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This Week in Miami Real Estate: Moving to higher ground, island mansions and more

by Kelly McCabe

While neighborhoods around the country grapple with traditional gentrification, Miami is experiencing a different type of change, according to a new report from The Real Deal Miami. Climate gentrification is sweeping the city as people scramble to move to higher elevations in an attempt to avoid damage from natural disasters, which is in turn driving up prices of such properties. Meanwhile, homes at lower elevations are experiencing price depreciation.

Elsewhere in Miami real estate news this week:

  • A mansion on Star Island that was asking $65 million, the highest price in Miami-Dade County, is heading to auction, Curbed reported. The 20,000-square-foot Mediterranean home, built in 1923, has 40 rooms total, including 10 bedrooms, 12 bathrooms and, of course, a 3,000-bottle wine cellar.
  • Fort Lauderdale will soon be home to a boutique luxury condo, Adagio Fort Lauderdale Beach. The development, which broke ground this week and is already 30 percent sold, is expected to be completed in the second quarter of 2019. It will have 31 residences in 10 stories ranging from to two to four bedrooms, according to Curbed. Amenities will include a private marina, a sunset pool, a rooftop pool with cabanas, a fitness center, a media room and a pet washing and grooming station.

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