A Miami Beach home is seeking $8 million more than its price last year

Real estate

by Hannah Freshberg

That’s some serious profit potential.

A luxury property in South Florida has officially hit the market for the first time, and is looking to fetch multiples more than it sold for 18 months ago.

In the guarded Hibiscus Island community of Miami Beach, this seven-bedroom, 7.5-bathroom beachfront compound is seeking $37.5 million, more than $8.3 million higher than what it sold for in May 2022, The Wall reported. Street Journal for the first time. It speaks to the region’s rising property values, which over the past several years have been fueled by a high demand for living in the Sunshine State.

“This is the perfect property with a sidewalk that boasts sweeping views of the downtown skyline and everything today’s discerning luxury buyer is looking for,” said Gil Eber of Coldwell Banker’s Giles Zeder Group, who holds the listing with Gil Hertzberg.

The sellers, founder of mobile game publisher Tilting Point Kevin Segalla, and his wife, investment director Michelle Segalla, bought the property off-market from developer Ilya Karpov last year, when the areas were much lower in price, according to the newspaper.

Primely located minutes from both South Beach and Downtown Miami, the residence sits on over 15,750 square feet and includes over 7,800 square feet of living space and 90 feet of Biscayne Bay waterfront.

Upon entering its gates, visitors are greeted by a waterfall and various ornamental pools – as well as an enormous space, whose open plan connects the kitchen, dining room, media center and wine cabinet that holds 108 bottles and cocktails. Lounge.

From here, there is direct access to the outdoor waterfront area, including an infinity pool, summer kitchen, dock and landscaped gardens.

The master suite on the second floor has a private terrace, seating area, plunge pool, two walk-in closets, dual rain showers, and a bar.

There are four additional bedrooms upstairs, all with en-suite bathrooms, walk-in closets, motorized awnings, terraces, and floor-to-ceiling windows.

Other amenities include a wood-paneled elevator, a catering kitchen, rooftop solar panels and a fully air-conditioned two-car garage.