I
n the Magic City, a flurry of high-stakes real estate deals is brewing. As the new year begins, several multi-million-dollar mansions have emerged in Miami-Dade and Palm Beach counties, each with its own unique charm and astronomical price tag.
At the forefront of this luxury market are two showstoppers: the 11,855-square-foot Banyan Ridge Estate at 3585 Anchorage Way in Coconut Grove, listed for $135 million by Douglas Elliman; and a three-house compound at 190 Palm Ave. in Miami Beach, priced at $150 million courtesy of celebrity agent Fredrik Eklund.
But these eye-watering prices are nothing new to South Florida's real estate scene. Since the pandemic, the region has become a magnet for ultra-high-net-worth individuals seeking sun-kissed lifestyles and low taxes. Hedge fund billionaire Ken Griffin set records in 2019 and 2022 when he purchased portions of his Palm Beach compound for $104.99 million and $106.9 million, respectively.
In Naples, the gulf-side estate at 100 Bay Road, dubbed Gordon Pointe, made headlines last year with a listing price of $295 million, later reduced to $210 million. Meanwhile, Australian infrastructure investor Michael Dorrell set a new record in Miami when he bought 10 Tarpon Isle in Palm Beach for $152 million in May.
Miami's condo market is also seeing prices skyrocket, with Elon Musk reportedly considering a $100 million purchase in West Palm Beach. The billionaires who call South Florida home bring their businesses with them, and several Fortune 500 companies have relocated to the area in recent years, including Chewy and Hertz.
Experts warn of a growing real estate bubble in Miami, but Jonathan Miller, CEO of appraisal firm Miller Samuel, disagrees: "The super-luxury market strata has very little to do with the local real estate market. A $150 million sale is a global listing." Agents are capitalizing on momentum, with seven $100 million-plus closings in 2024 – the second-highest per year in US history.
According to Ana Teresa Rodriguez, founder and CEO of ATR Luxury Homes Group at Coldwell Banker Realty, "A billionaire, where money isn't an issue, is looking to save time and have the perfect home." This phenomenon has led to a shift in value perception, with buyers prioritizing instant gratification and minimal maintenance.
In Coconut Grove, 3585 Anchorage Way boasts over 180 feet of waterfront across seven parcels on Biscayne Bay, featuring a 100-year-old banyan tree, waterfalls, a saltwater fishpond, and an infinity pool. Tom Brady's custom "Billionaire Bunker" at 26 Indian Creek Island Road in Indian Creek Village is also on the market for $150 million.
Fredrik Eklund's listing at 190 Palm Ave. includes three mansions with 21 bedrooms, three swimming pools, parking for 20 cars, and 300 feet of waterfront with multiple docks. "Linear oceanfront feet is the new luxury, the new bragging rights," Eklund said, citing recent high-profile deals as comps in this rarefied market.
