Former Royal Caribbean Group chairman and CEO Richard Fain has signed a contract to sell his waterfront estate in Coral Gables, listed for $37 million. The property 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 homes and condos with asking prices of $4 million or more that are listed on the Multiple Listing Service.
During this period, 25 new luxury listings were added to the market, bringing the total number of such properties in Miami-Dade to 1,340. In comparison, buyers signed 14 contracts totaling $100.6 million in the previous week.
The latest report from Douglas Elliman’s team led by Fredrik Eklund and John Gomes notes that last week saw an active market: contracts for 14 single-family homes and six condos reached a combined asking dollar volume of $259.3 million. The single-family homes had an average asking price of $13 million and spent about 144 days on the market before going under contract, totaling $183.2 million in asking value.
Richard Fain and his wife Colleen own the mansion at 700 Arvida Parkway, which was listed at $3,413 per square foot. The home spans 10,840 square feet with seven bedrooms and seven-and-a-half bathrooms on a 2.3-acre lot featuring 130 feet of water frontage in Gables Estates. Bea Citron of Compass holds the listing but declined to comment on the pending sale. The Fains purchased the property in 1989 for an undisclosed amount. Richard Fain led Royal Caribbean for over three decades, expanding it into one of the world’s largest cruise lines.
The second highest-priced home under contract last week is located at 194 South Island Drive in Golden Beach—a six-bedroom residence spanning 7,635 square feet with an asking price close to $30 million through Douglas Elliman’s Dina Goldentayer and Joel Lusky of The Brokerage South Florida. Property records indicate Michael Klinger, CEO of Saber development firm based in Hallandale Beach, is selling this house situated on a third-acre lot.
Condos that found buyers last week averaged an asking price of $12.7 million after spending approximately 153 days on the market; their combined value totaled $76.1 million or about $2,586 per square foot.
For comparison, New York saw buyers sign contracts for 33 homes during this period as reported by Olshan; these properties had a combined asking price of $281.6 million and typically remained available for nearly two years before finding buyers.
