The news has been all a- flutter the past few days with the listing of a Coconut Grove home for $65 million, the highest priced home in the area to hit the market yet, but is it worth it? In our humble opinion, no. Miami has a funny habit of just slapping on a price tag of whatever they feel something may be worth. The broker-babble on the listing is pretty awful. Granted the site has almost 7 acres of land and a private dock for a 70 foot yacht and the home itself is just shy of 14,000 sq ft… but other than that it’s really not much in the way of anything unique, there’s some mention of the Munroe family (most of Coconut Grove has connections to the Munroe’s) and a fresh water creek. For north of $50 million, a property really needs to be something that can’t be replicated. For a new build even if one were to spend $1,000 per square foot on construction, there would be $50 million left over for land purchase. The Versace Mansion on Miami Beach is a classic example of a truly unique property that cannot be replicated – the land and the building rights just aren’t available, period.
We wish the seller all the best of luck, and we’ll see what the final sales price comes in at. Someday.