The Magic City is crossing its fingers in hopes of closing some abracadabra deals.
At the start of the new year, several homes asking for more than $100 million popped up both on and off the market in Miami-Dade and Palm Beach counties.
Those lavish listings include the 11,855-square-foot Banyan Ridge Estate at 3585 Anchorage Way in Coconut Grove, listed by Douglas Elliman for $135 million; and a three-house compound at 190 Palm Ave. in Miami Beach from celebrity agent Fredrik Eklund of the same brokerage and $150 million.
Further north, a spec house at 1960 South Ocean Blvd. up in Manalapan is listed for a staggering $285 million, also by Douglas Elliman, while football star Tom Brady is rumored to be shopping around his custom “Billionaire Bunker” at 26 Indian Creek Island Road in Indian Creek Village for $150 million.
These eye-watering prices aren’t exactly new and have been seen more frequently in South Florida since the pandemic, with the richest of the rich high-tailing down to the sunshine and low taxes. Hedge fund billionaire Ken Griffin set former Miami records when he bought portions of his Palm Beach compound for $104.99 million and $106.9 million in 2019 and 2022, respectively.
Over in Naples, on the gulf side of the peninsula, a sprawling estate at 100 Bay Road dubbed Gordon Pointe grabbed headlines last year when it listed for $295 million. The asking price was since lowered to a cool $210 million. The latest record was set in Miami when Australian infrastructure investor Michael Dorrell bought 10 Tarpon Isle in Palm Beach for $152 million last May. Miami’s condo market is seeing similar prices. Notably, Elon Musk is said to be considering a $100 million condo in West Palm Beach, the less-affluent sibling of Palm Beach.
The billionaires bring their businesses with them. Along with Griffin’s Citadel, several other Fortune 500 companies, including Chewy and Hertz, moved to South Florida in recent years. Last month, Amazon signed a lease for 50,333 square feet of space at Miami’s Wynwood Plaza. But while some tie the sky-high listings to a real estate bubble experts warn is growing in Miami, Jonathan Miller, CEO of the appraisal firm Miller Samuel, said they’re in a league of their own.
“The super-luxury market strata has very little to do with the local real estate market,” Miller said. “A $150 million sale is a global listing.”
Agents are capitalizing on momentum, he said. There were seven $100 million-plus closings in 2024, the second-highest per year in US history after nine in 2021. And for every shocking list price agents know will get the media’s attention, several more are held secretly off-market.
“A billionaire, where money isn’t an issue, is looking to save time and have the perfect home.”
Ana Teresa Rodriguez, founder and CEO of ATR Luxury Homes Group at Coldwell Banker Realty
“The values of these properties didn’t quintuple overnight,” Miller said. “A lot of wealth has poured into Florida and the perception of value has changed.”
The election put confidence in the market, too, added Ana Teresa Rodriguez, founder and CEO of ATR Luxury Homes Group at Coldwell Banker Realty in Coral Gables, a neighborhood in West Miami.
“Trump is the most positive thing that has happened for real estate, not only in Florida but the country,” she said.
As is common these days, value is often perceived in how little work a home needs, Rodriguez added. Dubbing the phenomenon the “Uber or Amazon effect,” buyers want instant gratification, Rodriguez said: “A billionaire, where money isn’t an issue, is looking to save time and have the perfect home.”
With 13 beds and 18 baths, 3585 Anchorage Way boasts more than 180 feet of waterfront across seven parcels on the Biscayne Bay. The estate also features a 100-year-old banyan tree, waterfalls, a saltwater fishpond and an infinity pool.
Tom Brady built his manse from the ground up after purchasing his lot for $17 million in 2020 with his ex-wife, supermodel Gisele Bündchen. The bayfront home has a pool, a separate gym and a cabana.
Eklund’s listing at 190 Palm Ave. has three mansions with a combined 21 bedrooms, plus three swimming pools, parking for 20 cars and 300 feet of waterfront with multiple docks.
“The comps are there because there have been, in the last six months, very highly publicized, big deals in this realm of numbers,” Eklund said. “Linear oceanfront feet is the new luxury, the new bragging rights.”
