Royal Caribbean Group’s former chairman and CEO, Richard Fain, has signed a contract to sell his waterfront estate in Coral Gables. The property was listed for $37 million and is the most expensive among 20 contracts signed in Miami-Dade County between December 8 and December 14, according to the Eklund-Gomes report. This report tracks listings of homes and condos priced at $4 million or more in Miami-Dade that are included in the Multiple Listing Service.
The Fains’ mansion, located at 700 Arvida Parkway, spans 10,840 square feet with seven bedrooms and seven-and-a-half bathrooms. The house sits on a 2.3-acre lot in Gables Estates and features 130 feet of water frontage. The price comes to $3,413 per square foot. Bea Citron of Compass is the listing agent but declined to comment on the pending deal. Richard Fain led Royal Caribbean for over three decades.
During the same week, a total of twenty-five new luxury listings were added to the market in Miami-Dade County, bringing the total number of such listings to 1,340. In comparison, buyers had signed fourteen contracts for properties with a combined asking price of $100.6 million during the previous week.
According to data from Douglas Elliman’s team led by Fredrik Eklund and John Gomes, last week saw an active market with fourteen single-family homes and six condos under contract totaling $259.3 million in asking dollar volume. The single-family homes had an average asking price of $13 million and spent about 144 days on the market before going under contract.
The second most expensive home under contract last week is located at 194 South Island Drive in Golden Beach. It has six bedrooms and six-and-a-half bathrooms across 7,635 square feet and was listed for nearly $30 million with agents Dina Goldentayer (Douglas Elliman) and Joel Lusky (The Brokerage South Florida). Property records show Michael Klinger, CEO of Saber—a Hallandale Beach-based development firm—is selling this house.
Condos that found buyers last week averaged an asking price of $12.7 million each and spent about 153 days on the market; together they totaled $76.1 million in asking dollar volume or approximately $2,586 per square foot.
In New York City during the same period, buyers signed contracts for thirty-three homes with a combined asking price of $281.6 million; these properties typically spent about 591 days on the market before finding buyers.
