Rich people are buying Miami homes just for a place to park their yachts

When the 4,000-square-foot, four-bedroom waterfront house at 518 Palm Drive in Hallandale Beach, Fla., sold for $2 million in July, Compass broker Chad Carroll got a surprise. The NYC-based buyer wasn’t looking for a holiday home. He just wanted a place to park his yacht. In Fort Lauderdale, a five-bedroom, 8,494-square-foot mansion at 1500 SE 10th St. sold late last year for $6.5 million, also with Carroll. (It’s currently on the market for $10 million, with Compass’ Tim Elmes.) Once again, the buyer was just looking for somewhere to park their yacht.

Throughout South Florida, a surge of boat sales — especially since the pandemic — has led to a slip shortage, spurring buyers to spring for waterfront single-family homes with yacht parking, brokers say.

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“We have a finite amount of developable waterfront, and they aren’t building mega-yacht marinas,” says broker Nathan Zeder of the Jills Zeder Group, whose brokerage is listing 41 Arvida Parkway in Coral Gables — a 14,000-square-foot, eight-bedroom estate that can accommodate a 200-foot-plus mega-yacht — asking $49.9 million. “But during the pandemic, people are buying boats. It’s just supply and demand.”

He adds that waterfront lots and teardown estates are especially popular boat-parking destinations. Some buyers, however, demand turnkey homes, all the better to shelter their yacht’s crew.

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One of the most prime waterfront homes with dock space currently on the market is at 1325 N. Venetian Way on the Venetian Islands. The modern four-bedroom, five-bathroom estate features a brand new “open water” boat dock with lift (meaning there are no canals or bridges blocking the ocean). It’s asking $18.4 million with Corcoran’s Julian Johnston, who has represented celebs such as Beyoncé, Jay-Z and DJ Khaled.

“Boats are a COVID-safe way to entertain,” says Zeder. “So we are seeing a lot of people buying waterfront and parking their boat while they plan a rebuild or create their dream home.”