It is clear from recent sales that the Miami Beach real estate market is in a great state these days. It is particularly evident that the Miami luxury market is doing exceedingly well. A case in point is the recent sale of a modern mansion located on the much-desired Star Island. The 16,000 square foot property that just sold for a record-breaking $29 million boasts 11 bedrooms, 11 full bathrooms, 2 half-bathrooms, a theater, gym, gourmet chef’s kitchen, elevator, rooftop deck, cabana, five-car garage, and private pool, plus a guest house that is larger than most families’ regular homes. And, it has huge glass walls overlooking the beautiful Biscayne Bay. Surprisingly, the lucky owner of this spectacular estate plans to demolish the existing structure to build an even more luxurious abode.
The enormous house and expansive lot are certainly appealing, and we can understand why a billionaire would be pleased to call this place home. However, what we find even more interesting is that this sale is rather representative of the soaring success of the entire luxury market in Miami. Wealthy individuals from around the world are flocking to Miami and plunking down millions of dollars for prime properties. Obviously, this is great news for the Miami real estate market, as well as businesses and professionals associated with the real estate industry. But, we are also hopeful that this injection of wealth will have a positive impact all around the city. Hopefully, many of these affluent folks, who more often than not have a knack for creating and fostering opportunities, will stick around Miami, sharing not only their wealth, but their knowledge and business acumen.