With Wealth Pouring into Miami, Neighbors List Their Homes for a Total of $150 Million
A few months ago, Jorge Luis Garcia was sipping an Odette Estate Winery Cabernet with Juan Miguel Almeida and Adria Adrian Almeida, his neighbors on Palm Island in Miami Beach, Fla. Having observed a string of mega-real estate deals, Garcia had a proposition for the Almeidas, whose home is adjacent to his two waterfront properties.
“We were talking about how we are sitting here on a tremendous opportunity,” said Garcia, the former owner of a medical business in Orlando. “If these houses were sold together, can you imagine that?”
The Almeidas agreed with his logic. Now, the neighbors are putting the three waterfront houses on the market as a package deal for $150 million.
The Mediterranean-style houses each have about 100 feet of water frontage, for a total of 300 linear feet facing downtown Miami, Garcia said. Together, they sit on roughly 2 acres.
The homes aren’t available individually. “If we don’t get that number, we’re not selling,” said Juan Miguel Almeida.
Palm Island is a man-made island connected to South Beach via a causeway. Adria Almeida’s father, real-estate developer Pedro Adrian, built the three houses between 2008 and 2016 as a family compound for Almeida, himself and his son, Alvaro Adrian. Each home has a pool, a dock and a four-car garage.
Garcia, who sold Orlando Family Physicians in 2020, purchased Alvaro Adrian’s home for $13.9 million in 2019, records show. Two years later, he bought Pedro Adrian’s home as an investment property for $17 million. He has listed it for rent asking $120,000 a month, according to Zillow.
Garcia said neither neighbor was looking to sell, but he has been tracking the luxury market in the Miami area, which has recently seen home purchases by some of the country’s richest people. In 2022, Citadel chief executive Ken Griffin set a Miami record when he paid $106.875 million for a 4-acre estate from philanthropist Adrienne Arsht. This year, billionaire Amazon founder Jeff Bezos bought a $68 million home in Indian Creek Village.
“In Miami, [buyers] coming in aren’t the average buyer,” Garcia said. “It’s the Ken Griffins of the world.”
The Almeidas’ home measures about 11,350 square feet with six bedrooms. Garcia’s home is about 12,400 square feet with seven bedrooms, and his investment property is approximately 11,650 square feet with eight bedrooms. Garcia said the houses are being sold furnished. He’s made relatively minor improvements to his properties, including new pool tiles, landscaping and outdoor lighting, he said.
Miami Beach home values shot up during Covid, and the sales record on Palm Island was set earlier this year when a newly built house sold for $32 million. During the third quarter, the median sale price for a luxury single-family home in Miami Beach was $19.825 million, up 42.4% from the third quarter of last year, according to real-estate appraisal firm Miller Samuel.
Cesar Powell of Coldwell Banker Realty has the listing.News Related