Miami-Dade County Sees Surge in Luxury Home Contracts Last Week

Miami Beach, Florida — A total of 17 luxury contracts were signed last week for homes and condos in Miami-Dade County, ranging from $4 million and above. Notably, Rosie O’Donnell’s former estate on Star Island entered into contract, listed at $48 million, according to a report from the Douglas Elliman team.

The data reflects the activity from June 16 to June 22, during which properties were on the market for an average of 103 days. In total, 41 luxury listings were added, bringing the overall count to 1,228, although inventory dropped slightly by one listing.

Last week, buyers committed to 25 properties valued at a combined $274.8 million. The asking price for the single-family homes averaged $14.7 million, while condos averaged $8.7 million, with a total dollar volume of $201.7 million.

The mansion formerly owned by the late Dr. David Frankel and his wife, Linda, located at 43 Drive, highlights this market activity. This 11,104-square-foot, eight-bedroom property, built in 1923, features a pool and a dock. The Frankels purchased it from O’Donnell in 2013 for $16.5 million, and it is currently on the market with Liz Hogan of Compass.

The condos that found buyers last week had an average asking price of $8.7 million. One notable listing was a three-bedroom, four-bath condo at Continuum South Beach, Unit 1601. With an asking price of $13.7 million, this expansive unit covers 3,497 square feet and is represented by Mick Duchon and Eloy Carmenate from the Corcoran Group.

Comparatively, New York saw 26 luxury contracts signed, with a combined asking price of $207.4 million, and properties there spent an average of 384 days on the market.