A penthouse at Five Park in Miami Beach and a waterfront home on the Venetian Islands were the highest-priced luxury properties to go under contract in Miami-Dade County last week.
According to Douglas Elliman’s Eklund-Gomes team, there were 24 signed contracts for luxury homes between January 26 and February 1. The total asking price for these properties reached $204.6 million, with an average of 164 days spent on the market. This is a decrease from the previous week, which saw 29 contracts totaling $301 million.
The report covers single-family homes and condos listed at $4 million or more in Miami-Dade County. Last week, there were 60 new listings and a total of 1,303 active listings available.
Seventeen of the properties that went pending were single-family homes, while seven were condos. The average asking price for condos was $7.9 million ($2,457 per square foot), and they spent about 172 days on the market. Single-family homes averaged an asking price of $8.6 million ($1,685 per square foot) and stayed on the market for about 160 days.
The most expensive property to go under contract was penthouse 4701 at Five Park, located at 500 Alton Road in Miami Beach, with an asking price of $21 million.
David Martin’s Terra and Russell Galbut’s GFO Investments completed this 48-story tower with 227 units in 2024. The unit is the last remaining penthouse and measures about 6,100 square feet.
It features five bedrooms, six bathrooms, and one half-bathroom. According to the listing, amenities at Five Park include a gym, spa facilities, two pools, a restaurant, a private club, and access to a private beach club.
Last month, hedge funder Jay Newman filed a lawsuit against the developers over guest suites that he claims were promised but not delivered. Other notable penthouse owners are Daniel Krizek—a biotech fund manager at Citadel’s Surveyor Capital who purchased his unit for $19.5 million in April—and Patrick Dovigi of waste management who bought his condo for $17.5 million in July.
The final penthouse was first listed for $21 million in July as shown by Zillow records. Angelica Garcia and Christopher Wands with Douglas Elliman handled the listing.
The second most expensive home to find a buyer last week was located at 508 West Dilido Drive on Di Lido Island. The waterfront property spans about 5,500 square feet and had an asking price of $20 million.
Public records identify Ryan Hudson—co-founder of Honey (the online shopping platform acquired by PayPal for $4 billion in 2020)—as the seller. Hudson bought the home in 2021 for $15.3 million.
Designed by Max Strang on a quarter-acre lot in 2018, it has four bedrooms, four bathrooms, a pool, dock access, and about sixty feet of waterfrontage. The property was first listed for sale at $25.5 million in 2023 and has also been offered as a rental at up to $125,000 per month since then. Reid Heidenry and Shauna Walters with One Sotheby’s International Realty represented this listing.
