Former Formula 1 driver Rubens Barrichello has added another high-profile name to Miami's luxury real estate market, purchasing a townhome at Colette Residences in South Brickell for $7.95 million.
The deal comes as luxury real estate activity across Miami-Dade remains active, with buyers signing 22 contracts on homes asking $4 million or more between August 17 and August 23. Those contracts represented about $249.4 million in asking-price volume.
Inside Barrichello's Brickell purchase
Barrichello's residence is at Colette Residences, 1880 Brickell Avenue, a boutique condominium project being developed by META Development.
The two-level home spans approximately 4,311 square feet, putting the transaction at about $1,844 per square foot. The residence includes four bedrooms, 5.5 bathrooms and roughly 2,000 additional square feet of outdoor space.
META Development said Barrichello chose the property both as a long-term Miami real estate investment and as a home his family can use. Colette is planned as a lower-density alternative to the large residential towers that dominate much of Brickell.
Miami's luxury market is still attracting major deals
Barrichello's purchase arrives during another busy week at the top end of Miami-Dade's housing market.
From August 17 through August 23, 22 properties priced at $4 million and above went under contract, according to the Eklund-Gomes team's weekly luxury report. The largest was a new Golden Beach mansion asking $79.5 million.
The week's $249.4 million in signed contracts was nearly three times the volume recorded during the comparable period a year earlier.
What it means for Brickell
The purchase is another example of continued investment in South Brickell, where developers are adding smaller luxury projects alongside the neighborhood's established high-rise market.
For local businesses, new high-end residential development can also mean more demand around the neighborhood for real estate services, interior design, contractors, property management, restaurants, wellness businesses and other services that follow new residents.
