The record highs of 2007 are still a distant dream for the Miami luxury property market, with prices plunging to half those record rates. Foreclosures continue to be commonplace. However, there is some good news on Miami’s high-end property horizon. A luxury estate at 3 Indian Creek is up for sale with a price tag of $60 million.
Location could be one of the big factors behind the enormous price tag. The home’s listing agent, Oren Alexander, who is a realtor at Prudential Douglas Elliman Real Estate, admitted that the neighborhood makes this a prize property. The home stands on a private barrier island just off Miami Beach that can only be accessed by owners and their guests. Security is high, with 15 full-time cops patrolling the island that houses an 18-hole golf course and only 32 homes. Anyone who purchases the 3 Indian Creek property will get neighbors like model Adriana Lima, singer Julio Iglesias and billionaire investor Carl Icahn.
Luxury home developer, Schlomi Alexander of Bal Bay Development, currently owns the luxury estate. The home’s listing agent, Oren, is his son. Inspired by the Miami spinoff of the Art Basel show, Shlomi Alexander designed a huge mansion that was focused on design and had all the conveniences of a private resort. Spread over 30,000 square feet, this luxury mansion easily blends the inside and the outside. The primary materials used here are limestone, glass and wood.
The mansion consists of five pavilions that are linked via walkways and water. The main pavilion is home to the master suite and four more bedrooms. The dining room, living room, library, wine cellar, and two kitchens (one of them a commercial-grade, fully-equipped catering kitchen) also stand within this main pavilion area. Meanwhile, the guest pavilion houses two suites with attached kitchenettes. There is also a relaxation area with a koi pond.
The spa pavilion has everything you would look for in a luxury resort in Florida. It is home to a steam room and a massage room. Also on offer are chromotherapy and aromatherapy services. Moving on to the gym pavilion. Here you will find workout rooms and a waterside yoga area on the first floor. For an example of the sheer degree of decadence, check out the mirrors on the gym walls – they are framed in specially imported Python skin from the Philippines. The second floor of the gym pavilion is home to a bar, a lounging area and a Jacuzzi that accommodates eight people. The fifth pavilion is the media pavilion. This houses a 3D projector and a professional-grade recording studio.
The ocean-facing luxury estate has an infinity pool overlooking the sea. Plus, there is a small pink sand beach area. Apparently, the sand was shipped over from the Bahamas. Also on offer is an outdoor dining room with barbecue facilities, a breakfast courtyard, as well as a show room that can accommodate seven limos and houses a wet bar and a TV lounge space.
This luxury home was listed in December 2010. In recent months, there have been many visitors, but no deal has been finalized yet. The annual tax and maintenance costs of $1 million could be a cause for concern for most interested buyers.