Luxury Properties Change Hands in South Florida as Market Shifts

South Florida's luxury property market is experiencing a surge in activity, with several high-end deals closing in recent weeks. The transactions involve a mix of residential and commercial properties, highlighting the region's enduring appeal to affluent buyers and investors. One notable deal involves Greg Clark, the former CEO of cybersecurity giant Symantec, who purchased a waterfront mansion in Fort Lauderdale's Seven Isles neighborhood for $21.5 million. The property, which features six bedrooms, seven bathrooms, and 289 feet of waterfront, had been on the market since 2020 with an initial asking price of $25 million. Clark's purchase marks a significant sale in Fort Lauderdale's luxury market, which has lagged behind neighboring markets in Miami-Dade and Palm Beach counties. Meanwhile, in Miami, David and Victoria Beckham have sold their penthouse at the Zaha Hadid-designed One Thousand Museum for $24.6 million. The full-floor condo, which spans 10,000 square feet, was purchased by the Beckhams in 2020 for $19.8 million. The sale is a significant transaction in Miami's luxury condo market, which has seen a slowdown in recent months. In Boca Raton, BDT & MSD Partners have received approval for an eight-story condominium and a three-story fitness center on the grounds of The Boca Raton resort. The development, which will replace the resort's golf maintenance facility, will feature 76 units averaging 2,500 square feet, with five-bedroom units spanning 5,000 square feet and penthouses including outdoor spaces. Private equity billionaire Greg Mondre has also made a significant play in the market, flipping a teardown in Palm Beach for a $5 million-plus gain. Mondre's 1160 NOB LLC sold the 0.8-acre property at 1160 North Ocean Boulevard for $36.3 million, after purchasing it last March for $31 million. In other news, billionaire developer Jeff Greene faces a $5 million penalty if he doesn't complete his long-delayed One West Palm project by the end of 2027. The two-tower, 30-story mixed-use development has been plagued by construction delays and legal issues, but Greene has agreed to finish the project in an agreement with the West Palm Beach City Commission. Acre, a development firm, has won approval for an apartment complex adjacent to a 48-acre waterfront park in Miami, agreeing to create public parking and offering a $1 million mitigation payment to the office of a Miami City Commission member. The 337-unit project, called Adela II, will feature workforce housing units, retail space, and a public paseo. Volta Global, a private equity firm, has acquired an Office Depot-anchored mixed-use site in Hialeah for $23.1 million. The site features a strip mall and a two-story big box store with a self-storage component. Finally, Steve Ross, the founder of Related Companies, has acquired 45 condos at the Southbridge Condominium in West Palm Beach, with plans to redevelop the site. The purchase is part of a larger trend of bulk condo buyouts in South Florida, as developers seek to capitalize on the region's growing demand for luxury properties. These transactions demonstrate the ongoing appeal of South Florida's luxury property market, despite some challenges and setbacks. As the market continues to evolve, it will be interesting to see how these deals shape the region's high-end landscape. Sources: 1. Ex-Symantec CEO buys Fort Lauderdale mansion for $22M after price cut 2. Beckhams sell One Thousand Museum penthouse for $25M 3. Private club residences greenlighted amid Boca Raton condo frenzy 4. Billionaire Greg Mondre flips Palm Beach teardown for $5M-plus gain 5. Pacific Northwest buyers drop $51M on affordable Weston apartments 6. South Florida’s top deals: Investment execs scoop up $32M oceanfront manse in Manalapan 7. Billionaire Jeff Greene threatened with $5M penalty for delayed One West Palm 8. Acre agrees to public parking, $1M mitigation payment as Legion Park apartments move forward 9. Volta pays $23M for Office Depot-anchored retail, self-storage site 10. Inside Steve Ross’ buyout of a West Palm Beach waterfront condo