Star Island Home Sells For $120M, Most Ever In Miami

·22 Comments

A home on Star Island has sold for $120 million, breaking a record in Miami, according to the SFBJ.

It becomes the most expensive single family home ever sold in Miami.

The home has 18,704 square feet, and sits on 2.5 acres.

Previously, Miami’s most expensive home sale was in 2022, when Ken Griffin paid $107 million for a property on Brickell Avenue in Coconut Grove.

 

 

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TMK
13 days ago

He’s Vlad Doronin. OKO group. He built the new 830 Brickell plaza office building. He owns Aman hotels & resorts. He bought Versailles at 3425 collins about 8 years ago. It WAS going to be another phase of FAENA. Its separate residential free standing tower will only have about 28 units. Probably an average price of $30M. 🤪

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Gloria
13 days ago

He built the fabulous Missoni Baia

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Cover the podiums
12 days ago

Fabulous?? 🤡 the parking garage is a bright blue box sitting in the middle of the street

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Anonymous
12 days ago

The leaning tower of miami

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Fet
13 days ago

Gloria has done well ! 🙂

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Anonymous
13 days ago

“Previously, Miami’s most expensive home sale was in 2022, when Ken Griffin paid $107 million for a property on Brickell Avenue in Coconut Grove.” Brickell Avenue goes to Coconut Grove? Pretty sure it ends at Brickell Hammock.

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Harry Carey
13 days ago

It’s pretty weird right there….Coconut Grove is usually defined by the area south of the Rickenbacker Causeway, and street signs south of the causeway in front of Alice Wainwright park read Brickell Ave.
Griffins house is just north of Viscaya and south of AW Park.

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Anon
13 days ago

Cool – which one?

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peej
13 days ago

according to the paywalled article, 26 Star Island

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Anonymous
13 days ago

Nice house, but unfortunately will be a teardown for another concrete and glass box with a artificial turf and an infinity pool… which will be torn down for something else when its sold again within ten years.

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Biff
13 days ago

Another month or two the top stories will be the vast amount of units unsold in place and in the pipe line as the market comes to a screeching halt. 🔥🔥

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Harry Carey
13 days ago

Do not bet on that.

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anon
13 days ago

It already IS reality, realtor. Miami leads the country with nearly a year’s worth of supply sitting on the market.

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Harry Carey
11 days ago

That would be terrible if it were only true.
This article was from 6 weeks ago…when 30 yr mortgages were over 7%, they are about 6.62% today.

Greater Miami Residential Sales Uptick 3 Percent Annually in 2024
Residential News » Miami Edition | By Michael Gerrity | January 30, 2025 8:32 AM ET
Source: World Property Journal

According to the Miami Association of Realtors, total Miami-Dade County residential sales rose 2.9% year-over-year in December 2024, driven by a 9.9% rise in single-family home sales and a 51% surge in $1M+ condo transactions.

Miami single-family homes recorded 10,738 transactions for the year, up 1.9% from 2023. Luxury condo sales hit 1,736 transactions, a 1.6% increase over the previous year. Despite mortgage rates above 7%, demand remained high due to Miami’s attractiveness in luxury sales, migration trends, and global buyers.

Other greater Miami area housing market highlights for December 2024 include:

Miami Price Appreciation:
Single-family home median prices increased 10.7% year-over-year to $675,000, while condos saw a 4.9% rise to $430,000.
Over the past decade, single-family home prices rose 175.5%, and condo prices climbed 126.3%.

Economic Impact and Inventory:
December’s home sales generated $1.7 billion in total dollar volume, a 30.4% increase year-over-year.
Active listings rose by 39.3% year-over-year but remained 21.5% below historical averages.
Miami’s single-family market shows a seller’s market with 5.2 months of inventory, while condos are in a buyer’s market with 11.1 months of supply.

Challenges and Financing:
Only 0.9% of South Florida condo buildings are FHA-approved, limiting financing options.
Rising mortgage rates remain a headwind, but experts predict sales and prices may surge in late 2025 as rates decline.

Luxury and Affordable Housing:
Luxury condo sales ($1M+) rose by 50.9% year-over-year. Affordable condos priced between $150K-$250K also saw double-digit increases.
Florida’s Live Local Act encourages affordable housing by incentivizing developers to allocate 40% of units for lower-income buyers.

Market Resilience and Cash Sales:
Distressed sales remain minimal at 0.7% of transactions, indicating a healthy market.
Cash sales accounted for 40.4% of transactions, significantly higher than the national average of 28%, reflecting Miami’s appeal to foreign buyers and investors.
Outlook for 2025:

Forecasts indicate a 24% increase in home sales and a 9% rise in median prices.

Miami continues to outperform national and state markets in terms of price appreciation and market demand.

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anon2
13 days ago

That’s a lot of money to pay for a house located where it smells like an open sewer from the storm water pumps all summer long.

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Anon
13 days ago

I thought South Beach was decrepit and for poor people!????

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Anonymous
13 days ago

Pretty sure Star Island is not part of South Beach.

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Anon
13 days ago

It’s the same zip code… its 100% part of South Beach

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Harry Carey
13 days ago

It is.
So are Hibiscus Island and Palm Island.

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anon
13 days ago

Being part of City of Miami Beach and part of the neighborhood South Beach aren’t necessarily the same thing.

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John Duns Scotus
8 days ago

While it is true that being in the City of MB is not necessarily South Beach, since at least the 90’s, everything south of Dade Boulevard is considered South Beach.
And is not coincidental that all the area south of Dade Blvd. is all the 33139 zip code.

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anon
13 days ago

you’re no good at thinking

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