A Miami mansion with 300 feet of waterfront is on the market for $48 million — 50% more than its original listing price.

A Miami mansion with 300 feet of waterfront is on the market for $48 million — 50% more than its original listing price.

A Mediterranean-style estate in Miami is on the market for $48 million.

The estate has 300 feet of waterfront and a 180-degree view of the bay. Known as Villa Positano, the three-story mansion was designed in a Mediterranean style, listing agent Elena Bluntzer with ONE Sotheby’s International Realty told Insider.

The mansion belongs to Ernst Swietelsky, the retired founder of a flower- and plant-import company, according to a website dedicated to the estate. Swietelsky worked with Florida-based architects Portuondo & Perotti to develop the estate .

Swietelsky did not immediately respond to Insider’s request for comment.

The estate was first listed for sale in April 2017 for $28 million, before being taken down and relisted for $25 million in November, property records show.

The listing saw continuous price cuts before hitting a low of $18.7 million in May 2019. It was eventually delisted in July 2019 but was put back up for sale again in April 2022 at $48 million, per property records .

The price increase is partially due to Swietelsky renovating the home last year, including the kitchen and light fixtures, Bluntzer told The Wall Street Journal in March. Coconut Grove is Miami’s oldest neighborhood.

Coconut Grove in Miami, Florida. Coconut Grove was established in 1873, before Miami even existed, The South Florida Sun-Sentinel reported in 2018. Nowadays it’s home to office buildings, shops, and hotels, as well as residential areas, parks, and biking paths .

Last year, Miami saw a sudden real-estate boom as many wealthy executives, no longer required to live in Silicon Valley and Wall Street to do their jobs, sought out real estate elsewhere. Miami real-estate agent Chad Carroll told Insider he was seeing demand like never before, with home prices shooting up and a shortage of luxury inventory. Coconut Grove, along with high-profile locations like Coral Gables and Fisher Island, is one of the areas that was attracting those high- net-worth buyers.

Houses in Coconut Grove tend to sell after 54 days on average, and the median listing home price for a house is $1.5 million, per real estate platform Realtor.com . Villa Positano, with its $48 million price tag, is an outlier on the price scale, but it’s not the only multimillion-dollar mansion to hit the market recently: In July, Miami’s “condo king” also listed his waterfront Coconut Grove mansion for $33 million. The mansion has direct ocean access, with a private dock and a 180-degree view of Sailboat Bay. The front lawn of the estate, which is located right by the water. The estate comes with numerous outdoor seating areas where residents can enjoy the view of the water.

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