Despite concerns of a slowing Real Estate Market, another massive transaction was recorded earlier this month in Miami’s exclusive neighborhood of Coral Gables Estates, when a new construction waterfront home traded for $31,750,000. The sale marked the 3rd largest transaction of the year for Coral Gables, and the largest since Amazon Chairman Jeff Bezos bought neighboring waterfront mansions for his parents, a short distance away. Andy Rotondaro, the principal realtor at Compass’s The Daro Team, recorded the sale.
Miami “The Magic City” has experienced rapid growth since the pandemic. The city continues to be a magnet for high net worth individuals (both domestic and international alike). Favorable tax laws in the State of Florida presume to attract larger and larger transactions.
Andy Rotondaro of The Daro Team explains why he believes the trend will only continue. “It’s a city with beautiful beaches, culture and people”. He goes on, “Zero state income tax laws, warm and sunny days all year long, breezy tropical nights, a world-class culinary and art scene, personal and business freedoms; What’s not to like?” He further describes the process in which he was able to help close this extravagant deal.
How The Daro Team Closed The $32M Deal
While the property was recently sold, the house went under contract over 6 months ago in March. This is often the case with new developments, as properties are bought with an extended contract and closing date while construction finishes. Prior to the sale, the property was owned by the Fernandes family for nearly 50 years. The original property was demolished in 2020, and the newly sold home spans nearly 14,000 Sqft and took almost 3 years to complete. During the 6-month period in which the property was under contract, Andy says his key role was to serve as a mediator between the seller and the buyer. “There’s a lot of time that goes by, and you need to ensure everyone remains happy”. Being constantly in contact with both the Buyer and Seller, he monitored the progress, kept tabs on the timelines, and went regularly to the house for inspections and insurances.
Most importantly Andy states, “My job was to make sure that the buyer stays happy and the seller is holding up their end of the bargain. Thankfully both occurred”. The sold property has 200 feet of waterfront on over an acre of waterfront land. It’s a top-of-the-line mansion in arguably the most exclusive neighborhood in Miami. The real estate expert describes the house as a ‘Modern Miami Palace’. “It’s really special”, exclaims Andy.
The buyer of the property is a Belgian-American couple, and CEO of a Miami-based energy company. With the final touches done, the deal was finalized on November 15.
Future Goals For The Daro Team
The Daro Team is looking for expansion in the upcoming year. Andy expressed that one of his key goals for The Daro Team in 2023 is to work more in the Gables Estates community. He plans on adding more members to his team of real estate experts and expanding the business. Andy states that nothing is ever promised in the real estate business and one has to always find the next deal.
With a hope to do more business, Andy claims that Miami is a luxury real estate market. He says, “People will continue to move to Miami. I don’t see the demand for Miami falling.”