South Florida by the numbers: Formula One revs up Miami real estate

Miami /
Apr.April 30, 2021 01:30 PM
Eddie Irvine with 424 Rivo Alto Drive, Miami Beach and Johnny Gray with 176 Spyglass Lane, Jupiter (Getty, Google Maps)

Eddie Irvine with 424 Rivo Alto Drive, Miami Beach and Johnny Gray with 176 Spyglass Lane, Jupiter (Getty, Google Maps)

“South Florida by the numbers” is a web feature that catalogs the most notable, quirky and surprising real estate statistics.

Miami…start your engines! The region’s hopes for post-pandemic momentum was super-fueled by Formula One’s recent commitment to hold annual races at Hard Rock Stadium, beginning in the second quarter of 2022. This will establish a diverse quadfecta of high-scale international events held in South Florida over the tourist season that will include Art Basel in December, the Miami International Boat Show in February, and the Miami Open in March. The opportunities to showcase the region to new waves of global visitors will be extraordinary, with tourism and real estate professionals already spinning up new ideas to capitalize on the interest. We examine the legacy of racing, drivers, and their impact on local real estate in this edition of South Florida by the numbers.

10:

Number of years Formula One has committed to host the Miami Grand Prix at Hard Rock Stadium — an arrangement Master Brokers Forum past chair Alicia Cervera Lamadrid likens to “… get(ing) the Super Bowl to commit for 10 years.” [TheRealDeal]

$7.6 million:

Price recently paid by former F1 driver Eddie Irvine for a waterfront home on the Venetian Islands this past December. An active player in the local market, Irvine also paid $5.1 million for a different property on the Venetian Islands and sold a nine-bedroom, eight-bathroom home on the Sunset Islands for $16 million. [TheRealDeal]

Three:

Number of times that driver and local resident Helio Castroneves has won the prestigious Indianapolis 500. The Brazilian native recently sold a 3,983-square-foot Fort Lauderdale home for $2.19 million, more than double the $1.1 million he paid for it in 2011. [SFBJ]

$32.5 million:

Listing price of former funny car and pro stock driver Johnny Gray’s mansion in Jupiter’s tony Admiral’s Cove neighborhood. According to this article, the 30,000-square-foot estate is the most expensive home ever listed in the area, featuring 365 feet of prime protected water frontage, with room enough to park a megayacht. [Realtor.com]

$1,713:

Per-square-foot price paid by former Formula One driver Enrique Bernoldi for his Palazzo Del Sol condo on Fisher Island in 2017. Bernoldi listed the three-bedroom, three-bathroom and one half-bath unit for $6.95 million ($1,832 per square foot) in December 2019. [MiamiHerald]

This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.


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