Listings that fizzled: A look at 10 of Miami’s priciest lingerers
There’s a lot of talk surrounding Miami’s uber-luxury residential market, but moving those listings is no easy feat.
“In this market, it is almost impossible to find the ‘impulsive buyer’ as we have with so many of our mid-million dollar listings,” Miami Beach realtor Nancy Batchelor told The Real Deal. She said security, privacy and location are key to selling units priced at the top of the market.
“Buyers in this market are looking for all the bells and whistles and treat these properties like mini resorts, so they are looking for pools with spas, outdoor loggias and summer kitchens, movie and theater rooms, large kitchens, huge masters with dressing rooms and the like,” Batchelor told TRD.
Below are the top 10 listings priced above $15 million that have been on the market for a year or more, according to Zillow data.
1. 5800 North Bay Road, Miami Beach | Asking price: $40 million | 1,534 days on market
EWM Realtors’ senior vice president Nelson Gonzalez has the listing for Jennifer Lopez’s former Miami Beach estate. The 12,153-square-foot property sold for $5.6 million in 1999 and has been on and off the market since, with a peak asking price of $42.5 million in 2011. The home has a wine cellar, koi pond, theater and separate service entrance.
2. 17 Indian Creek Drive, Indian Creek Village | Asking price: $35 million | 1,474 days on market
This Mediterranean estate on Indian Creek Island is another Nelson Gonzalez listing. The asking price has fluctuated between $32.5 million and $38 million since 2010, and the estate was briefly offered as a rental at $1.07 million a month in 2011. The property has a four-car garage, wine room, gym and dock.
3. 110 Arvida Parkway, Coral Gables | Asking price: $35 million | 539 days on market
Engel & Volkers’ Lourdes Alatriste has the listing for this Gables Estates home. The property was last sold in 1990 for $1.9 million. It features more than 200 feet of dockage, attached in-law quarters with an elevator and a third-story observatory.
4. 4855 Pine Tree Drive, Miami | Asking price: $26.8 million | 1,167 days on market
This mansion was sold in 1997 for $850,000 and has been on and off the market more than 10 times since.
5. 100 South Pointe Drive, #3602, Miami Beach | Asking price: $30 million | 418 days on market
Three units were combined to create this Continuum South duplex, the only condo on this list. The property was first sold in 2003 for $952,000 and sold again in 2011 for $2.06 million. Located on the south tip of South Beach, the unit overlooks the Atlantic Ocean, Fisher Island, downtown Miami and Government Cut.
6. 2920 North Bay Road, Miami Beach | Asking price: $29.5 million | 394 days on market
Coldwell Banker’s team “The Jills” has the listing for this newly constructed 9,815-square foot Miami Beach home.
7. 9 Harbor Point, Key Biscayne | Asking price: $21.5 million | 396 days on market
One Sotheby’s International Realty has the listing for this mansion, designed by renowned architect Cesar Molina. The asking price for the property has dropped about $6 million since its listing in 2013.
8. 88 Bal Bay Drive, Bal Harbour | Asking price: $20 million | 1,098 days on market
This 12,341-square-foot home is known as “Villa Bougainvillea” and was also designed by Molina. Engel & Volkers’ Lourdes Alatriste has the listing for this property, which was last sold in 1998 for $2.3 million. It was constructed in 1962 on a one-acre site.
9. 28 Harbor Point, Key Biscayne | Asking price: $19.75 million | 1,454 days on market
A former set of the TV show “Miami Vice,” the Key Biscayne mansion has an indoor racquet ball court, billiard room, gym, sauna and pool. EWM Alhambra’s Audrey Ross has this listing, which last sold in 1990 for $2.5 million.
10. 260 Cape Florida Drive, Key Biscayne | Asking price: $18.9 million | 1,581 days on market
This nine-bedroom, nine-bathroom house was last sold in 2005 for $13 million. It has 346 feet of water frontage with a library, theater, gourmet kitchen, game room and Brazilian wood floors. EWM’s Elizabeth Hogan has this listing.