Sale Shatters Record in Ponce-Davis Area of MiamiDecember 30, 2021
Sale Shatters Record in Ponce-Davis Area of Miami. Audrey Ross, Vice President of Compass, and founder of The Audrey Ross Team of MiamiRealEstate.com, set a sales record at 7832 Ponce De Leon Rd. This was the most significant sale and shatters all price records in this desirable Miami neighborhood, setting a new precedent. The tropical modern home designed in 2020 by renowned Portuondo Perotti Architects, boasts 8 full bathrooms, each en-suite to the 8 bedrooms, along with 2 additional half baths, within 10,270 square feet of living space. When it comes to details, no expense was spared and includes bespoke furniture and features: an impressive 25-foot living room ceiling, multiple entertaining spaces, home office, gym with full bath, Baccarat / wine room and two kitchens, one which is perfectly situated as a fully equipped chef’s kitchen. The architectural masterpiece is sited on a 1.3-acre lot surrounded by lush tropical landscaping and includes multiple fountains, koi ponds, stunning sculptures, an attached air conditioned 4 car garage, plus a detached 2 car garage, along with an immaculate pool to lounge and entertain in the beautiful South Florida weather.
Current Market in Ponce – Davis Neighborhood
The small neighborhood of Ponce-Davis sits in unincorporated Miami-Dade and borders Coral Gables, South Miami, and Pinecrest. It has become an exclusive enclave which includes many sports and entertainment celebrities. Architecturally speaking, Ponce-Davis has an abundance of new construction with many homes featuring the Florida Vernacular of seamless indoor and outdoor living. In the past year prices have increased dramatically within the neighborhood. The recent average starting point is $3M with many active and pending sales hovering around the $7M – $8M range. However, there are still opportunities to find a diamond in the rough but will most likely need significant renovations or be torn down to start from scratch in this neighborhood.
The newly recorded sale of 7832 Ponce De Leon Rd has shattered the previous record set at $11.8M when 8325 Cheryl Ln sold on 4/30/21. Other notable sales in the exclusive Ponce-Davis area include the compound at 4965-4945 SW 82nd Street which sold for $9.2M on 4/30/20 when Cuban coffee magnate, Jose Enrique Soto, purchased the property and relocated from his waterfront Tahiti Beach home. The sale at 4955 N Kendall Dr closed at $8.75M on 11/1/21, and the newly built home by Kobi Karp at 8750 Ponce De Leon Rd sold for $8.6M on 3/26/21 which was a 25% increase from the sale recorded the previous year. To end out the year of 2021, there are currently 20 active listings of which 9 are already pending.
Off-Market Sales Remain a Hot Commodity
Listing off-market homes was a rarity in the past but has gained traction in recent years. A roadblock occurred on January 1, 2020 when the National Association of Realtors made the “MLS Statement 8.0 Clear Cooperation Policy” effective with mandatory local implementation by May 1, 2020. This policy requires any real estate broker to submit their listings to the MLS within one business day of publicly marketing the property. This caused a significant decline in off-market listings including “coming soon” and “delayed showings” as brokers around the country spent time learning the new policy to avoid the significant fines that were imposed.
Fortunately, enough, the implementation of this new policy does not mean the end of all off-market listings. Sellers still have the ability to opt-out of the MLS. There are built-in options that allow sellers to list with brokers and maintain both limited and full off-market listings. This allows the brokerage to hold an “office / private exclusive” where the agent can share the listing with other agents within their brokerage or one-on-one with buyers.
At Compass we know that privacy is the ultimate commodity and the decision to sell your home is a personal one. Therefore, we are able to market your property as a private exclusive — a listing that is considered to be off-market and can be shared with our growing Compass network of top producing agents and directly with colleagues, buyers, and exclusive personal contacts. The best part of private exclusives is that property details aren’t disseminated widely and won’t appear on public home search websites, allowing you to control what information is shared about you and your home. This allows you to get exposure to top agents while testing out the market privately to gather key insights without your listing getting stale.
New Off-Market Sales Remain Strong in Miami
Since the start of the National Association of Realtors new policy and the beginning of the pandemic, there have been several significant off-market sales. 3488 Saint Gaudens Road in Coconut Grove sold off market on 6/29/2021 for $50M but sources including The Real Deal Miami say the deal is closer to $65M which includes the completion of the waterfront home. 580 Sabal Palm Road in Bay Point sold off market on 10/29/21 for $18M which was a significant increase in value within a 5-month period. 440 Costanera Road in Cocoplum sold off market on 9/10/21 for $16M which was custom designed by Manny Varas of MV Group and intended to be his personal residence. Audrey Ross sold 11055 Paradela Street off-market on 7/15/21 for $3.1M in Hammock Oaks. The sale in Ponce-Davis, which started as an off-market deal, was listed on the MLS one day prior to the closing for $21M. This marks another successful off-market closing for The Audrey Ross Team.