Was Miami’s luxury housing undervalued? Billionaires think so.
In July, Jackie and Mike Bezos, the parents of the Amazon founder, bagged a brace of waterfront Coral Gables mansions, paying $34 million and $44 million for the neighboring homes, for a total spend of $78 million.
Then in September, hedgie Ken Griffin topped his own single-family record, dropping $106.87 million on an estate in Coconut Grove, the most ever paid for a home in Miami-Dade County.
The move came just three months after he announced that he would be relocating his Chicago-based fund, Citadel, to Coconut Grove (bringing scores of ultra-well-heeled homebuyers to the area), and a year after, he paid a then-record $75 million for a Star Island playpen.
“I’ve always said that this is the most underpriced real estate in the world,” said Sean Murphy, co-president of Coastal Construction Group, who has built many of the single-family mansions now seeing record prices for the likes of Oprah, Jerry Bruckheimer and architect Peter Marino. “These numbers look big, but it’s actually crazy what you get for your money here. You look at the lack of state taxes, the weather, the nightlife and the restaurant scene, and it all makes sense.”
Now, a new wave of super-priced, turnkey Miami housing is turning billionaire heads.
“These numbers look big, but it’s actually crazy what you get for your money here. You look at the lack of state taxes, the weather, the nightlife and the restaurant scene, and it all makes sense.”
Sean Murphy, co-president of Coastal Construction Group
In June, 355 Ocean Blvd. on Golden Beach hit the market asking $100 million. It sits on a 1.5-acre lot with 250 feet of ocean frontage and boasts 32,000 square feet of interior space, with nine bedrooms and more than 14 bathrooms.
“This is the largest oceanfront…