With the highest inflation in a generation, any trip to buy food, groceries, or fuel becomes a reminder that the American dollar just doesn’t buy as much as it used to. Add the record migration to Miami and we have the highest demand for housing in a generation. Then consider that Miami-Dade County is completely built out from Biscayne Bay to the Everglades and you realize there are no new single family homes to be built (with the exception of extreme southern area of the county near Homestead.)
There are lots of apartments and condos being built. Just drive around the county and you see these popup 7 and 8 story apartments changing the landscape throughout Miami-Dade.
As a result, more and more buyers are willing to pay top dollar for a legitimate detached single family home with land. It’s not uncommon to see regular homes away from the Miami Springs Golf Course fetching sales prices near (queue the Austin Powers voice) “One Million Dollars.”
However, Miami Springs resident and author, Theo Karantsalis, recently uncovered a new listing for an 891 Square Foot home in Miami Springs with an asking prices of $2.5 Million Dollars. Read the full story in an article published by The Miami New Times.
According to the article, the home is owned by “Tarik ‘Rvssian’ Johnston, a reggaeton and dancehall producer” with ties to Bad Bunny. And while the home is relatively small with under 900 sq ft of living space and a 7,600 sq ft lot, it has been completely remodeled with loads of modern luxury features. Karantsalis highlights the home’s biggest custom feature: the State of the Art Recording Studio.
According to the listing, the studio features:
- Mac Pro 2020 28 core 4TB SSD 384 GB of RAM
- Avid S1 mixing console
- Auspurger Active Monitors (Speakers)
- Genelec 8331 Monitors (Speakers)
- 1 Fully Equipped isolation vocal booth with Manley ref C Microphone and Neumann U87 Microphone
- Tube Tech CL1B Compressor
- Neve 1087spx pre amp
- Uplift producer desk
- Argosy studio console desk with integrated racks for hardware
- -Non-right angular wall construction (to diffuse sound waves)
- 6 layer soundproofing all around
- Sound proof acoustic windows and doors for both studio and vocal booth
Now, if you just judge the home by its traditional traits including square footage, condition, and traditional amenities, most people will say this home is overpriced. However, for someone in the music industry, this home might be a great value. Quiet neighborhood. Central location. World class sound studio.
Now, we have no clue or background in the proper valuation for this custom designed sound studio. Neither will most people who will say that this home is overpriced.
The true answer is that the market will dictate what the fair market value is for this home. We will definitely be keeping our eyes on this property. We are curious to see what the market will pay for a home like this.
Let us know what you think in the comments section below or via social media.
Read Theo Karantsalis’ report at:
https://www.miaminewtimes.com/news/reggaeton-producer-rvssian-lists-miami-springs-property-for-sale-17826199
View the MLS listing at:
https://www.realtor.com/realestateandhomes-detail/Miami-Springs_FL_33166_M58538-28171?from=srp-list-card
This is definitely overpriced and ridiculous ?.
2.5 Million for a 898 square foot house.
I lived in Miami Springs over 30 years and this is RIDICULOUS!
Didn’t know it was allowed to run a business in a residential area. This cannot be a good thing.
As to the price, if someone pays that much then they will probably be doing the same thing running a business in a residential area. Where are the boundaries?
Keep dreaming.