A homeowner who bought up neighboring beachfront properties in four years has nearly tripled his spending after the combined property sold at auction for $9.3 million.
The seller bought the first beachfront home in 2017 for $1.513 million, before purchasing the adjacent property in 2020 for $2.36 million.
Once both houses were under the same ownership, a hidden internal door connecting the two self-contained properties was uncovered, allowing the properties to be marketed and sold together as a dual title offering.
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The property has been sold under the hammer
The house had a beach frontage of 10 meters
Marketing agent Amir Mian of Amir Prestige said the strategy increased the overall value of the coveted 567 sqm plot at Marine Pde 16, Miami.
“The property looked like it was designed for multi-generational living, but the original owner retained one title and sold one,” says Mian.
“When the seller took over both properties, they discovered a connecting door that had been closed with plaster.
“It made sense to market the two titles together, and the buyers are a family planning to share the property with their two adult sons.”
Each level has a large balcony with ocean views
The three-storey property includes multiple independent living zones, extended garages and beachfront balconies, with configurations suitable for multi-generational living or future adaptation, subject to approval.
“This rare coastal property offered a unique opportunity with a flexible lifestyle, proven income opportunities and long-term redevelopment potential,” the listing said.
The top level of the penthouse-style property had three bedrooms and two bathrooms with open-plan living and dining areas, a modern kitchen and a large balcony with intermittent ocean views.
Living areas have a relaxing coastal aesthetic
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Three more bedrooms and two bathrooms plus kitchen and living areas anchored the first floor, while on the ground floor a one-bedroom studio with large recreation room was well suited as a retreat for teenagers or parents, Mr Mian said.
PropTrack data shows that Miami home prices increased 6.7 percent over the past 12 months to an average of $1.855 million.
Mr Mian said Miami is a growth market, boosted by tram and public transport links and a thriving beachside dining and shopping district.
The sale was one of several high-end deals closed at Amir Prestige’s Grand Summer Auction Event at The Langham Hotel, which raised a total of more than $80 million.
Other notable results included a waterfront property in Broadbeach Waters worth $13 million, a sub-penthouse in Main Beach worth $6.4 million that sold before auction, and a house in Southport worth $3.16 million that sold under the hammer.
The event attracted more than 150 registered bidders and achieved a 50 percent clearance rate.
Mr Mian said strong buyer depth, especially from interstate and offshore buyers, supported competition at the top end of the market.
A modern kitchen anchors this living zone
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