Big sale in Miami Beach

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Big sale in Miami Beach

Investment guru Rob Arnott recently bought a waterfront mansion in Miami Beach in what looks to be the most expensive purchase in Miami Beach since at least 2015, The Real Deal reports.

Property records show that Arnott, recently dubbed a “modern-day Socrates” by Barron’s, paid $32 million, or just over $2,900 a foot, for a seven-bedroom, 11,000-square-foot home at 34 La Gorce Circle. There hasn’t been a deal in that price range on the beach since Ken Griffin purchased two penthouses in Faena House for $60 million.

Developer Thomas Danluck put the La Gorce property on the market in January for $38 million, or about $3,450 per square foot.

The estate includes a motor court, meditation garden, staff quarters, home theater, cabana and pool. It was designed by Kobi Karp and Artefacto. The 23,000-square-foot property features about 140 feet of water frontage. Records show 34 La Gorce Circle Partners, a company controlled by Danluck, paid $14 million for the lot in 2014.

South Florida: market stats
After rising in April, home sales fell in Miami-Dade and Broward counties in May, year-over-year, and rose slightly in Palm Beach County, according to the Florida Realtors.
Median prices of homes and condos increased in all three counties, with a dip in the average price of condos and townhouses in Palm Beach.
In all, South Florida closed residential sales of $3.65 billion in May, up 4.3 percent year-over-year.

Miami-Dade saw the most drastic decline in the tri-county area in May, with a 13 percent year-over-year decrease in residential closings, down to 2,373. Condo sales dropped 17.4 percent to 1,143 in May, while single-family home sales totaled 1,230, down 8.5 percent.
Again, luxury home sales outperformed other price points in Miami-Dade. Luxury sales, defined as properties priced at $1 million and up, rose 24.1 percent year-over-year to 196 closings. The median price of a single-family home was up 7.7 percent to $350,000, and the median price of a condo was $245,000, up 8.9 percent.

Residential sales fell only 1.3 percent in Broward last month, down to 3,185 closings. The decline is due to a 3.9 percent drop in single-family home sales, bringing the total in May to 1,518. Condo and townhouse closings rose by 1.2 percent to 1,667, according to the report.
The median sale price for a single-family home was $168,000, up 5.7 percent from May 2017. For a condo and townhouse, the median price rose 6 percent to $355,000.