Matt Damon’s Miami Beach Estate Now Under Contract

After spending over 600 days on the market the Miami Beach waterfront estate owned by Oscar award winning actor Matt Damon is finally under contract  The one acre property located at 6020 North Bay Road is comprised of two separate but adjacent parcels  It was originally listed for $20M on April 11 2013  According to MLS records the North Bay Road waterfront home which was reduced late last year to $18999000 went under contract earlier this week on December 1 2014  The estate known as Maravilla was built in 1935 and is situated on a rare double lot with 170 feet of water frontage  In two separate transactions in 2005  Damon acquired it for a combined total of $145M

No word on who the buyer might be but due to the sheer size of the land itself my guess if I had to venture one is that the buyer has plans to knock down all existing structures and build anew  Damons seven bedroom Miami Beach estate has just 12705 interior square feet quite small when compared to the 21845 square foot home that could reside there according to my calculations if built to code  The property located at 6020 North Bay Road has great potential a fact that I am sure would not be overlooked by buyers in this price range  If I am correct the transaction should close quickly as there would not be a need to do a home inspection

It will be interesting to see the final sales price once everyone lays down their cards  Word has it that Damon along with his wife and children relocated in 2012 to Pacific Palisades a neighborhood of Los Angeles California

If youre curious about other luxury houses for sale on North Bay Road or other exclusive neighborhoods throughout Miami Beach be sure to pay a visit to our collection of luxury real estate for sale in Miami and Miami Beach

Miami Luxury Homes See 11.5 Percent Price Increase in Q3

With an 11.5% increase year-over-year in the third quarter of 2014, luxury home prices in Miami ranked 7th out of 33 key global cities tracked in the Knight Frank Prime Global Cities Index.  As should be expected, within the past 6 and 3 months, prices for luxury real estate in Miami saw a decline of 3.6% and 4.1% respectively.  The third quarter, which includes the months July through September, is typically the slowest quarter for Miami real estate.  This price trend should reverse itself over the next two quarters as the weather in other parts of the world becomes progressively colder.  In my opinion, all eyes should be on the figures for the first quarter of 2015. Q1 tends to be the best performing quarter for Miami luxury real estate and should provide an indication as to where prices may head.  Any signs of weakness in Q1 could spell trouble for luxury home prices throughout 2015 and 2016.