Hibiscus Island Estate Sells for a Record $51.5 Million in Miami Beach
A newly built waterfront home at 270 S. Hibiscus Drive set the price record for Palm and Hibiscus Islands, topping the previous high by more than $10 million.
A newly built waterfront estate at 270 S. Hibiscus Drive on Miami Beach's Hibiscus Island sold for $51.5 million in August 2026, a new price record for Palm and Hibiscus Islands. The previous record was about $40 million. The roughly 10,500-square-foot home has 120 feet of water frontage. It was the most expensive home sale in Miami-Dade in August, per Homes.com.
- $51.5MSale price, a Palm and Hibiscus Islands record
- ~$40MPrevious island record
- ~10,500Square feet of living space
- 120 ftOf water frontage
Miami Beach's small bay islands have a new benchmark. A newly completed waterfront estate at 270 S. Hibiscus Drive sold for $51.5 million in August 2026, setting a price record for Palm and Hibiscus Islands, according to PROFILEmiami and The Real Deal.
The previous record for the two islands was about $40 million, so this sale raised the bar by more than 25%.
What sold at 270 S. Hibiscus Drive?
- Home: roughly 10,500 square feet of living space, completed in 2026, per Homes.com.
- Lot: about half an acre made up of two waterfront lots, roughly 21,000 square feet in total.
- Water: 120 feet of frontage on Biscayne Bay with private docks.
- Price: $51.5 million, about 6% below its last asking price of $55 million. That works out to roughly $4,900 per square foot of living space, based on the reported size.
- Agents: Jordan Karp represented the seller; Dora Puig of Luxe Living Realty represented the buyer.
Note on the details: published reports differ on the bedroom count and on the size of yacht the docks can take, so I've left those out. Homes.com lists the closing date as August 24, 2026.
Why Palm and Hibiscus Islands command these prices
Palm and Hibiscus are gated islands in Biscayne Bay, minutes from South Beach and from downtown Miami by the MacArthur Causeway. Waterfront lots are limited and rarely come to market. When a new home is finished on a wide waterfront site, there are very few comparable properties for buyers to choose from.
That scarcity is the same force behind other Miami Beach records, from the Venetian Islands to North Bay Road and Star Island.
On the islands, buyers aren't paying for square footage. They're paying for frontage, privacy and a short drive to everything.
How it compares with other August sales
The Hibiscus Island estate was Miami-Dade's most expensive home sale in August, according to Homes.com. The rest of the month's top five shows how much of the high end is concentrated on the water and in Miami Beach:
- 270 S. Hibiscus Drive, Miami Beach: $51.5 million
- The Surf Club Four Seasons, Surfside, a 10th-floor condo: $30.25 million
- 508 W. Dilido Drive, Venetian Islands, Miami Beach: $22.75 million
- 9814 W. Broadview Drive, Bay Harbor Islands: $20 million
- Continuum South Tower, South of Fifth, Miami Beach: $18.37 million
Homes.com noted that four of those five homes were under 6,000 square feet. Buyers are paying for location and lifestyle, not size alone.
What it means for Miami Beach real estate
For island owners
A new record resets the ceiling for comparable waterfront properties on Palm and Hibiscus. It doesn't set the value of every home on the islands, but owners of wide waterfront lots now have a much higher reference point.
For buyers
Expect sellers of new or fully rebuilt waterfront homes to price with this sale in mind. Older homes and interior lots still trade at a meaningful discount, and that is where value-minded buyers usually look.
For investors and builders
Records like this support the case for building new on Miami Beach's best waterfront sites. No one can promise appreciation, and construction, permitting and insurance costs are real, but the demand at the top is clearly there.
Frequently asked questions
How much did 270 S. Hibiscus Drive sell for?
The waterfront estate at 270 S. Hibiscus Drive on Miami Beach's Hibiscus Island sold for $51.5 million in August 2026.
What is the record sale on Palm and Hibiscus Islands?
The $51.5 million sale of 270 S. Hibiscus Drive in August 2026 is the price record for Palm and Hibiscus Islands. The previous record was about $40 million.
How big is the record Hibiscus Island home?
The home has roughly 10,500 square feet of living space on about half an acre, with 120 feet of water frontage on Biscayne Bay.
Where is Hibiscus Island?
Hibiscus Island is a gated island in Biscayne Bay, part of the City of Miami Beach, reached from the MacArthur Causeway between downtown Miami and South Beach.
What was the most expensive home sale in Miami-Dade in August 2026?
The $51.5 million sale of 270 S. Hibiscus Drive in Miami Beach was the county's top home sale in August 2026, according to Homes.com.
Curious what your Miami Beach waterfront home is worth now?
I can walk you through recent island and bayfront sales and what they mean for your property. Email pedrojvelasco@gmail.com or message +1 786 553 5401 on WhatsApp.
Sources
- PROFILEmiami: Waterfront estate on Hibiscus Island sells for $51.5 million, setting new record
- The Real Deal: Miami Beach island estate sells for record $52M
- Homes.com News: Miami-Dade's priciest August home sales show luxury buyers favor lifestyle over size
- South Florida Sun Times: $51.5 million waterfront sale sets new record on Miami Beach's Hibiscus and Palm Islands
This article is for informational purposes and is not financial or legal advice. Figures are as reported by the sources above and may change.