Sellers of vacant waterfront lots in Miami and Miami Beach want high prices for their properties. But did they miss their opportunity?
Despite the influx of wealthy buyers to South Florida, rising construction costs and long construction timelines are dampening demand for vacant lots, according to spec home builders and brokers.
But that hasn’t deterred sellers from seeking top dollar for their waterfront lots. Developers Caroline and Alitza Weiss are seeking $59 million for a 1.3-acre lot in Coconut Grove, while former SoftBank and @ WeWork honcho @ MarceloClaure is aiming to triple his money on a 0.6-acre Miami Beach lot he bought for $11 million two years ago.
Buyers of lots can expect to spend $1,200 to $2,000 per square foot for construction, which includes a new dock, a raised seawall and
“everything but the furniture (and] drapery,” said spec home developer Todd Michael Glaser.
“The supply chain and construction costs are limiting the buyer pool on vacant lots,” Manny Varas, CEO of Miami-based developer MV Group
USA, said. “No one wants to deal with….
Credit therealdeal story
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