A Miami mansion with 300 feet of waterfront is on the market for $48 million — 50% more than its original listing price. Take a look inside.

Coconut Grove is Miami’s oldest neighborhood.

Coconut Grove was established in 1873, earlier than Miami even existed, The South Florida Solar-Sentinel reported in 2018. These days it is residence to workplace buildings, outlets, and motels, in addition to residential areas, parks, and biking paths.

Final yr, Miami noticed a sudden real-estate growth as many rich executives, now not required to dwell in Silicon Valley and Wall Road to do their jobs, sought out actual property elsewhere. Miami real-estate agent Chad Carroll instructed Insider he was seeing demand like by no means earlier than, with residence costs taking pictures up and a scarcity of luxurious stock. Coconut Grove, together with high-profile areas like Coral Gables and Fisher Island, is without doubt one of the areas that was attracting these high-

net-worth

consumers.

Homes in Coconut Grove are inclined to promote after 54 days on common, and the median itemizing residence value for a home is $1.5 million, per actual property platform Realtor.com. Villa Positano, with its $48 million price ticket, is an outlier on the worth scale, however it’s not the one multimillion-dollar mansion to hit the market not too long ago: In July, Miami’s “apartment king” additionally listed his waterfront Coconut Grove mansion for $33 million.