South Florida Luxury Real Estate Sees Record-Breaking Deals, Prime Developments, and High-End Sales

South Florida's luxury real estate market is experiencing a remarkable surge in record-breaking deals, prime developments, and high-end sales. The region's appeal to investors, developers, and luxury buyers is evident in the recent transactions and projects announced. One of the most notable deals is the sale of a lakefront estate in Palm Beach for $72 million, marking one of the first trophy deals on the island this year. British investor Pamela W. Starret sold the 9,900-square-foot mansion to an undisclosed buyer in an off-market sale. The property, built in 2005, features six bedrooms, six bathrooms, three half-bathrooms, a wine room, a pool, and a dock. In Miami, a group of investors signed a contract to sell their non-waterfront Miami Beach home for nearly $18 million, topping the list of pending contracts at the start of the year. The 5,700-square-foot home, located on the Sunset Islands, features six bedrooms, seven-and-a-half bathrooms, and a tropical modern design. The luxury condo market is also thriving, with Related Group, Dezer Development, and BH Group filing plans for their oceanfront condo tower in Sunny Isles Beach. The partnership acquired the older condo complex that occupies the property for $131.8 million last summer and plans to build a 62-story, 145-unit condo tower designed by Cohen Freedman Encinosa & Associates Architects and Enzo Enea's landscape architecture firm. Affiliated Development scored a $73 million construction loan for a Live Local Act project in Boynton Beach, amid a rush to build apartments under the state workforce housing law. The project, The Dune, will feature 336 units, with 198 reserved for households earning from 80 percent to 120 percent of the area median income. In Wynwood, Rilea Group landed a $149.2 million construction loan for its planned Mohawk at Wynwood, a 300-unit apartment tower. The project will include units ranging from studios to three-bedrooms, rooftop pools, lounges, and padel courts. The Brickell area is also seeing significant development, with Oak Row Equities and Vlad Doronin's OKO Group paying $520 million for a bayfront property, marking the biggest development site sale in Miami and likely the state. The property consists of the 32-story Brickell Bay Office Tower and the adjacent 31-story, 357-unit Yacht Club Apartments. Nick Pérez, president of the condo division at Related Group, notes that the strength is definitely in the ultra-luxury product, with buyers paying an average price per foot of $4,000 at Six Fisher Island Residences. However, he also observes that at cheaper, short-term-rental-friendly projects, developers are all fighting for the same buyer. The luxury home market is also witnessing record-breaking sales, with Alex Pirez selling his waterfront Gables Estates mansion for $55 million in a previously unreported deal. The 16,000-square-foot, nine-bedroom, and eleven-and-a-half bathroom estate surpasses The Weeknd's $50 million purchase of 41 Arvida Parkway in October. In 30A, Finley and Martha Kay McRae sold their beachfront mansion in Inlet Beach for $41 million, making it the most expensive home ever sold in Florida's 30A. The buyers, Ryan and Ashley Templeton, plan to split the lot into three parcels, demolish the existing mansion, and build two spec homes on the property. These record-breaking deals, prime developments, and high-end sales demonstrate the allure of South Florida's luxury real estate market, attracting investors, developers, and luxury buyers from around the world. Sources: * The Real Deal, "Auto dealer Craig Zinn pays $27M for waterfront Hillsboro Beach mansion" * The Real Deal, "British investor bags $72M for Palm Beach mansion in year’s first trophy deal" * The Real Deal, "Rilea Group lands $149M multifamily construction loan in overheated Wynwood" * The Real Deal, "$18M Sunset Islands deal tops pending contracts at year’s start" * The Real Deal, "Affiliated scores $73M construction loan in Boynton Beach amid Live Local rush" * The Real Deal, "Plans revealed for Related, Dezer and BH’s Sunny Isles luxury condo tower" * The Real Deal, "Map: Inside Miami’s biggest dev site sales following record $520M Brickell deal" * The Real Deal, "Related’s Nick Pérez on the state of South Florida’s condo market" * The Real Deal, "30A’s most expensive home is a $41M teardown" * The Real Deal, "Luxury home developer Alex Pirez sold his Gables Estates mansion for $55M"