A Miami-Area Mansion With a Swarovski Chandelier for Every Room—Including the Walk-in Closet—Lists for $47 Million
The Mediterranean-style waterfront home spans over 12,000 square feet in the gated Gables Estates community
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A waterfront mansion in Coral Gables, Florida, with a Swarovski chandelier in almost every room is up for sale asking $47 million.
The Miami Mediterranean-style home spans over 12,000 square feet on Arvida Parkway in the gated Gables Estates community. It was built in 2004, but the home’s red-gabled roof, arched windows, and columned exterior recall the grand Coral Gables estates of the 1920s.
The home, located on a 0.8-acre parcel with 225 feet of water frontage, includes seven bedrooms, an oceanfront pool, a dock and a wine cellar that can hold 2,700 bottles. In the rear of the home, every room has French doors that open to bay-facing loggia with views of Key Biscayne in the distance.
“The beauty of this property is where it sits,” said listing agent Maria Marin-Sanchez, who relisted the house alongside Gabriela Dejar of One Sotheby’s International Realty last week. “You can see the bay from almost every room in the house except the wine cellar and one bedroom that faces the front.”
The home was initially listed in March at the same price with a different brokerage and was removed from the market in May.
Interior features include marble flooring, an updated kitchen, unique tray ceilings in every room and Swarovski-encrusted chandeliers, many of which are included in the sale. There are chandeliers in the foyer, the sitting room, both dining rooms, at least one of the bedrooms, two in the kitchen, plus a few unlikely places, such as the primary walk-in closet and wine cellar.
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In addition to the yard, a covered outdoor space spans over 2,000 square feet and includes a grill and multiple lounge areas.
Gables Estates, a gated community of 192 waterfront homes on a series of canals, is the most exclusive community in one of the wealthiest neighbourhoods in the country. The typical home in Gables Estates sells for more than $20 million, making it the most expensive enclave in the country, according to a Bloomberg analysis of Zillow data.
The sellers purchased the home, located on a peninsular cul-de-sac, in 2012 for $10.215 million. A neighbouring home is currently on the market for $57 million, while billionaire Mike Fernandez, CEO of MBF Healthcare has amassed an 8-acre spread at the end of the peninsula for more than $36 million.
The couple are looking to sell because it’s a large house for two people, Marin-Sanchez said.
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The US housing market remains under pressure as high mortgage rates continue to weigh on affordability and demand. Industry leaders say 2026 has been one of the toughest years for home sales, with slower price growth, weaker mortgage activity, and fewer buyers entering the market. However, experts say reduced competition and more price cuts could create opportunities for well-prepared buyers.
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The typically busy spring season for the housing market was a dud, and the summer isn’t looking much brighter.
Housing services companies like Zillow Group and Rocket RKT +3.78% were loud and clear last week on earnings calls: Rocket CEO Varun Krishna called the quarter through June “one of the toughest spring housing markets in years.”
Jeremy Hofmann, Zillow’s chief financial officer, said on a conference call that the company predicted earlier this year that the market for mortgages would be flat. “We actually now think it’s going to be down low-to-mid-single digits,” he said.
The rest of 2026 will remain challenging for mortgage origination volume, says KBW analyst Bose George. The question now is what happens in 2027. “If mortgage rates remain [around] 6.75%, I think that’s going to be challenging even for next year,” he says.
But what’s bad news for mortgage companies could be a positive for bargain hunters. Buyers can expect prices to grow more slowly—or mildly decline—with less competition as long as mortgage rates remain unpredictable.
Mortgage rates at the beginning of the year were solidly below year-ago levels, notes Zillow senior economist Kara Ng. But they surpassed last year’s levels recently, she adds, referencing Freddie Mac’s weekly survey of 30-year fixed mortgage rates. Last week’s reading, at 6.69%, was higher than year-ago levels for the first time in 2026.
“From the affordability point of view, it’s going to get more challenging in the second half of the year,” she says. “And when affordability gets more challenging, that impacts sales and home price appreciation.”
Mortgage application data tracked by the Mortgage Bankers Association has cooled since the beginning of the year. The trade group expects that the number of mortgage originations in the remaining two quarters will lag behind last year’s levels, after exceeding 2025 levels in the first half.
Rocket’s early-stage data—which the company told Barron’s it derives from its brokerage Redfin, demand for its mortgage products, and signs in its servicing portfolio that a homeowner is preparing to refinance or move—“leads us to expect the third quarter mortgage market to be smaller than the second,” Chief Financial Officer Brian Brown, said on the company’s call. He added that such an occurrence is “something the industry has not seen since 2022.”
Prices will be about flat nationally, Ng says. Zillow’s most recent forecast, which shows how values are expected to change in the year ending June 2027, show them dropping in roughly half of the 100 largest U.S. metros for which data is available.
Buyers aren’t rushing in at a time when mortgage costs are rising and unpredictable. But those with the right combination of patience and cash could stand to benefit. “If you are financially qualified to buy a starter home, you are facing less competition and you’re more likely to get a price cut,” Ng says.
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