A penthouse in Miami’s Coconut Grove and a teardown home on Hibiscus Island in Miami Beach led last week’s signed contracts report.
Aluminum executive Delfin Gilbert accepted a contract for his lower penthouse at Grove at Grand Bay, which is on the market for $19 million, according to the Eklund-Gomes report.
The 11,000-square-foot, six-bedroom, six-bathroom condo at 2669 South Bayshore Drive is listed with Chad Carroll and Lisandra Martinez at Compass. It hit the market for $23 million in August and experienced two price drops. The penthouse, with a 3,000-square-foot primary suite, a four-car private garage and a wraparound terrace, last sold for $11 million when the two-tower condo complex was completed in 2016.
The pending sale is one of 16 new signed contracts for the week of May 6 to May 12, according to the report, authored by the Douglas Elliman mega-team. The properties are asking a combined $127.7 million, with 10 single-family home contracts and six condo contracts. That marks a weekly increase in total asking dollar volume, and a jump in signed contracts for single-family homes.
The most expensive single-family home to enter into contract is the teardown at 205 North Hibiscus Drive in Miami Beach, listed with One Sotheby’s International Realty agents Mirce Curkoski and Albert Justo of the Waterfront Team. The property is marketed for sale and for redevelopment, asking $15.5 million. A company led by Aquablue Group’s Philippe Harari paid $14.5 million in 2022 for the half-acre lot, which includes a home built in 1956.
The luxury condos that entered into contract last week average $1,552 per square foot, a decline compared to the week prior. They spent 147 days on the market, on average, also down compared to the previous week. The total asking dollar volume for the condos is about $48 million.
Single-family homes spent about 92 days on the market before entering into contract, down from 210 days on average the week before. The asking dollar volume for the single-family homes totals about $79.5 million.
The report, based on new signed contracts recorded in the Multiple Listing Service, mirrors that of the Olshan Report in Manhattan, also released every Monday morning. Last week in New York, 10 new contracts were signed for condos, co-ops and townhouses asking more than $4 million. They totaled $313.5 million in combined asking volume.