The huge house at 6385 Pinetree Drive Circle in Miami Beach, an historic Mediterranean Revival des res, last sold for $19 million in 2016 when Miami’s luxury market was hot hot hot. Since then, things have cooled a bit. Earlier this year, the lavish palazzo was put back on the market for $22.5 million, and hasn’t budged for 210 days. That’s 8 months. Two thirds of a year. You get the picture.
Compare that to what it sold for in 1999: $1,350,000. Sure, that’s almost twenty years ago, but it’s also approximately twenty times the price. If the house finds a buyer, it will have appreciated in value by a cool one million dollars a year. Pretty nice, eh
Built in 1937, the 10,459 square foot house in on a large 1.1 acre lot, with an impressive 175 feet of direct waterfront on Indian Creek. It has nine bedrooms, 11 full baths, and two half baths. Out back is an 22,000 gallon pool and spa. There’s a sculpture garden, a koi pond, and a gym. It has a library, a wine, cellar, a two bedroom guest apartment, and a private dock.