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 with asking prices of $4 million or more that are included in the Multiple Listing Service.
The estate at 700 Arvida Parkway is owned by Fain and his wife, Colleen. The mansion spans 10,840 square feet and sits on a 2.3-acre lot in Gables Estates, featuring seven bedrooms, seven-and-a-half bathrooms, and 130 feet of water frontage. The price equates to $3,413 per square foot. Bea Citron of Compass is the listing agent for the property but declined to comment on the pending sale. The Fains purchased the home in 1989 for an undisclosed amount.
Richard Fain led Royal Caribbean for over three decades, during which time he expanded it into one of the world’s largest cruise lines.
The Eklund-Gomes report notes that last week saw a total of 25 new luxury listings added to the Miami-Dade market, bringing the total number of such listings to 1,340. Properties spent an average of 147 days on the market before going under contract.
Compared to the previous week when buyers signed contracts for 14 properties with a combined asking price of $100.6 million, last week’s activity represented an increase in both volume and value. The total asking dollar volume for last week’s single-family homes and condos under contract reached $259.3 million.
Of those under contract last week, single-family homes had an average asking price of $13 million and spent about 144 days on the market, totaling $183.2 million in asking dollar volume.
The second highest-priced home entering into contract was at 194 South Island Drive in Golden Beach. This six-bedroom house measures 7,635 square feet and has an asking price close to $30 million. It is being sold by Michael Klinger, CEO of Saber.
Condos that found buyers last week averaged an asking price of $12.7 million and spent approximately 153 days on the market; their combined asking dollar volume was $76.1 million.
In New York City during the same period, buyers signed contracts for 33 homes with a combined asking price of $281.6 million; these properties typically spent much longer—an average of 591 days—on the market before selling.
