A Bay Harbor Islands Waterfront Homesite Sold for $18 Million, a Record for the Island

10312 West Broadview Drive traded at roughly $914 per square foot of land, up from $12.3 million in 2023. Land value on that street has detached from what the houses are worth.

An affiliate of Winston Capital Management, Winston Bay Harbor, paid $18 million for a waterfront homesite at 10312 West Broadview Drive, marking a record land sale in the island community, per PROFILEmiami. The seller was a family trust whose trustee is Noah Burton.

The number to write down is not the $18 million. It is the $914. That is approximately what the buyer paid per square foot of land on a nearly half-acre parcel.

The comps on the same street

PROFILEmiami cites two supporting West Broadview Drive sales. The 2024 sale of the waterfront estate at 9520 West Broadview Drive closed at just under $22 million. Earlier this year, another waterfront residence at 9640 West Broadview Drive sold for $21.8 million. Both of those included houses. The $18 million trade did not, and the site offers enough development potential for an approximately 12,000-square-foot custom home.

What that spread actually says

• Land is roughly $18 million. Vacant, half an acre, waterfront, on West Broadview.
• Improved estates are $21.8 to $22 million. Two recent trades on the same street, both with homes standing.
• The implied value of the house is thin. A buyer paying $914 per square foot for dirt is not paying much for whatever sits on it.
• The hold period was short. $12.3 million in 2023 to $18 million now, a 46% gain in about three years.

My read

If you own a teardown-grade waterfront house on West Broadview, stop pricing it against improved comps and start pricing it against land. The gap between $18 million of vacant dirt and $21.8 million with a house on it does not leave room for a full-value improvement, which means a buyer is underwriting demolition into the offer. That changes your whole presentation. You lead with lot dimensions, frontage, elevation and what the zoning permits, and you spend nothing on cosmetics. I would also read the 46% three-year gain carefully rather than extrapolating it. Bay Harbor Islands land moved that hard because buildable waterfront on that island is close to finished, not because the market broadly rose 46%. The condo median in Miami-Dade was $400,000 in July with 125 days on market. These are two different economies inside one county. A few things were not disclosed: exact lot square footage, the closing date and the brokers on either side.