Home values in the state have risen by over 80% over the past five years, a trend likely to continue over the next few years. While a spike in mortgage rates is likely to restrict house prices increase, it is still unclear to what level. The state’s housing market continues to outpace many other places owing to a large number of potential buyers.
The scarcity of real estate properties is another factor that continues to drive prices higher in Florida. Nevertheless, an active employment market and a solid tourism industry should see the state continue topping the charts regarding real estate deals.
The Manalapan, Florida Spread—$173 million
It’s arguably the most surprising 2022 real estate deal in Florida that also topped the charts across the country. Oracle co-founder Larry Ellison’s spending of $173 million for the Palm Beach property set a new record in the state. In addition, the seller of the property made a huge return, having purchased it for $94.2 million in 2021.
The $173 million property comes with 62,200 square feet of living space and 1,200 square feet of ocean frontage on a 16-acre compound.
It also offers 1,300 square feet worth of lakefront land. The 12-bedroom main house also features two four-bedroom beachside cottages, recreational amenities and a swimming pool. It also has a golf area, a tennis court and a basketball court.
Miami Dade Waterfront Estate $107M
New property records were the order of the day in the state as Ken Griffin spent $107 million to purchase Adrienne Arsht’s property in Miami-Dade County. The property was initially listed for $150 million, making it one of the most expensive residential sales in the county.
The property comprises two mansions built on a 4-acre parcel with 400 feet of bay frontage. The five-bedroom mansion was the work of the University of Miami School of Architecture Dean Gelabert Novia. It comes with 20-foot-high ceilings with marble floors and a great room for entraining and formal dining. Outdoor amenities include a tennis court, manicured gardens, and a swimming pool.
Oceanfront Palm Beach estate flips for $86M
The oceanfront Palm Beach estate flipping for $86 million was one of Florida’s most surprising 2022 real estate deals. The sale came nine months after the property was purchased for $64 million.
The previous owners ended up making a cool $22 million profit from the sale as property prices in the luxury residential market have soared significantly.
According to the property record, the new buyer is a trust managed by Attorney Paul Krasker.
The property consists of 15,300 square feet of living space with five bedrooms and a sitting of 1.1 acres. It comes with a swimming pool, a media room guest house and a wine cellar.
Palm Beach mansion $73M
The list of the most surprising 2022 real estate deals in Florida won’t be complete without a listing from Palm Beach, one of the most sought-after neighborhoods. Making the list, is a property associated with Ivana Trump that fashion Designer Tomas Maier sold for $72.9 million.
A Delaware LLC company purchased the property; its price has more than quadrupled from the $16.6 million that the first wife of the former president paid in 2014 at $16.6 million. The 12,353 square feet palm beach mansion comes with nine bedrooms, nine bathrooms and one-half bathroom. It sits on a 0.76 acre and provides panoramic views of the ocean.
The $73 million paid for the property does not come as a surprise, as prices in Palm Beach have skyrocketed in the aftermath of the pandemic. Most properties in the area are going for more than $30 million owing to strong demand amid limited supply.
Lakefront Home $56 Million
Another notable sale in the Palm Beach area that topped the list as one of the most surprising 2022 real estate deals in Florida was the one purchased by Safari Land CEO Warren Kauders. The embattled CEO paid $56 million for the 7,939-square-foot lakefront property.
Trophy homes were in high demand in 2022 as affluent buyers sought to pay anything for more space and privacy in Florida. The most surprising 2022 real estate deals in Florida underscore how people were ready to pay anything to relocate to the state. Despite the FED hiking interest rates and mortgage rates increasing significantly, people could still complete big-ticket deals.