What bubble? Outrageous $100M+ homes are the new normal in South Florida, experts say

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 50,33...

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Publisher: New York Post

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