More Multi-Million Dollar Homes Sell Amid Pandemic

Adjusting to the new normal means using methods like virtual house showings, which works for some buyers across the country but the interesting trend that emerged was many potential buyers were rushing to get away from urban centers, where the risk seemed maximized. 

Miami has always been a hot destination in many ways and is definitely not slowing down amid the pandemic. Partially thanks to low-interest rates although some agents are still finding it challenging for their clients to get loans with banks due to shutdowns and many being short-staffed.

To get a better understanding of the current real estate market I spoke with a few of my peers about some of the properties they sold and if they too had noticed that the real estate market, at least here in Miami, was making significant gains. Most of the agents I interviewed did say that business was steady and they also shared with me some of the challenges that the pandemic has posed for them.

 

Rob and Margo Fuller, a husband and wife team that relocated from NYC to Miami, who represent Nest Seekers International, have sold a condo at Muse Sunny Isles, for $3.6 million. It was a 2 Bed, 2.5 Bath, 1500 SF, property with an impressive terrace. According to the Fullers, this was the main reason it sold.

“Huge terrace with an intercoastal view, sunset view, partial ocean from the kitchen. The terrace was the main selling point that made it sell fast.” What’s very interesting about this particular property is the fact that it had been listed for about six months but got little attention until the pandemic. The original asking price was $3.8M. 

They also said that their hottest property listing was usually in the Coral Gables and Sunny Isles area. Right now they have their eyes on two listings which are the Triplex Penthouse at Turnberry Ocean Club and a penthouse at 1 Hotel South Beach, which is in their opinion a steal of a deal and are these two properties are their hottest listings to date.

Maybe because of all the social distancing measures a lot of homeowners are now looking for large amounts of space like outdoor and backyard space. When asked what challenges they’ve had to face during the pandemic the Fullers said: “Travel restrictions for vacation home buyers, beach closures, lack of tourists to stay at their investment properties.” They’ve seen most of their buyers come in from New York City.

Gabriela Dajer of ONE Sothebys International Realty sold a spectacular new home sitting on a beautifully landscaped corner lot in prime North Pinecrest for $4,250,000. The property located at 10150 SW 61st Ave is 9100 square feet with 7 bedrooms and 7.5 bathrooms. It is a contemporary estate that has been finished to perfection and is the perfect setting for family living and entertaining.

The living room has a built-in bar and a spacious dining room. Stunning eat-in Mia Cucina Kitchen with top of the line appliances and breakfast area. The property is loaded with features like five en-suite bedrooms, a media room, a gym, and even a bonus room off the master bedroom. 

 “With the current pandemic, we have seen a higher demand for single-family homes with spacious rooms and big lots. This home is almost 10,000 Sq Ft and features a bar/wine cellar and enough space for anyone to be able to live/work from home.” This emphasizes once again that buyers are very cognizant of the pandemic and what they want from a property.

According to Gabriela the most desired neighborhoods right now are in the South Miami area including Coconut Grove, Coral Gables, South Miami, and Pinecrest. She also agrees that most buyers are looking for space that can include home offices, pools, outdoor space. Dajer added that the biggest challenge she’s had to face so far is the fact that condos haven’t been selling.

“Condos are really suffering. Buyers don’t want to be sharing elevators, amenities and common areas being closed is an issue. Buyers are steering towards single-family homes with pools and plenty of outdoor space and space for home offices.”

Many buyers are flocking to the Miami market because of tax benefits, she added. Most of her clients have come from New York, Connecticut, and Los Angeles.

Mendel Fellig of Compass also had a very successful season with topping off with a waterfront estate he sold on Pinetree Drive in Miami Beach for $7.3 million. The property was a waterfront estate on Pine Tree Drive that had many features like marble floors, custom ceiling moldings, and a living room with a fireplace. 

Being a Miami Beach native is not surprising that he loves his neighborhood and believes Miami Beach is the most desired neighborhood, also because buyers are looking for properties with pools and lots of outdoor space.

His biggest challenge closing deals during the pandemic has been with the bank, “Financing has been really hard, I had three deals fall through because of the banks backing out of deals, one client had to take a hard money loan until he can get traditional financing.”

Most of his buyers have been coming in from New York. When asked about sale prices going up or down he said:  “I am still seeing homes selling slightly below ask since in Miami people tend to overprice when listing.”

Mehdi Mejjati, with Barnes International Realty, echoed similar sentiments about what buyers are looking for during the pandemic. He said that buyers are looking for bigger outdoors, and swimming pools. He added that they also wanted safe areas, less driving more local access, and more parking spaces.

His highest sale since the pandemic has been a modern Miami Beach masterpiece that sits on a large gated 9,000 square foot lot. 3726 Prairie Ave in Miami Beach is a 4 bedroom, 4 bathroom (+2 half bathrooms) for $2,750,000. The Floridian paradise is a smart home that features dramatic high ceilings and unique communication between outdoors and indoors. It has a creative heated saltwater lap pool wrapping around the open large living space and includes a covered summer kitchen.

While his sales have been great, he has faced challenges due to travel restrictions and homes that are for sale with existing tenants when people want to move in right away. Mejjati added that he believes The Venetian Islands is the most desirable neighborhood at this time.

Most of his buyers are coming from New York and Chicago.

While many are finding it hard to sell condos Nina Millman of Luxe Living Realty sold a condo amid the pandemic for $2.55M. “The Grove at Grand Bay Unit 401-S in Coconut Grove which is an incredible 5 bedroom condo and sold for $2.55M. I had the honor of representing the Buyer,” she said. That property features 5 bedrooms, 6 1/2 baths, a maids room, and a 1300 square foot wrap-around terrace.

She believes that Coconut Grove and Miami Shores are “super hot right now but of course, my heart is in the city!” She had a bit of a different take on what buyers are looking for. “Homes that they have always wanted but thought they couldn’t afford.  With interest rates so low they can make their dreams a reality.”

The pandemic, of course, has presented some challenges which she said mainly came as a result of businesses closing. “Businesses closing so people can’t always move forward with transactions.”  Millman also said that she hasn’t really seen many homes going for below the asking price and most of her buyers were locals looking to upgrade.

“My listings are typically selling very close to list price because low-interest rates have driven up demand,” she explained.

She had some solid advice for prospective buyers during the pandemic.

“Finding your dream home can be a welcome focus in these difficult times and it has been a source of strength and inspiration for both me and my clients.”