The gravitational pull of extreme wealth is warping the economics of real estate in Miami. <\/p>\n
Suddenly, 2 + 2 = 5, and then some. Across the city, buyers are gobbling up neighboring lots to create large estates more valuable as a whole than their constituent parts. Meanwhile, the value of existing waterfront estates has entered the stratosphere. Simply put: \u201cPeople want land,\u201d says Brett Harris of Bespoke Real Estate.\u00a0<\/p>\n
The most expensive listing in Miami \u2014 asking a whopping $169 million \u2014 is the eight-bedroom manse with 290 feet of waterfront at 5940 N. Bay Road on La Gorce Island, which many buyers will consider a teardown. Courtesy of Bespoke Real Estate<\/p>\n
He\u2019s marketing the prime example: 5940 N. Bay Road <\/a>on La Gorce Island. A historic 22,000-square-foot, eight-bedroom, 16-bath mansion on 2.3 acres, it\u2019s asking an incredible $169 million. Built in 1936, it\u2019s the most expensive publicly listed home in all of Miami, thanks in part to a difficult-to-replicate 290 feet of water frontage. <\/p>\n But it\u2019s also likely a teardown. If a buyer knocked it down to build a new 30,000-square-foot home \u201cwith every amenity imaginable,\u201d Harris says the property could be worth nearly twice the current asking price. <\/p>\n For a sense of just how dramatically the post-pandemic influx of billionaire capital is distorting the market for outsize single-family estates here, get this: The property sold in 2001 for just $2.3 million. \u201cThis is what the \u00fcberwealthy, the 1 percent of the 1 percent, are looking for,\u201d he says. \u201cThis won\u2019t exist ever again.\u201d\u00a0<\/p>\n Three mansions on Palm Island \u2014 with a combined 21 bedrooms, 35,385 square feet and a $148.5 million price tag \u2014 are being sold as a single estate. Courtesy of Evan Joseph<\/p>\n