Coral Gables, the meticulously planned city known as The City Beautiful, has long been home to some of South Floridas most prestigious addresses. In 2025, the citys luxury market shifted into a higher gear, with back-to-back record-breaking sales that signaled a fundamental repricing of its most exclusive neighborhoods.
The headline deal came in October 2025 when Grammy-winning artist The Weeknd (Abel Tesfaye) purchased a waterfront mansion in Gables Estates for approximately $50 million. The property, which had been listed at $54.9 million in June, went pending in September. The sale topped the previous Coral Gables record of $45.3 million, set by the 2022 sale of 650 Casuarina Concourse.
But The Weeknds record didnt last long. By years end, spec homebuilder Alex Pirez sold his own Gables Estates waterfront mansion for $55 million in a previously unreported deal, according to The Real Deal. That transaction, which closed earlier in 2025 but was only revealed in December, pushed the bar even higher.
Meanwhile, billionaire Jorge Mas, the owner of Inter Miami CF and chairman of MasTec, sold his Coral Gables mansion for $32 million in December 2025. Mas had recently sold a separate Coconut Grove property for $100 million, part of a broader reshuffling of trophy assets across South Florida.
Coral Gables two marquee gated communities, Gables Estates and Cocoplum, continue to attract a mix of entertainment figures, business magnates, and international buyers. In Cocoplum, the average selling price over the past year was approximately $8.5 million, with 13 homes changing hands. A standout listing at 136 Paloma Drive hit the market for $11.995 million in March 2025, designed by architect Ralph Choeff with interiors by Piero Lissoni, and included the option to purchase the sellers $1.5 million yacht.
Celebrity interest in Cocoplum is nothing new. Singer Marc Anthony previously purchased a 12-bedroom Mediterranean mansion for $19 million, and Luis Fonsi maintains an estate in the same community.
What distinguishes Coral Gables from other Miami luxury markets is its combination of architectural heritage and modern infrastructure. The city enforces strict zoning and design standards that preserve the Mediterranean Revival aesthetic George Merrick envisioned in the 1920s. For buyers who find Miami Beach too flashy and Coconut Grove too bohemian, Coral Gables offers a manicured, institutional quality that appeals to families and long-term residents.
Brokers report that demand in the $20 million-plus segment has accelerated, driven by the same wealth migration from the Northeast and California that has reshaped Indian Creek and Fisher Island. The difference in Coral Gables is the supply: Gables Estates has only about 130 homes, and Cocoplum roughly 300, creating a scarcity premium that pushes prices higher with each cycle.
With multiple off-market deals reportedly in negotiation above $30 million, Coral Gables appears poised to remain one of the most competitive luxury markets in the country.
Photo: Zoshua Colah / Unsplash
