Two lots, 120 feet of water, a dock for a 105-foot yacht. The top of the Miami Beach market set a record in the same month the countywide condo median slipped.
The waterfront estate at 270 S. Hibiscus Drive closed in August for $51.5 million, setting records for both sale price and price per square foot on Miami Beach's guard-gated Hibiscus and Palm Islands, per Mann Report and PROFILEmiami. The previous island record was approximately $40 million. Redfin's national list of August's most expensive home sales ranked it second in the country, with three of the ten priciest sales in Florida: this one, a $30.3 million unit at 9001 Collins Avenue in Surfside, and a $27.5 million Palm Beach home.
The team, per PROFILEmiami: Dora Puig of Luxe Living Realty for the buyer, Jordan Karp of Jordan Karp LLC for the seller, design and construction by Luis Bosch, architecture by SAOTA, interiors by ARRCC and landscaping by Raymond Jungles.
This is the comp that anchors a luxury listing conversation this fall. While the Miami-Dade condo median drifted down to $400,000, the top of the single-family waterfront market set a new high on a double lot with deep-water dockage. Three things drove it: land, water frontage and a finished product with a name-brand design team. If you own on the islands, on North Bay Road or on the Venetians, your value is being set by trades like this one, not by the county median, and the buyers writing these checks are global. One caveat: The Real Deal's headline rounded this sale to $52 million. The figure across the other sources is $51.5 million, and that is the number I would put in front of a client.
I'll build the comp set from this fall's actual closings and tell you where your property sits in it.
Talk about my home →Cover photography: Creative Commons / public domain — photo credits.
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