Right now, the single-family home market in Miami is very hot. Andrew Mirmelli, a renowned investor, recently took advantage of this and purchased a gorgeous Miami Beach estate. The owner of M&M Parking Management Services purchased this property for $21 million, and listed it for $30 million just a few days later.
Located in 432 South Hibiscus Drive, this stunning Miami Beach estate measures 6,090 square feet. Besides being listed to sale, it was also listed for rent at $130,000 per month. However, Mirmelli plans to renovate the property before selling it.
This mansion is a mediterranean-style estate built in 2001. The last time it sold was in 2008 for $8 million. Besides being absolutely gorgeous, the property also features a private dock with a boat lift, an outdoor kitchen, and a pool.
Right now, the market for single-family homes is on fire. In fact, in Miami Beach and its barrier islands, single-family home sales increase by 240% (292 closings in the second quarter).
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