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September 22.2025
2 Minutes Read

Miami's Luxury Market Booms: Lee Lyon's Coconut Grove Home Sells

Miami luxury real estate with skyscrapers and palm trees.

Luxury Sales Surge in Miami's Real Estate Market

In a remarkable turn of events, Miami's real estate market is witnessing a surge in luxury sales. The recent contract closing on a Coconut Grove home owned by restaurateur Lee Lyon stands as a testament to this trend. Lyon, who made his mark with Kiki On The River, secured a buyer for his 5,400-square-foot residence, listed at just under $10 million. This deal is part of a broader wave of real estate activity in Miami-Dade County, where contracts for homes and condos priced at $4 million and above reached $75.5 million between September 15 and September 21.

A Buying Frenzy for Luxurious Listings

According to the latest Eklund-Gomes report, 12 contracts were signed during this period, indicating a strong appetite among buyers for high-end properties. The average asking price for the six single-family homes under contract was $5.8 million, while the luxury condos averaged an impressive $6.8 million. Such figures highlight not only the resilience of the real estate market but also the continued desirability of living in affluent neighborhoods like Coconut Grove.

Market Analysis and Future Insights

The Coconut Grove home features upscale amenities including five bedrooms, five-and-a-half bathrooms, and extensive outdoor spaces complete with a cabana and pool, catering to the luxury lifestyle. Lyon purchased the property for $7.3 million just last year, demonstrating a significant escalation in its value due in part to the evolving real estate landscape. As demand for luxury homes increases, the overall market is adjusting with more properties being introduced—29 new luxury listings hitting the market recently, totaling 1,159 listings currently.

What This Means for Current Florida Homeowners

For homeowners considering selling in the current climate, this trend represents a lucrative opportunity. As Miami's luxury market continues to flourish, now may be the optimal time for potential sellers to list their homes. Engaging with market trends and understanding pricing strategies will be vital for those leveraging the growing market. The overall positive sentiment surrounding Miami real estate could provide the right conditions for homeowners looking to maximize their profits from sales.

Act Now: Take Advantage of the Luxury Market

If you are a Florida homeowner considering your next steps in this vibrant market, take a cue from Lyon’s recent success. Stay informed about market trends, consult with reputable agents, and explore your options. The luxury market in Miami is heating up, and the time to act might just be now.

Florida News

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