Miami Luxury Real Estate: $169M North Bay Road Estate Tops U.S. Listings

Miami Luxury Real Estate Reaches Record Levels

Miami luxury real estate is once again in the spotlight, with a $169 million oceanfront estate on North Bay Road taking the title of the most expensive home listing in the U.S., according to Realtor.com. The property showcases just how far Miami’s ultra-luxury housing market has surged, driven by exclusivity, land scarcity, and the demand for turnkey estates.

Market Overview: North Bay Road’s Ultra-Luxury Surge

North Bay Road, one of Miami Beach’s most storied enclaves, features about 150 waterfront estates valued collectively at $1.7 billion. Since 2020, transactions have reached $1.19 billion, including 24 sales above $20 million. Land prices now range from $1,000 to $1,500 per square foot, making dirt alone in this corridor as valuable as luxury builds. Many long-time owners continue to resist record offers, fueling scarcity and premium pricing.

For a deeper dive into recent Miami property trends, visit the Miami Herald Real Estate section.

Property Details & Investor Insight

The estate at 5490 N Bay Road sits on 2.34 acres and spans 16,900 square feet. Built in 1936, it offers direct deep-water access to Biscayne Bay. Inside, the mansion includes eight bedrooms, 13 bathrooms, and high-end finishes such as a grand curved staircase, a domed ceiling suite, and an indoor racquetball court. Luxury amenities extend to a theater, sauna, billiards room, pool, hot tub, tennis court, and a private dock.

With an asking price of nearly $10,000 per square foot, the home sets a new standard for Miami luxury real estate.

Developer Strategy

Developer Todd Michael Glaser purchased the estate for $105 million, adding new furnishings and performing cleanup work. He is now weighing two strategies: flipping the property as-is or redeveloping it into a $250 million megamansion. He values the land alone at over $160 million, highlighting that scarcity is the ultimate driver of value in this enclave.

Glaser’s broader portfolio includes luxury projects across Miami Beach, Palm Beach, Newport Beach, and Manhattan. Learn more about his high-end developments on The Real Deal.

What Investors & Brokers Should Watch

For investors and brokers, this listing underscores critical market trends:

• Land is king – In ultra-luxury corridors, the dirt itself often outpaces the structure in value.

• Turnkey demand – Wealthy buyers increasingly prefer fully furnished, move-in ready estates, paying premiums for convenience.

• Redevelopment opportunities – Repositioning older estates into modern, ultra-luxury homes offers major upside.

• Scarcity premiums – Long-time owners who hold rather than sell continue to benefit as supply remains tight.

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