Three Seven Mile Island homes closed for a combined $20.4 million in cash over two days.
The transactions delivered another display of purchasing power in Avalon and Stone Harbor. They also carried evidence of the leverage buyers continue to exercise.
The properties originally sought a combined $21.44 million. Before closing, the sellers retreated by $1.04 million, or nearly 5%.
The Avalon bayfront home at 7508 Sunset Drive closed Aug. 20 for $10.25 million in cash after 91 days on the market. It originally asked $10.75 million.
On the same day, 145 112th Street in Stone Harbor closed for $7.35 million in cash after 189 days. Its original asking price was $7.695 million.
Avalon added the third sale Aug. 21, when 189 11th Street closed for $2.8 million in cash after 83 days. The property entered the market at $2.995 million.
Each home sold at a reduced asking price.
The sequence captures the tension running through the Seven Mile Island luxury market: Buyers continue to bring enormous amounts of cash, but sellers do not always get their opening number.
Ironside previously found that 17 of the first 25 Seven Mile Island homes to sell for at least $5 million in 2026 were cash purchases.
Those transactions accounted for approximately $130 million.
CONTINUE YOUR BRIEFING
- $130 Million in Cash Fuels Avalon, Stone Harbor Luxury Sales
- Seven Mile Island Stunner: 4 Out of 5 Homes Sold Below Asking Price
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