Waterfront Coconut Grove Estate Asking $38.5M Tops Miami's $220.5M Weekly Contracts

Key Takeaway

• A waterfront estate in Coconut Grove, listed at $38.5M, topped last week's luxury signed contracts report by Eklund-Gomes.
• Miami-Dade saw 24 luxury homes and condos enter into contracts totaling $220.5M, a weekly increase of $7M.
• The priciest condo contract was for unit 3507 at Continuum in Miami Beach, asking $15.9M; owned by tech entrepreneur Hari Ravichandran.

A Landmark Sale in Coconut Grove

A waterfront estate in Coconut Grove, Miami, has finally found a buyer after years of being on and off the market. The eight-bedroom, eight-and-a-half-bathroom mansion at 3080 Munroe Drive is listed at $38.5 million, making it the priciest property in last week's Eklund-Gomes luxe signed contracts report. This 10,000-square-foot mansion, owned by Ernst Swietelsky, a former flower and plant import company owner, has seen its price fluctuate over the years, peaking at $48 million in 2022 before being reduced to its current asking price in April. The sale is being handled by Douglas Elliman agents Lourdes Alatriste and Fredrik Eklund.

The Details of the Luxury Market

Between June 3 and June 9, buyers signed contracts for 24 luxury homes and condos in Miami-Dade County, totaling $220.5 million in asking price. This marks a significant increase from the previous week, both in the number of contracts and the total dollar volume. Of these, 15 were single-family homes, and nine were condos. The priciest condo to enter into contract was unit 3507 at the Continuum at 100 South Pointe Drive in Miami Beach, listed at $15.9 million. Owned by tech entrepreneur Hari Ravichandran, the condo was purchased for $8 million in 2021. The single-family homes priced at $4 million and up spent an average of 130 days on the market, while luxury condos averaged 223 days, with an average price of about $2,200 per square foot.

Miami's Luxury Real Estate Trends

The luxury real estate market in Miami-Dade County has shown resilience despite fluctuations in sales volume. According to a recent report, May saw a drop in condo sales volume to $780 million from $849 million in April, although the number of sales increased slightly. The priciest condo sale in May was a $17.8 million unit at Continuum On South Beach, sold for $3,727 per square foot. This indicates a robust demand for high-end properties, even as the market adjusts to varying economic conditions. The median sale price for condos in May was $410,000, with a price per square foot ranging from $75 to $4,972.

Broader Implications for the Market

The sale of the Coconut Grove mansion and the overall activity in Miami's luxury market reflect broader trends in high-end real estate. The demand for luxury properties remains strong, driven by both local and international buyers seeking prime locations and exclusive amenities. This trend is not unique to Miami; similar patterns are observed in other major markets like New York, where the Olshan report noted 24 luxury contracts signed last week with a combined asking price of $193 million. These markets are characterized by a high turnover of luxury properties, long listing periods, and significant price adjustments, underscoring the dynamic nature of the luxury real estate sector.