Miami Beach Waterfront Home Sells for $33.5 Million
Luxury Real Estate Market Booms in Miami
A Miami Beach waterfront home on Hibiscus Island, owned by real estate investor Kevin Segalla and his wife Michele, is under contract for $33.5 million, making it the priciest property to go into contract last week in Miami-Dade County. The 7,818-square-foot house, which the Segallas purchased for $29 million in 2022, has seven bedrooms and seven-and-a-half bathrooms. Last week, buyers also signed a $20 million contract for a penthouse at Ritz-Carlton Residences, Miami Beach. Overall, buyers signed contracts for 20 properties valued at $199.2 million, an increase from the previous week. In New York, buyers signed contracts for 23 homes last week, with a combined asking price of $207.9 million.
Key Takeaways
- A waterfront home in Miami's Hibiscus Island is under contract for $33.5 million, the highest sale of the week.
- The 7-bedroom property was bought by real estate investor Kevin Segalla in 2022 for $29 million.
- Last week, 20 contracts were signed in Miami-Dade County for properties over $4 million, with a total asking price of $199.2 million.
- The second most expensive contract was for a $20 million penthouse at Ritz-Carlton Residences, Miami Beach.
- Luxury single-family homes in Miami spent an average of 118 days on the market, while condos spent 139 days on the market.
Analysis
The luxury real estate market in Miami is experiencing a significant surge, demonstrated by the $33.5 million sale of a waterfront home on Hibiscus Island, the highest sale of the week. This sale reflects a strong demand for high-end properties in the area. Real estate investor Kevin Segalla, who purchased the property for $29 million in 2022, is set to gain a substantial profit. Furthermore, 20 contracts were signed for properties over $4 million, amounting to $199.2 million, indicating a burgeoning trend in the luxury real estate market. This pattern suggests the market's resilience in the short term, but the sustainability of this demand in the long term remains uncertain. The recovery of other real estate markets, notably in New York, may divert the attention of high-net-worth individuals. Nevertheless, this progress bodes well for Miami's economy, boosting local construction, real estate services, and government revenues from property taxes.
Did You Know?
- Hibiscus Island: This is an affluent neighborhood in Miami Beach, Florida, known for its waterfront properties and upscale real estate. It is situated on a man-made island in Biscayne Bay, accessible through the MacArthur Causeway.
- Real Estate Investor Kevin Segalla: He is a prosperous real estate investor who, together with his wife Michele, recently sold a waterfront home on Hibiscus Island for $33.5 million, marking the highest sale of the week in Miami-Dade County. They had previously acquired the property for $29 million in 2022.
- $199.2 million in property sales: This signifies a substantial surge in high-end real estate transactions in Miami-Dade County, with 20 contracts signed for properties priced over $4 million, totaling $199.2 million. This indicates a robust demand for luxury properties in the region.