This story reminds me of the old Steve Martin joke: “How do you become a millionaire? First, you start with a million dollars.”
Last year, when the Florida luxury market was struggling, Steven Lempera bought a home in Coral Gables in an online auction for $27.8 million, or a fraction of its original $68 million asking price.
Now that the high-end market is booming amid the pandemic, Mr. Lempera is looking to unload his prize for $49.9 million.
Situated on a V-shaped lot with water on both sides—its dock is large enough to accommodate a 200-foot mega-yacht—the roughly 14,000-square-foot, nine-bedroom home is large, mostly white and contemporary. It has an elaborate entryway with a double staircase, large open entertaining and dining spaces, an office, and a gym. The property is being sold fully furnished; many of its rooms are decorated in vibrant shades of blue. The most distinctive feature is arguably the pool, which was designed with patterned coral-like tile mosaics on the bottom that can be seen through the water.
You might think there were significant renovations made to justify such a price increase, but it seems like the only part of the house renovated was the kitchen.
Let’s say he is able to sell it for $45 million, that there are $5 million in closing and transfer costs, and that $2 million was put into the kitchen. That’s still a net of over $10 million, in just one year, for not doing much.
Except having the ability to start with a $27.8 million dollar house.
If you’d like to see some pictures, here is the listing.
If anyone reading this ends up buying the house, please don’t forget my commission. I’d happily settle for just 1%.