Royal Caribbean Group’s former chairman and CEO, Richard Fain, has signed a contract to sell his waterfront estate in Coral Gables. The property was listed for $37 million, making it the most expensive of 20 contracts signed in Miami-Dade County between December 8 and December 14, according to the Eklund-Gomes report. This report tracks homes and condos listed at $4 million or more in Miami-Dade that are included in the Multiple Listing Service.
The week saw a total of 20 luxury properties go under contract, with an average time on the market of 147 days. In addition, 25 new luxury listings were added, bringing the total number of such listings to 1,340. The previous week recorded 14 contracts for properties with a combined asking price of $100.6 million.
According to the Douglas Elliman team led by Fredrik Eklund and John Gomes, the dollar volume for last week’s contracts reached $259.3 million. Of these, single-family homes accounted for $183.2 million with an average asking price of $13 million and an average market time of 144 days.
Richard Fain and his wife Colleen own the mansion at 700 Arvida Parkway. The home measures 10,840 square feet and is situated on a 2.3-acre lot in Gables Estates with 130 feet of water frontage. It features seven bedrooms and seven-and-a-half bathrooms and is priced at $3,413 per square foot. Bea Citron of Compass is handling the listing but declined to comment on the pending sale. The Fains acquired the property in 1989 for an undisclosed amount.
Fain served as Royal Caribbean’s leader for over three decades and played a key role in expanding it into one of the world’s largest cruise lines.
The second highest-priced contract last week was for a six-bedroom home at 194 South Island Drive in Golden Beach, listed at nearly $30 million by Dina Goldentayer from Douglas Elliman and Joel Lusky from The Brokerage South Florida. Michael Klinger, CEO of Saber—a Hallandale Beach-based development firm—is selling this property.
Condos that found buyers last week had an average asking price of $12.7 million and spent about 153 days on the market. These totaled $76.1 million in asking dollar volume or approximately $2,586 per square foot.
In comparison, New York saw buyers sign contracts for 33 homes last week with a combined asking price of $281.6 million; those properties spent an average of 591 days on the market.
