This Bay Harbor Islands property is a 3-bed, 3-bath, 2,400 sqft single-family home listed at $5.6M, or about $2,330/sqft. That price is way above the neighborhood's average and median comps, which hover around $740–$930/sqft for similarly sized homes. The listing actually markets the lot value, not the house, and the property’s been on the market for 200+ days, suggesting buyers are balking at the premium. Plus, the area is seeing a 22% drop in median prices year-over-year, with the median sale at $661K—so you’re swimming against a strong current here.
If you’re an investor thinking flip, I’d say pass—there’s just no margin with this ask, especially since the comps can’t justify it. For homeowners, focus on curb appeal and minor staging, but don’t pour big money into renovations. Highlight the lot’s redevelopment potential when selling, since that’s really where the value is for deep-pocketed buyers or builders. And hey, if you’re fielding offers, expect lowballs and be ready to negotiate.