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Warm Up to .5M Opportunity in Coral Gables, the Week’s Most Expensive New Listing

It’s frigid outside in most areas of the country. But Florida is a welcome exception. The luxury market in the Sunshine State continues its warming trend with this week’s most expensive new listing on realtor.com®.

A massive mansion in Coral Gables just landed on the market for $29.5 million. Only five other area homes top this prodigious price.

The property last changed hands in 2015 for $17.2 million, but demand has tightened since then, leading to the dramatic price increase three years later.

Located in a gated subdivision of Miami, the waterfront home on 3 acres is a “once in a lifetime opportunity to purchase one of the largest parcels of land situated within the secure gates of Gables Estates,” the listing states. Translation? This is a development opportunity, and the mansion currently on the property is almost an afterthought.

The property comes with 750 feet of frontage on a wide-water basin.

“It’s rare because it’s the largest parcel in the secure, gated neighborhood of Gable Estates. It’s the nicest neighborhood in Miami,” says listing agent Liz Hogan of Compass.

The 10,220-square-foot home has six bedrooms and 7.5 baths. It was built in 1965 and has since been updated with new finishes and high-end appliances. Will it survive another 50 years? It’s doubtful.

“The value is in the land,” Hogan says.

Visitors can enter the home through double doors into the foyer. Because the mansion isn’t the main focus, there are no photos of the interior. We can tell you the layout currently includes a family room, great room, formal dining room, eat-in kitchen, in-law quarters, sauna, and workshop.

Additional features include French doors opening to the outdoors, with dining and entertaining spaces with water views. There are also lush gardens, a pool, tennis court, and private beach.

A buyer could simply update the existing structure to their taste, or tear it down and build anew. Either way, there seems to be no reason to ever leave this delightful tropical retreat. However, if the lucky buyer does want to sail away, there’s always space for a 150-foot yacht. 

The post Warm Up to $29.5M Opportunity in Coral Gables, the Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.

Source: Real Estate News and Advice – realtor.com » Real Estate News