Jessica Adams first spotted the historic Spanish-Colonial home in Miami's Coconut Grove neighborhood in 2017 and asked the owners two years later if they were interested in selling.
A deal didn't happen then, but a change in family circumstances led the owners to contact Adams, who was still interested, in late 2023.
"You put something you want into the ether and somehow it just ends up happening," she told Homes.com.
Adams, her husband, Jason, and a financial partner paid $4.7 million for 3700 Hibiscus St. in February 2024, public records show. They spent about 20 months renovating it and now have the 5,458-square-foot property back on the market for $12.5 million. The Adamses are also the home's listing agents with the Douglas Elliman brokerage.
Architect Richard Kiehnel designed the 104-year-old home, as well as the Coconut Grove Playhouse and other Miami landmarks, according to Douglas Elliman marketing materials. Coconut Grove, one of the city's first neighborhoods, now includes a mix of early 20th-century architecture and new construction, according to Jessica Adams and Homes.com.
The Adamses originally envisioned living in the house with their two daughters, although the couple ultimately bought, renovated and moved into a midcentury modern property in the Miami suburb of Coral Gables.
Renovations included preservation
But when they had the opportunity to buy the Hibiscus Street home, they couldn't turn it down. Renovating it became a pet project.
They preserved the original Dade County pine floors, arched windows, an original claw-foot tub, decorative stucco detailing and other features while adding a new roof, landscaping, a pool, impact-glass windows throughout and updating the kitchen and bathrooms, Jessica Adams said.
The pool has an automatic cover — a necessity for safety, but it also prevents the yard's abundant oak tree leaves from falling into the water, Adams noted.
The main residence features five en-suite bedrooms, two fireplaces, and a wine room, while a private-entrance guest house over the garage adds a sixth bedroom and a separate kitchen, according to the listing. The home is within walking distance of top-rated schools, has three gated entrances and landscaping by the Avalon Gardens firm.
Miami-Dade County home prices have softened in recent months as the number of listings has increased. Still, the luxury housing market remains strong, as domestic and international buyers flock to the region for its lifestyle, tax advantages and business opportunities, according to Chris Montgomery, a senior market analyst for Homes.com.
Still, a new analysis suggests that a national recession could have a dramatic impact on residential real estate in South Florida.
Miami-Dade, Broward and Palm Beach counties have roughly 350,000 second homes and short-term rentals, noted Ken Johnson, the Walker Family Chair of Real Estate at the University of Mississippi. Many of these properties would return to the market as listings during an economic downturn, and the sudden glut could send home prices plummeting, according to Johnson.
"The oversupply of second homes and short-term rentals should have buyers thinking about the consequences of the next national recession," Johnson told Homes.com in an email.
The Adamses are counting on a sale before any notable slowdown occurs. The property already went under contract once, but the deal fell apart when the prospective buyers didn't end up moving to South Florida, according to Jessica Adams.
In an area where historic homes often make way for glitzy new mansions, the couple said preserving and renovating this property was important to them — and a win for the neighborhood.
"We thoroughly enjoy taking the old and making it a little newer," Jessica Adams said.