A new construction waterfront home just hit the market in Miami for $29.9 million. It's a story of patience that's more than a dozen years in the making, the listing agent says.
Luis García, CEO of Adonel Concrete, acquired the property at 790 Lake Road overlooking Biscayne Bay for $1.9 million in 2012. He lived in the Bay Point residence that was there at the time for several years, according to Ana Teresa Rodriguez, head of Coldwell Banker Realty's ATR Luxury Homes Group.
García grew to love the 250-home neighborhood north of downtown and acquired additional properties there, but he was always intrigued by the potential of 790 Lake, Rodriguez said. Before the pandemic, he tore down the home to launch a multiyear rebuild — and even after completing it last year, he held it off the market to furnish it and make additional upgrades.
Persistence is a refreshing strategy in an era when buying and flipping homes soon after is all the rage, Rodriguez told Homes.com.
"Never in a hurry," she said of her client. "Patience is the key, the most important thing in life."
The new home, called "Casa Moderne", is on a 0.31-acre corner lot at the end of a cul-de-sac in gated Bay Point. García secured the homeowner's association approval for a rooftop terrace, the only one allowed in the development after the HOA banned the feature on future projects, Rodriguez said.
Two-story home has elevator
The 1,795-square-foot terrace offers striking views of the bay and the Miami skyline, she said.
The six-bedroom residence totals 6,361 square feet under air, or generally, space that is finished, heated, or cooled, and includes custom millwork in marble, leather, and wood, according to the listing. The two-story home comes with an elevator, air-conditioned garage, a fireplace in the family room, floor-to-ceiling, hurricane-proof windows and a 400-bottle wine cellar.
Outside, the home features a summer kitchen and an infinity pool with a jacuzzi. It also has direct bay access with a private dock and a new seawall. Estimated annual taxes eclipse $111,000, according to the listing.
Rodriguez said she suggested to García that he sell the home furnished and take the extra time to make upgrades, given what she's seeing in the South Florida housing market.
Just as buyers of midpriced homes want move-in-ready residences, luxury buyers also are holding out for turnkey properties, Rodriguez said.
"Luxury buyers nowadays are coming from out of state, and they don't have the contacts here for interior renovations," she said. "We need to adjust to that type of buyer."
With a new owner needing only to move themselves into 790 Lake, Rodriguez said she's optimistic for a relatively quick sale, especially now during the winter buying season. But a slowing economy is keeping some would-be buyers from committing, analysts say.
In South Florida, much of Miami-Dade's growth is tied to foreign buyers. Still, the county's international in-migration has slumped to the lowest level since the pandemic, a result of the Trump administration's immigration policy, according to Chris Montgomery, senior director of market analytics for Homes.com.
Miami-Dade County listings rose by nearly 30% in September from the prior year, according to Homes.com. The median price has leveled off, rising 1.8% year over year, well below the increases in some Midwest markets.
"A lot of people are bullish on Miami in the long term, and with good reason, but we're still in a period of a slowdown due to global economic uncertainty," Montgomery said in an interview.