This Bay Point, Miami home just sold for a record $38M

In Bay Point, Miami, it’s a new year — and a new real-estate record.

The Biscayne Bay enclave last week recorded its biggest home sale price ever at $38 million, more than doubling its prior $18 million record set in the not-too-distant past — in 2021. Both the seller and buyer are not yet disclosed.

The big-dollar deal was for 4505 Sabal Palm Road, an 8,702-square-foot, seven-bed, nine-bath mansion on a half-acre waterfront property.

At $4,691 per square foot, it’s also the second-highest price-per-square-foot deal in Miami history, topped only by the compound that businesswoman and philanthropist Adrienne Arsht sold to hedge fund titan Ken Griffin for $107 million, or $5,635 per square foot, last summer.

4505 Sabal Palm Road.
4505 Sabal Palm Road.
Coldwell Banker Realty

Though a record of its own, this Bay Point closing is a 30% cut from its original $55 million list price. But since the buyer also purchased furnishings and art, Ana Teresa Rodriguez of Coldwell Banker Warburg, who sealed the record deal, assured the seller got their desired ask.

The lesser-known sibling of the Miami, Miami Beach, Bay Point trifecta, Bay Point was established on land originally settled in the late 1800s by early Miami settlers Michael Sears, William Gleason and Charles Deering.

The exclusive gated community, home to celebs like NBA star Dwyane Wade and singer Enrique Iglesias, has just 250 residences mostly built in the 1940s and 1960s.

The stunning property sold for an area record of $38 million.
The stunning property sold for an area record of $38 million.
Coldwell Banker Realty

As for why it’s oft overlooked, Rodriguez said the area doesn’t share Miami’s famed ZIP code — and many of its houses, though a diverse mix of styles, became dated in recent years.

“Bay Point is a local gem,” she said. “People from Miami know it.”

But renovations are happening around the neighborhood and Bay Point is ready for its moment. It’s coming for Miami Beach in particular, Rodriguez noted, where the top sales price of 2022 was just under $33 million.

Built in 2016, 4505 Sabal Palm Road is evidence of development in Bay Point. Its bells and whistles include an infinity pool, a dock large enough for multiple boats and multiple outdoor seating areas.

Inside, there’s a wine fridge large enough for hundreds of bottles, 10-foot ceilings, marble floors and floor-to-ceiling windows overlooking the bay.

Source link