February 14, 2013
Miami Heat President Pat Riley’s home that sold last year for sixteen million and eight hundred thousand is an example of a new trend in luxury real estate. Buyers are purchasing million dollar properties then tearing them down and starting over with better materials and a larger floor plan.
You might think this 12,856 sq. ft. Mediterranean-style luxury waterfront home with a theater, wine cellar, library, pool with waterfalls and an aqua bar would be enough, not necessarily.
This luxury waterfront home is coming down and in its place will be a more magnificent contemporary home. Mediterranean style homes seem to be going out of style for many luxury buyers, and being built in place of them are sleek, contemporary and mostly glass homes.
The luxury waterfront real estate market has been in such high demand over the past couple of years that much of the luxury oceanfront condominium inventory is gone and prime waterfront locations are disappearing as well. Miami has become a very desirable home to many due to events like Art Basal, South Beach Food and Wine Festival and other annual events.
It’s all about location and contemporary style homes these days.
“It’s really trending to the ultra-luxury. All sorts of exotic materials—exotic woods, exotic marbles, exotic stones,” said Sean Murphy, an executive vice president at Coastal Construction, a major builder of luxury hotels and condominiums that also has erected some of the most extravagant mansions in the region. “Everything is so exotic.”
Source: The Miami Herald
