Bay Point in Miami has broken a new real-estate record with its biggest home sale price ever at $38 million, surpassing its prior record of $18 million in 2021.
The sale was for 4505 Sabal Palm Road, an 8,702-square-foot, seven-bedroom mansion on a half-acre waterfront property.
The price-per-square-foot of $4,691 is the second-highest in Miami history, second only to the $107 million sale of the Adrienne Arsht compound for $5,635 per square foot.
Bay Point is a gated community with just 250 residences, home to celebrities like NBA star Dwyane Wade and singer Enrique Iglesias.
The area is often overlooked due to not sharing Miami’s famed ZIP code and many of its houses becoming dated in recent years.
The record-breaking sale is a 30% cut from its original $55 million list price, but the buyer also purchased furnishings and art, allowing the seller to get their desired price.
Ana Teresa Rodriguez of Coldwell Banker Warburg sealed the deal and said Bay Point is ready for its moment, with renovations happening around the neighborhood.
Rodriguez noted that the top sales price in Miami Beach in 2022 was just under $33 million.
The Sabal Palm Road property features an infinity pool, a dock 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.»Biscayne Bay Enclave breaks Real Estate Record with $38 million sale«