Waterfront real estate craze continues with $27M home sale in Miami’s Bay Point

Miami’s Bay Point neighborhood has two things luxury homebuyers are willing to pay big bucks for: waterfront views and a gate.

Even at the height of the Miami’s summer slowdown, one buyer just shelled out more than $27 million for a home in the neighborhood at 790 Lake Rd.

Secluded waterfront communities have become ground zero for Miami-Dade’s wealth migration. South Florida has seen an unprecedented influx of wealth from out of state this year, including several of the world’s richest people buying waterfront real estate in Miami and Miami Beach.

Cyril Matz of Douglas Elliman represented the buyer of the Bay Point home, moving to Miami from the West Coast. He did not disclose the buyer’s identity.

And while Bay Point might not have the same buzz as Indian Creek Village, where Meta CEO Mark Zuckerberg bought a mansion for $170 million this year, homes along the water in the bayfront neighborhood are fetching impressive prices.

The property on Sabal Lake is the most expensive home sold so far this year in the neighborhood, east of the 4500 block of Biscayne Boulevard, north of the Julia Tuttle Causeway and between the MiMo district and Wynwood.

Last year, a home that sold for $85 million set a record for the community. The previous owner of the house at 790 Lake Rd., founder and CEO of Miami-based Adonel Concrete Luis Garcia, sold another home in the neighborhood for $39 million in 2023.

But despite these megamillion-dollar sales in Bay Point, the neighborhood has remained somewhat under-the-radar for luxury buyers. Matz said Bay Point is sometimes overlooked in favor of better-known locales on the barrier island, like North Bay Road in Miami Beach or Bal Harbour.

Matz said Bay Point’s gate and its proximity to the Design District and downtown Miami swayed the buyers of the home at 790 Lake Rd. Bay Point is one of the few truly private communities in Miami-Dade — its roads are not public, and the neighborhood is only accessible to residents and their guests.

That privacy has made Bay Point attractive to some celebrities. Spanish singer Enrique Iglesias and his longtime partner, retired tennis player Anna Kournikova, have lived in the neighborhood for years and have amassed a substantial estate.

Ana Teresa Rodriguez of ATR Luxury Homes Group represented the seller, who purchased the property for $1.9 million in 2012. He redeveloped the property and completed the home currently on the site in 2023. It was initially listed for $32 million.

The six-bedroom, 6,361-square-foot home is the only home in the secluded gated community with a rooftop terrace. Other amenities include an outdoor summer kitchen, private dock, infinity pool and 400-bottle wine cellar.

Step inside the Bay Point home

Catherine Odom

Miami Herald

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Catherine Odom covers real estate for the Miami Herald. She previously interned on the Herald’s government team and has worked as a journalist in Germany and Armenia. She is a graduate of Northwestern University.