Bal Harbour Boom
The uber-exclusive neighborhood is booming with billionaire buyers seeking privacy and peace of mind
Nestled steps away from the beach and the world-renowned Bal Harbour Shops, an under the radar community has become the most recent South Florida neighborhood being swooped up with billionaire transplants moving to Miami.
“Bal Harbour Village is Miami’s best kept secret,” said Sarah Sheridan, a luxury real estate agent with One Sotheby’s International Realty who has lived in the neighborhood for 25 years. “Residents like to keep it private, there’s no sign by the front gate and most people don’t even know it’s there - but, if you know, you know.”
For those in the know, Bal Harbour Village feels like a well-guarded secret. Dubbed the “dream village” by its founder Robert C. Graham more than 70 years ago, the gated community is comprised of less than 200 homes with a private police force, a residents-only yacht marina and park. The neighborhood's current resident rolodex includes billionaire businessmen, high powered attorneys, high profile developers and hedge fund managers.
“I think the secret is out, people are moving here from all over the world, all walks of life,”said Moshe Goldshtein with Harding Realty, a top agent in the area. “There's a constant flow of people looking for an opportunity to buy or build their dream home in Bal Harbour.”
In just the past 90 days, Goldshtein closed 4 sales totaling more than $23 million and says he has never been busier. Much of the demand, he says, is coming from Northeasterners looking to flee high tax states and congested cities due to the coronavirus pandemic.
“Many buyers have been considering moving or purchasing a second home here for some time, and the pandemic convinced them to pull the trigger and make the move,” said Goldshtein. “People realized they can manage their businesses remotely - and ultimately, if you can choose to be stuck at home anywhere in the world, it would definitely be in Miami.”
165 Camden Drive Listed for $12.99 by Moshe Goldshtein with Harding Realty
70 CAMDEN Drive Courtesy Miguel Perez for Sarah Sheridan with One Sotheby's
56 Bal Bay Dr Listed by Brigitte Lina with One Sotheby's
126 Bal Cross Dr Listed by The Kleer & Garcia-Diaz Team with One Sotheby's
Recent big name buyers include healthcare mogul Bent Philipson who recently closed on a $9 million waterfront home and investor Richard Kilstock, son-in-law of the late British billionaire Marc Rich, who purchased a Chad Oppenheim-designed mansion for $23 million.
“People want a place where they can hunker down in a secured private neighborhood, but they also want walkability and to be in close proximity to shopping and dining,” said Sheridan. “Bal Harbour has it all – the beach, Bal Harbour Shops, world class restaurants and excellent schools all within walking distance.”
The average sale price for homes in Bal Harbour has steadily increased over the past decade, and from 2019 to 2020 price paid per square foot jumped by nearly 30% from $1,400 to $1,800. Demand is rising and inventory is limited, with only about a dozen homes currently listed for sale.
“It’s really a generational neighborhood,” said Goldshtein. “People who own here rarely move. They usually buy more property for their children and grandchildren, it’s an extremely family-oriented neighborhood with a strong community.”
Property records indicate multiple parcels in the neighborhood are registered under the same owner. The CEO of Duty Free of Americas recently closed on a $5.5 million dollar home and owns at least 3 other properties in the neighborhood, public records show.
“Buyers regularly ask me to make offers on properties that aren't for sale,” said Goldshtein. “At the rate we're going, pricing will continue to drastically increase as the supply dries up and flow of demand continues.”