Miami, officially known as The Magic City, also goes by many other names: The Gateway of The Americas, Silicon Beach, Doralzuela, Little Havana, and the list goes on but my favorite is The Riviera of the United States. During a real estate conversation over a decade ago, my husband coined Miami as ‘the Riviera of the United States’….a term I quickly and loudly laughed at, followed with a burst of sarcasm, and a pleading request he never repeat the phrase again. Fast forward to 2022, I honestly feel he was right all along (don’t tell him I said this!).
Miami is exponentially booming with no signs of retracting as soon as skeptics might think. Global brands are magnetized to Miami’s flavor and combined with prices like these, we’re SpaceX’ing our way as one of the most expensive cities in the U.S. these are a few transactions that shook our per acre/square foot pricing:
Under Contract: May, 2022 - Confidante Hotel Miami Beach 2 acre site for $232M.
Same site previously sold for $229.4M in 2016 at $116M per acre.
Sold: April, 2022 - Hollo Waterfront Brickell 2.3 acre vacant land $332M - 1201 Brickell Bay Drive. $144.35M per acre.
Sold in 2011, the Genting Group paid $236 million for the waterfront 14-acre Miami Herald site in the Downtown Miami/Edgewater area. $16.8M per acre.
Mast Capital paid $103 million for the land at 1420 South Miami Avenue in December, 2021, and plans to build two Cipriani branded towers on the 2.8 acre site. $36.8M per acre.
Related and Integra partnered on a two-tower St. Regis condo development in Miami’s Brickell waterfront 3+ acre site at 1809 Brickell Ave in the previously affordable housing site.
In 2014 the $125 million purchase of the 1.1 acre site of Aston Martin Residences is nearing completion at 300 Biscayne Boulevard Way. $113.6M per acre.
Related Group purchased and branded the current 3.9 acre waterfront Baccarat site at 444 Biscayne Blvd for $104M in 2013….in hindsight, what a bargain! $26.67M per acre.
Residential Active:
La Gorce’s Miami Beach $170M compound sits on 2.9 acres with 600 feet on Biscayne Bay. $58.6M per acre.
Arsht 4.2 acre estate home listed at $150M with 400 feet of open Biscayne Bay frontage. $35.7M per acre.
Residential Sold:
A 1.8 acre Miami Beach Star Island home at 8 Star Island Drive sold for $75M in December, 2021. $41.7M per acre.
Check this link for the most expensive houses in the world. Hint: Think billions (and not the Netflix series)