The Miami Weekly Radar debuts — the weekly journal of luxury transactions in Miami-Dade, with address, price, date and source on every item. Only verified data, framed for international buyers and investors.
The headline: 1413 N Venetian Way, San Marco Island — $47.5M pending
A spec mansion on San Marco Island, in the Venetian Islands, went under contract in the week of September 21–27 at an asking price of $47.5 million (The Real Deal, 09/29/2026). That is 10,700 waterfront square feet — seven bedrooms, a 70-foot knife-edge pool, 103 feet of water frontage and a private marina — at $4,444 per square foot. The seller, Brooklyn-based Maven Construction, had paid $6 million for the land in 2021.
The week's context: even in a week described as "slower," 16 properties asking $4M and above went under contract across Miami-Dade, totaling $143M in asking volume — an average contract price of $9.8M ($1,860 per square foot), per the weekly report from the Eklund-Gomes team at Douglas Elliman. The Venetian Islands keep leading the county's luxury market: that same week, a home at 1421 N Venetian Way went pending at $16.9M.
For the international buyer: San Marco Island is one of the most established gateways to Miami Beach waterfront — a consolidated residential island between Downtown and the beach, with a consistent record of top-tier sales. And $4,444 per square foot becomes the yardstick for any new waterfront you evaluate.
Morningside: $24.1M off-market, a neighborhood record
A teardown on Bayshore Drive in Morningside changed hands for $24.1M in an off-market deal — one year after trading at $16M (Mansion Global, 09/28/2026). It is a record for the neighborhood. The 0.84-acre lot offers 125 feet on Biscayne Bay and up to 30,000 square feet of buildable area; the existing 1969 house "doesn't maximize what the site could be," in the words of the buyer's broker (Jackie Diop, One Sotheby's International Realty).
For the investor: in Miami, waterfront land is the asset — the 1969 structure neither held back nor set the price. Buying lots to build is playing exactly where the value concentrated in this deal: in the land, not the building.
Coral Gables: the $36M mansion that became land
The Wood Residence (1963) by architect Alfred Browning Parker — 11,000 square feet on 1.2 waterfront acres in Coral Gables — was demolished months after being bought for $36M by developer Felix Sorkin (Times Now World, 09/28/2026). With no historic designation, the site was cleared for a new luxury compound.
Coral Gables ranks among the neighborhoods most sought after by Latin American families — schools, tree-lined streets, neighborhood life. The market's message: on prime waterfront, land is worth more than the house. Holding hard assets in dollars in these locations is Miami luxury's oldest — and most repeated — thesis.
The week's data point: 194 sales above $10M, heading for the record
Through August, Miami-Dade recorded 194 residential sales above $10M (MIAMI REALTORS, data released 09/16/2026) — already above the 170 of all of 2025. The all-time record is 230 (2021); at the current pace, the county could close 2026 near 291. Palm Beach has already broken its own record, with 170 sales above $10M through August.
For buyers deciding now: the top end stays hot even as the broader market cools — total sales fell 1.1% in August. That divergence is what underpins a move into ultra-luxury.
New developments: Mohawk at Wynwood breaks ground; Neo Edgewater opens pre-leasing
Rilea Group broke ground on Mohawk at Wynwood (50 NE 29th St): 300 mixed-use residences linking the Wynwood Arts District to Midtown Miami (PROFILEmiami, 09/25/2026). That same week, Oak Row Equities opened pre-leasing at Neo Edgewater (2600 Biscayne Blvd): 399 luxury rental residences, with move-ins starting in October (PROFILEmiami, 09/22/2026). And in Coral Gables, BAM Developers and Ascendra Capital opened the sales gallery for Seventeen Gables (1715 Douglas Rd), a 117-unit condominium (PROFILEmiami, 09/28/2026).
No promises of appreciation: entering early — at developer pricing, pre-construction or pre-leasing — is how investors position themselves ahead of delivery. Wynwood, Edgewater and Coral Gables are areas international buyers already know and seek out.
The Radar returns next week with new closings, listings and market milestones. Until then, the numbers above are the map — and a good map is one that helps you decide.