Palm Island house sells for $29.5M. Take a look at what the buyer got.
An undisclosed buyer from California has paid $29.5 million for a 2-story single-family residence on Palm Island, one of the highest prices ever paid there.
The 11,056-square-foot waterfront property at 135 Palm Ave. includes eight bedrooms, eight bathrooms and three half bathrooms, according to Sabal Development, the home’s seller and developer.. The house has an infinity-edge marble pool and Jacuzzi overlooking Biscayne Bay, a rooftop lounge and a movie theater. The residence also has a guest house and a six-car garage.
“South Florida single family home sales are on fire, particularly the ultra-luxury housing market,” said Pascal Nicolai, Sabal Development spec home developer.
“This is a result of the migration of buyers from New York, New Jersey and California who were impacted by the 2017 tax reform. It made it too expensive to live in those states,” he continued. “Additionally, many people are working remotely as a result of COVID and choosing South Florida as a home base.”
One Sotheby’s International Realty Realtor Jeffrey Miller and Mathieu Rochette of Compass Florida represented the seller; Compass Florida’s Realtor Liz Hogan represented the buyer.
Palm Island sits off of the MacArthur Causeway and has long attracted residents for a variety of reasons, including its proximity to downtown and Miami Beach, as well as shared amenities with its sister island Hibiscus. Connected by Fountain Street Bridge, the two communities share security, a children’s playground, and basketball, tennis and racquetball courts.
The island has a history of luring famous dwellers since it was built in the early 1920s, including gangster Al Capone, rap mogul Bryan “Birdman” Williams and reggaeton star Nicky Jam. CC Homes founder Jim Carr and his wife, Susan Carr, and former Miss Ukraine Olesia Aliseenko still live on the island.
Demand increased for ultra-luxury homes — those priced at or above $10 million — in Miami-Dade County earlier this year. According to a luxury sales report by Bespoke Real Estate, the total ultra-luxury sales jumped by about 54%, from 52 deals to 80 between the first and second quarter 2021.
An earlier version of this story stated incorrectly that $29.5 million is the highest price ever paid for a home on Palm Island. However, a previous home sale there was for $30 million.
This story was originally published August 26, 2021 at 3:50 PM with the headline "Palm Island house sells for $29.5M. Take a look at what the buyer got.."
