Homebuilder Pedro Adrian has found a buyer for his Palm Island estate in Miami Beach, which was listed at $47 million, according to a report released on Mar. 16. The sale led new luxury real estate activity in Miami-Dade County last week.
The transaction is part of a broader trend in the county, where buyers signed contracts for 24 properties between March 9 and March 15. These figures come from the latest Eklund-Gomes signed contracts report, which tracks homes and condos listed at $4 million or more in the Multiple Listing Service.
According to the report, the properties under contract spent an average of 238 days on the market. Forty-one new luxury listings were added during this period, bringing the total number of such listings to 1,243 across Miami-Dade County.
The previous week also saw buyers sign contracts for 24 properties with a combined asking price of $263 million. For the most recent week, the total asking dollar volume reached $270 million for 18 single-family homes and six condos under contract. The single-family homes averaged an asking price of $11.6 million and spent about 233 days on the market.
Adrian and his wife, Adria Adrian, are selling their home at 145 Palm Avenue—a double-lot property they have owned since the mid-1980s—after reducing its price from an initial listing of $59 million last September. The property features amenities such as a cabana, pool, and tennis court.
In addition to single-family homes, six condos went under contract last week with an average asking price of $10.2 million and an average time on market of 252 days. Three pending condo deals are located at Continuum South Beach at 50 and 100 South Pointe Drive.
For comparison, New York saw buyers sign contracts for 26 homes last week with a combined asking price exceeding $191.8 million; those properties spent an average of 606 days on the market.
