Miami Estate With 180-Degree Bay Views Listed for $48 Million: Photos

Coconut Grove is Miami’s oldest neighborhood.

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Coconut Grove was established in 1873, before Miami even existed, The South Florida Sun-Sentinel reported in 2018. Nowadays it’s home to office buildings, shops, and hotels, as well as residential areas, parks, and biking paths.

Last year, Miami saw a sudden real-estate boom as many wealthy executives, no longer required to live in Silicon Valley and Wall Street to do their jobs, sought out real estate elsewhere. Miami real-estate agent Chad Carroll told Insider he was seeing demand like never before, with home prices shooting up and a shortage of luxury inventory. Coconut Grove, along with high-profile locations like Coral Gables and Fisher Island, is one of the areas that was attracting those high-

net-worth

buyers.

Houses in Coconut Grove tend to sell after 54 days on average, and the median listing home price for a house is $1.5 million, per real estate platform Realtor.com. Villa Positano, with its $48 million price tag, is an outlier on the price scale, but it’s not the only multimillion-dollar mansion to hit the market recently: In July, Miami’s “condo king” also listed his waterfront Coconut Grove mansion for $33 million.