In Bay Point, Miami, it’s a new year — and a new real-estate record.
The Biscayne Bay enclave recorded its highest home sale price of $38 million last week, more than doubling its $18 million record set in the not-too-distant past — in 2021. Both the seller and the buyer have not yet been disclosed.
The big-dollar deal was for 4505 Sable Palm Road, an 8,702-square-foot, seven-bed, nine-bath mansion on a half-acre waterfront property.
At $4,691 per square foot, it’s also the second-highest price-per-square-foot deal in Miami history, after businesswoman and philanthropist Adrienne Arsht paid hedge fund titan Ken Griffin for $107 million, or $5,635 per square foot. is the top of the mix sold in Feet, last summer.
Although it has its own record, this Bay Point closing is a 30% reduction from its original $55 million list price. But because the buyer also bought furniture and art, Coldwell Banker’s Ana Teresa Rodriguez, who sealed the record deal, assured the seller they got what they wanted.
Miami, Miami Beach, Bay Point The lesser-known sibling of the Bay Point trifecta, Bay Point was originally founded in the late 1800s by Miami residents Michael Sears, William Gleason and Charles Deering.
Exclusive gated community, home to celebrities like NBA stars Dwyane Wade and the singer Enrique IglesiasThere are only 250 residences, mostly built in the 1940s and 1960s.
As for why it’s often overlooked, Rodriguez said the area doesn’t share Miami’s famous zip code — and many of its homes, though a diverse mix of styles, have become dated in recent years.
“Bay Point is a local gem,” he said. “The people of Miami know it.”
But renovations are happening around the neighborhood and Bay Point is ready for its moment. That’s especially the case for Miami Beach, Rodriguez noted, where the 2022 top sales price was just under $33 million.
Built in 2016, 4505 Sable Palm Road is proof of growth in Bay Point. Its bells and whistles include an infinity pool, a dock for larger boats and several outdoor seating areas.
Inside, there’s a wine fridge big enough for hundreds of bottles, 10-foot ceilings, marble floors and floor-to-ceiling windows overlooking the bay.
