Developer in Miami Lists $45M Mansion and Moves to a Rental Penthouse

Photo: Bloomberg

One of the clearest deals in the luxury real estate market has been recorded in Miami. Developer Armando Codina has listed a Coral Gables mansion for $45 million—37 times the price of the lot he purchased in 1995, Bloomberg reports. He plans to reinvest the proceeds into his own project—Regency Parc, where he intends to live himself, showcasing a new market trend: a shift from ownership to long-term renting.

Codina’s mansion sits inside the gated Gables Estates—one of the most expensive U.S. neighborhoods, according to Zillow. The three-story home features six bedrooms, a library, a 2,000-bottle wine cellar, and a private dock for a 90-foot yacht—classic Florida ultra-luxury. The lot was bought thirty years ago for $1.2 million and now illustrates how quickly coastal Miami real estate has appreciated.

After the sale, the developer and his wife will move to the new Regency Parc residential complex being built by his company Codina Partners. The 126-unit building is scheduled to open in early 2026 in central Coral Gables. The 12,000-sq-ft top floor will be fully occupied by the Codina family, who chose to simplify ownership and switch to a format where operations and security are provided by the operator rather than a condo board.



Project financing includes a $115 million loan from Goldman Sachs Group Inc. and $89 million in Codina’s own equity. Construction began last year. The concept—an entirely rental building with large apartments and leases of up to ten years—initially drew skepticism from banks, but interest from future residents confirmed the model’s viability.

More than a dozen preliminary leases have already been signed at Regency Parc, most by older local couples. Many are selling homes that surged in value and moving into smaller apartments while keeping a high level of comfort. Future tenants also include affluent New Yorkers seeking Florida tax residency without committing to a purchase.

Codina Partners will fully manage the complex and remain its sole owner. The project provides staff apartments for engineers, security, and managers to ensure a constant on-site presence. The developer emphasizes that this model frees residents from assessments, disputes, and bureaucracy typical of condominiums, offering hotel-level service with stable long-term leases. Among the future residents is Richard Fain, Chairman of Royal Caribbean Cruises Ltd., drawn by the project’s quality and well-designed financial model.

Rents at Regency Parc start at $8,200/month for two-bedroom units and reach $30,000/month for ~6,000-sq-ft residences (about 560 sq m) occupying half of one of the top five floors. That equates to roughly $5 per sq ft (about $54 per sq m).



The New York Post, citing Realtor.com, reports that over 50% of homes above $1 million in the Miami metro are purchased with cash. In the $1–5 million range, cash deals reach 53.5%; in $5–10 million they are 54.1%; and in the ultra-luxury segment above $10 million, nearly 59%. Analyst Ana Bozovic of Analytics Miami notes that cash dominance is most evident at high price-per-square-foot levels: in H1 2025, 83% of condo sales above $2,000/sq ft (≈$21,500/sq m) were in cash, with volume up 631% versus 2019. For single-family homes, the cash share hit 79%, 1,200% above pre-pandemic levels. Agencies say one in five Miami listings is $1 million+, while in Fisher Island the median price exceeds $11.9 million—the highest in the U.S. Demand is fueled by inflows from New York, California, Latin America, and Europe, and Florida remains a top tax haven for wealthy investors.

According to UBS’s Global Real Estate Bubble Index, Miami [leech=https://nypost.com/2025/09/29/real-estate/ubs-names-miami-the-worlds-most-at-risk-of-housing-collapse/]ranks first** among cities most at risk of a housing bubble**. The metro’s bubble index reached 1.73 (with 1.5 as the “high-risk” threshold), signaling a market beyond sustainable levels.



Over the past 15 years, Miami housing prices have climbed faster than in any other major metro, but growth has now stalled. The average sale price has fallen to $595,000 from $640,000 a year earlier, and homes now take nearly three months to sell on average—often below asking. UBS links the slowdown not only to weaker demand but also to rising costs: insurance premiums tied to climate risk have surged, HOA fees and maintenance for aging condos are increasing. The price-to-rent ratio has exceeded 2006 bubble levels, indicating a gap between housing values and buyer affordability. Alongside Miami in the “high-risk” group are Tokyo and Zurich, while Los Angeles, Dubai, and Amsterdam are in the “elevated risk” category.