5800 North Bay Road and Jennifer Lopez
The 1929 Miami Beach home that was formerly owned by singer and actress Jennifer Lopez has seen its price increase to $34.5 million from $29 million, listing broker Nelson Gonzalez told The Real Deal today.
The house is located at 5800 North Bay Road in Miami Beach, and includes more than 12,000 square feet of living space.
“Basically, we’ve had several offers on it in the $20 [million range], and the seller is looking for more,” Gonzalez, a senior vice president at Esslinger-Wooten-Maxwell, said. “There aren’t that many houses left like it, and the only one that really competes is the $60 million home on Indian Creek. And that’s also been getting activity.”
The home’s seller is Mark Gainor, who works in healthcare, and who bought the home in 2005 from Lopez for $13.9 million.
Gonzalez said that residential inventory in Miami Beach’s high-end market has dried up substantially.
“There is going to be a major shortage of high-end houses,” he said. “There are some big, big properties under contract, and some big, big sales pending.”