Miami Beach's North Bay Road has emerged as the priciest area in Miami-Dade County, with about 150 waterfront properties valued at over $1.7 billion. This real estate boom, triggered by an influx of ultra-wealthy residents drawn to Florida's tax benefits and ideal climate, has led to $1.19 billion in sales since 2020. Prominent figures like Robert Zarco, whose villa is now worth over $100 million, highlight the unprecedented demand and skyrocketing prices, with homes now selling for up to $1,500 per square foot, illustrating a dramatic shift to extreme luxury housing.
If I told you I've had 40 offers, that would probably be an underestimate," he told the Journal. Yet Zarco, now 64, won't budge.
North Bay Road is the Park Avenue of Miami Beach," Nelson Gonzalez, a veteran agent with Berkshire Hathaway HomeServices EWM Realty, told The Journal.
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