It usually takes just one sale to break a cycle. For our purposes we focus on the ultra luxe end of the market. In June, Shaq’s Star Island home, at one time listed for $35M, closed for $16M. Until this sale, Dade County had only seen one single family home trade above $10M during 2009. This fall, the Sunset Island residence located at 1400 W 28 Street that was on the market for $15.9M closed for $9.5M. The domino effect continues this week with the sale of 2046 North Bay Road which closed for $9.750M.
Originally listed for $17M, this spec estate was conceived during South Florida’s most recent boom time, 2005-06. In those days buyers and sellers did not subscribe to the BUBBLE theory. As a result, developers planned to yield large by devouring tear downs + vacant land. Fast forward a few years to find all the bells and whistles in decadent, new construction…at a substantial discount. My buyer certainly maximized his $$$ on this transaction, the deal was pure value, the appointments alone read like a who’s who of Architectural Digest.
2046 North Bay Road Vitals:
Smart House custom designed by Audio One (both interior + exterior)
Private guard house
Lot Size: 38,314SF (112 x 370′)
Under Air: 13,056SF
On the H2O: 112′
Large dock with boat lift
80′ pool (in length)
3 Kitchens include: Wolf, Miele, Viking and Sub Zero appliances
1,700 SF Master Suite
Waterworks bathrooms throughout
Wine Cellar + Wine Tasting Room
Smoking Room with advanced exhaust system