Miami restaurateur finds buyer for Coconut Grove home
The owner of a popular restaurant along the Miami River secured a buyer for his Coconut Grove home, topping luxury sales activity in Miami-Dade County last week.
The Miami real estate market continues to heat up as one of its own, Kiki on the River owner, Jonathan Plutzik, has found a buyer for his Coconut Grove home. The sale of his luxury property has topped off the latest Eklund-Gomes report, which tracks listings of homes and condos asking $4 million and up in Miami-Dade County.
According to the report, a total of 12 contracts were signed between September 15 and September 21, with an average of 265 days on the market. This marks a slight increase from the previous week. In addition, 29 luxury listings were added to the market, bringing the total to 1,159 listings.
This news comes as no surprise to those familiar with the Miami real estate scene. Plutzik's Coconut Grove home, located in one of Miami's most sought-after neighborhoods, is sure to fetch a hefty price tag. And with luxury listings continuing to flood the market, competition for these high-end properties remains fierce.
"The Miami market is definitely on the rise, with buyers eagerly snatching up luxury properties," said real estate expert John Gomes. "We're seeing a lot of activity and interest in these high-end listings, which is driving up sales and average market time."
Despite the positive news, some experts are cautioning against a potential oversaturation of the Miami luxury market. With 29 new listings added in just one week, concerns about an impending bubble are starting to surface.
"We need to keep a close eye on the market and make sure it doesn't become oversaturated," said real estate analyst Fredrik Eklund. "While the