LeBron James owns in a 12,000-square-foot, Coconut Grove home he purchased for 9 million dollars. The waterfront estate features 6 bedrooms and 8.5 bathrooms. Teammate Chris Bosh purchased a 12.5 million dollar home on North Bay Road in Miami Beach. Dwyane Wade also lives on exclusive North Bay Road. His waterfront home contains 13,000 square feet of living space.

Heat President Pat Riley owns a penthouse in the Apogee, an exclusive condominium building in Miami Beach’s South of Fifth neighborhood. The penthouse residence was purchased for 11.75 million dollars.

Source: South Florida Business Journal

LeBron James’ Home in Coconut Grove

Real estate in Miami is currently flourishing at record levels. Luxury real estate prices rose by 19.5 percent last year, which is the highest in North America and the fourth highest in the world, only trailing Dubai, Bali and Jakarta. The luxury market (top 5 percent) now averages between 1300 dollars per square foot to 1440 dollars per square foot. Prices are predicted to grow even more this year, as buyers continue to enter the market and supply drops.

While domestic buyers are showing interest in the ultra-luxury properties, foreign buyers continue to make up 60 percent of Miami’s total real estate market. To drive sales and prices, developers are also associating their high-end projects with world-renowned architects. A well-known name, like Zaha Hadid at One Thousand Museum and Herzog and de Meuron at Jade Signature, can add 20 percent to the total price tag. To go along with innovative design, units are also getting bigger, as developers focus on maximum pricing instead of maximum capacity.

With a multitude of new projects in development and prices topping 3000 dollars per square foot at some of the newest buildings, questions have been raised about the market’s stability. However, due to scarcer bank financing, the majority of condo buyers are purchasing in cash with deposits of 50 to 70 percent. These new terms are leading to a stronger, less volatile real estate market.

Source: Financial Times

Jade Signature Sunny Isles Beach