Adonel Concrete’s chairman and CEO Luis Garcia sold his waterfront home in Miami’s Bay Point neighborhood for $27.3 million, a deal that’s reflective of the massive transformation the luxury home market has gone through over the past decade-plus.
Garcia listed the home at 790 Lake Road for $10 million in 2016, but he also had an offer if a buyer wanted a new house: pay $15 million for it. (Garcia purchased the property for just $2 million in 2012.)
Instead, he waited, and it paid off: The post-pandemic market raised prices dramatically as demand skyrocketed for bespoke luxury homes on the water across South Florida.
In that time, Garcia built a 6,400-square-foot house, and he sold it earlier this month to a trust managed by attorney Hillel Tendler, property records show. The Three Dots Trust paid nearly $4,300 per square foot for the property, marking a record for canal-fronting homes in Bay Point and the priciest sale in the neighborhood this year, according to the brokers involved in the deal. The buyer financed the purchase with an $18 million mortgage from JPMorgan Chase.
The six-bedroom, seven-and-a-half-bathroom house was on the market with Garcia’s wife, Ana Teresa Rodriguez of Coldwell Banker’s ATR Luxury Homes group. Douglas Elliman’s Cyril Matz represented the buyer.
Matz said the buyer is from the West Coast, but declined to identify them. His clients looked at properties in Miami Beach as well, he said.
“It was just a really well done house, it checked all the boxes,” Matz said. “They really fell in love with the neighborhood, especially with everything going on in the Design District.”
The property comes with a nearly 1,800-square-foot rooftop terrace with panoramic views. It has an outdoor kitchen, pool, jacuzzi, private dock, chef’s kitchen and 400-bottle wine cellar. The furnishings were included in the sale.
Rodriguez, the listing agent, said the deal closed in less than a month. While the luxury market had slowed, deal activity picked up in January, she said. That’s around the time that a wave of multimillionaires and billionaires from the West Coast, including Google co-founders Larry Page and Sergey Brin, bought or began to look at homes in South Florida.
Garcia amped up his plans for the home once the market shifted, including adding luxury details to the millwork and built-out closets. “It’s what the market right now is demanding,” Rodriguez said.
Bay Point is popular with wealthy young families due to its proximity to schools such as Miami Country Day and the Cushman School. Homeowners in the neighborhood have included Enrique Iglesias and Anna Kournikova, Sophie Turner and Joe Jonas, and Willy Chirino.
Daniel Vorcaro, the Brazilian banker who was arrested as part of an alleged multibillion-dollar fraud, is the true owner of a waterfront mansion in Bay Point and a non-waterfront home across the street, The Real Deal previously reported.
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