic fueled a buying frenzy in South Florida’s luxury market.
Steven Cohen, the Billionaire Mets owner just bought a mansion for nearly $22MHedge fund manager and New York Mets owner and billionaire Steven Cohen recently paid $21.6 million for a waterfront home in South Florida. The massive 31,000 Sq.Ft. home is located at 9192 Rockybrook Way in Stone Creek Ranch, an area of unincorporated Palm Beach County, near Boca Raton and west of Delray Beach. Stone Creek Ranch is an ultra-exclusive community built in 2019 and features just 37 single family homes. The seven-bedroom estate features an incredible 250,000 gallon saltwater pool, a club room, cigar room, theater and two-lane bowling alley. The waterfront home also has a separate commercial-grade catering kitchen and its own hair salon. Other deals in the area include a $24.5 million sale of a waterfront home in Boca Raton which was a record for the city. The home was purchased by the head of a New Jersey car dealer in July.
Selling Your Miami Waterfront Home
With the Miami real estate market where it is, luxury homes are more desired than ever before. If you have been thinking about selling your home, now is one of the best times in history. Inventory and listings is at an all time low and with this come a market that is leading to record breaking prices.
In fact, Miami Beach FL has never been more popular. With its great weather and ideal location, many people are now thinking of calling Miami home—either permanently or at least for the winter.
Flexible work arrangements and remote working have now made it possible to live and work anywhere in the world and Miami seems to be the spot people want to move to. But with Miami having so many diverse neighborhoods, and beautiful Miami watefront homes, I would recommend spending some time in Miami before deciding on an area in which to buy—but to do it fast because there are many other remote workers currently thinking the exact same thing.
South Florida has always been an attractive second or third home market to snowbirds living in the Northeast and I would argue that COVID-19 expedited plans of owning real estate in a warmer climate where your money takes you much further than it does in the Northeast. To learn more about Miami waterfront homes for sale, please contact Josh Stein at 305-695-8257.
Josh Stein Realtor
1688 Meridian Ave Suite 700, Miami Beach, FL 33139, United States