Panagiotis Moschandreou/Euroleague Basketball via Getty Images; realtor.com
Rick Pitino, the former college basketball coach, is still on the hunt for a buyer for his massive mansion in Indian Creek, FL. It’s been over a decade, and no one has stepped up to take a shot at scoring this waterfront paradise.
After his college coaching career collapsed in a scandal, Pitino, now 67, ventured overseas and became head coach for the Greek basketball club Panathinaikos. In February, his Miami-area manse rebounded onto the market yet again.
The lavish estate—located in Indian Creek Village, an exclusive enclave north of Miami Beach—has bounced on and off the market for years. The coach purchased the place in February 1999 for $5.4 million, during a short gap between his storied tenure at the University of Kentucky and his job at the University of Louisville.
He tested the waters on a sale as far back as 2009, putting the home up for $14.9 million.
With no luck back then, the listing eventually disappeared from the market after 2012. The Mediterranean-style estate then resurfaced in 2016, with a dramatic price swing, up to $25.9 million.
The following year, the price was sliced a bit, to $23.9 million. In 2019, the coach changed strategy and sought to rent out the property for $90,000 a month. Last month, the luxury residence hit the market for $21.495 million—a 17% cut from its 2016 high-water mark.
The listing details say that the 9,709-square-foot mansion was rebuilt and remodeled in 2017, and offers eight bedrooms and 12 baths. Luxe features include an elevator, formal dining room, chef’s kitchen, and large family room. Upstairs, there’s a master suite with an office, another living room, and a large gym.
The property also includes 118 feet of water frontage, a tropical backyard, a resort-style pool with built-in pool lounge, and an outdoor kitchen. For a buyer in search of the life aquatic, there’s also a large boat dock with lifts.
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So why is this lavish waterfront residence in a posh locale languishing on the market? There’s nothing to bash about Pitino’s property, so we dove in for a closer look.
1. Barely missing Biscayne Bay
With fewer than 40 home sites on tiny Indian Creek Island, and only one other listing on the market (a $31.8 million plot of land), this mansion would seem to be a slam dunk for a buyer in search of a prestigious plot near Miami.
However, its placement on the island could be a minor drawback, according to one local real estate broker, Alex Shay.
“Some of the [Indian Creek] properties are on the wide water,” he notes, referring to the handful of homes that face Biscayne Bay, a more desirable location.
This home, he adds, “is not on the wide water, it’s on the canal. Those things affect the price.”
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2. Price always plays a part
Although the price has drifted downward over the last four years, it may still be a little high, according to local agent Oren Alexander, with Douglas Elliman.
He told us that for most luxury Miami-area real estate, if a home wasn’t built in the past decade, the residence barely factors into the final price—a sobering concept.
Buyers are simply looking at the value of the land underneath an existing mansion. In other words, if a buyer is spending over $20 million on a home, they’re expecting a brand-new place suited to their personal tastes.
“If you’re buying a house and spending $20 million, would you want to be in a house that’s been renovated multiple times? [Buyers] expect a bit of a wow factor,” says Alexander.
“The only reason we see so many homes on the market [in Miami] is the discrepancy of the premium of what the seller wants versus the land value. Most buyers are looking at pure land value. Most sellers aren’t ready to accept that.”
And, as far as land value goes, this property faces yet another challenge.
“Most properties on Indian Creek are 2 acres,” Alexander says. That is a little more than the 1.23 acres of Pitino’s property.
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3. Does Pitino really want to sell?
Even with the latest price adjustment, Shay questions whether Pitino is a motivated seller.
“Quite frankly, it’s been on the market for so many years, that people feel that he probably doesn’t want to sell it,” Shay says.
“If he gets into a situation where he really needs the money, things will change,” says Shay, who thinks the price of the mansion was right years ago. “But at this point, it doesn’t look he’s hurting for the money, because he wouldn’t have relisted for the [current] high price.”
Shay’s take doesn’t jibe with the pitch in the marketing materials for the home.
The listing description notes, “This magnificent home is the least expensive property (home or lot) available on Indian Creek Island. Reduced for a quick sale!”
Rafael Arias with ONE Sotheby’s International Realty-Miami Beach holds the listing, and declined comment through a Sotheby’s PR representative.
The post Why Hasn’t Rick Pitino Sold His Florida Mansion? 3 Points To Ponder appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/celebrity-real-estate/why-hasnt-rick-pitino-sold-his-florida-mansion/
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