Historic Al Capone Miami Beach Site Finds Buyer
The waterfront lot where notorious gangster Al Capone once lived has secured a buyer at $23.5 million asking price. The property anchored a quieter week for Miami-Dade luxury sales, with 18 high-end contracts signed totaling $146.3 million.
A Miami Beach waterfront lot with infamous ties to Prohibition-era mobster Al Capone has attracted a buyer, highlighting activity in South Florida's luxury real estate market during an otherwise subdued trading period.
The property at 93 Palm Avenue, carrying a $23.5 million asking price, led luxury home sales activity in Miami-Dade County between April 27 and May 3. The lot represents the site where Capone purchased his residence in 1928 for $40,000, living there until his death in 1947. The original structure was demolished in 2023.
Buyers signed contracts for 18 luxury properties across Miami-Dade during the week, generating $146.3 million in combined asking dollar volume. This marked a significant decline from the previous week when 28 contracts totaled $275.5 million in asking prices. The luxury market tracking covers homes and condominiums priced at $4 million and above listed in the Multiple Listing Service.
Single-family homes dominated the week's activity, accounting for 14 of the 18 contracts signed. These properties averaged $9.5 million in asking prices and spent 144 days on the market before securing buyers. Four luxury condominiums also found purchasers, with average asking prices of $5.6 million and shorter market times of 116 days.
The Capone property is being marketed by Joel Lusky of the Brokerage South Florida and Jordan Karp of Jordan Karp LLC. An LLC named after the property acquired the lot in 2021 for $15.5 million and now serves as the seller. The site offers waterfront access on exclusive Palm Island, one of Miami Beach's most prestigious addresses.
Miami-Dade's luxury inventory expanded during the reporting period, with 51 new high-end listings entering the market. This brought total luxury inventory to 1,250 properties, with homes spending an average of 138 days before finding buyers. The data comes from Douglas Elliman's Eklund-Gomes team, led by Fredrik Eklund and John Gomes.
Condominium sales showed stronger momentum relative to single-family homes, with luxury units averaging $1,780 per square foot in asking prices. The four condo contracts totaled $22.5 million in asking dollar volume, suggesting continued demand for high-rise living options among affluent buyers.
The week's performance reflects broader market dynamics affecting luxury real estate across major metropolitan areas. Comparable markets show varying patterns, with New York recording 29 luxury contracts totaling nearly $246 million in asking prices, though properties there averaged significantly longer market times of 507 days.
