At the end of November 2020, a waterfront lot at 7 Indian Creek Island Road changed hands for $30 million. Over the next five years the owners designed and built a limestone-faced estate on it. In November 2025 they listed it for $200 million with about 28,000 square feet planned, a 135-foot dock and 200 feet on the water. It was still under construction. On March 2, 2026, it closed at $170 million, a record for Miami-Dade County. The house still wasn't finished.
According to Biscayne Times, the site measures 1.84 acres, so the March 2026 price works out to about $92.4 million an acre. Nine months earlier, a vacant lot on the same road had set the going price for bare land at about $58 million an acre. On Indian Creek, the amount a buyer pays above that land price is a payment for time.
A Vacant Lot Set the Floor at $58 Million an Acre
In June 2025, The Real Deal reported that the 1.8-acre waterfront lot at 9 Indian Creek Island Road had sold for $105 million to a land trust. The lot had sold for $27.5 million in 2018. It hit the market at $200 million and was asking $130 million before it sold. There was no house on it, so the full $105 million paid for the land, about $58.3 million an acre.
One year earlier, in May 2024, the 1.2-acre compound at 40 Indian Creek Island Road sold off-market for $64.5 million. It came with a seven-bedroom house of 7,500 square feet, built in 1991, plus a pool and a dock. That is about $53.8 million an acre, close to what the empty lot brought a year later. The finished house barely moved the per-acre price. On this island, an older house sits on the price sheet as part of the land.
The Island's Price Record, Acre by Acre
Every recorded sale points the same way. Below are the island trades reported since 2020 where the acreage was published, converted to price per acre.
| Address | Reported date | Price | Acres | Price per acre | What changed hands |
|---|---|---|---|---|---|
| 26 Indian Creek Island Rd | 2020 | about $17M | roughly 2 | about $8.5M | House, later demolished |
| 4 Indian Creek Island Rd | Dec 2020 | $32.2M | about 1.8 | about $17.9M | Waterfront lot |
| 29 Indian Creek Island Rd | Mar 2021 | $27.9M | 1.2 | about $23.3M | Four-bedroom house |
| 36 Indian Creek Island Rd | Apr 2021 | $24M | 1.3 | about $18.5M | 8,510 sq ft house |
| 37 Indian Creek Island Rd | Jul 2021 | $23.8M | 1.2 | about $19.8M | House, later demolished |
| 11 Indian Creek Island Rd | Jun 2023 | $68M | 2.8 | about $24.3M | 1965 house, described as a teardown |
| 37 Indian Creek Island Rd | Aug 2023 | $69M | 1.2 | about $57.5M | Spec estate under construction |
| 12 Indian Creek Island Rd | Oct 2023 | $79M | nearly 2 | $39.5M or more | 19,000 sq ft mansion |
| 40 Indian Creek Island Rd | May 2024 | $64.5M | 1.2 | about $53.8M | 1991 house of 7,500 sq ft |
| 28 Indian Creek Island Rd | May 2024 | $87M | nearly 2 | $43.5M or more | Seven-bedroom house |
| 9 Indian Creek Island Rd | Jun 2025 | $105M | 1.8 | about $58.3M | Vacant lot |
| 7 Indian Creek Island Rd | Mar 2026 | $170M | 1.84 | about $92.4M | Estate under construction |
From 2020 into 2021, island land traded at roughly $8.5 million to $23 million an acre, whether or not a house stood on it. By mid-2025 a bare lot brought more than $58 million an acre. That climb happened in under five years. In June 2023, the $68 million paid for 11 Indian Creek set a new island record, topping the $49.9 million estate sale of 2019. That property is a 2.8-acre parcel with a 1965 house of about 9,300 square feet and three bedrooms. Its buyer was paying for the acreage.
Two rows break the pattern: 37 Indian Creek in 2023 and 7 Indian Creek in 2026. Both properties were partly built houses, and both sold well above the land price of their day.
On This Island, Most Houses Are Bought to Come Down
Demolition is a normal step for buyers here. At 37 Indian Creek Island Road, a developer group bought the 1.2-acre property for $23.8 million in 2021, then demolished the existing house and began building a spec mansion. At 26 Indian Creek Island Road, a roughly two-acre lot bought for about $17 million in 2020, the existing home was also torn down to build from scratch. Coverage of the 11 Indian Creek purchase described that property as a teardown. Owners who keep the existing structure still build. The 2021 buyers of 36 Indian Creek were renovating their house in 2023.
When most houses are coming down anyway, the buyer is pricing the lot and the years it will take to put the right house on it.
About Five Years From Lot to Finished House
The completed rebuild at 26 Indian Creek gives a clear record of how long that takes:
- 2020. The lot was purchased for about $17 million and the existing home was demolished.
- 2021. Fontainebleau filed notices of commencement marking the start of construction.
- June 2023. The Real Deal reported a $35 million construction loan on the project.
- February 2026. Aerial images published by the New York Post showed the house of about 25,000 square feet framed, enclosed and appearing complete, with landscaping and terraces taking shape.
From commencement to a finished exterior took about five years. The project at 7 Indian Creek ran at least as long: bought in late 2020 and still under construction in March 2026.
The village sets part of that pace. The Indian Creek Village Building Department permits construction Monday through Friday, 8:00 a.m. to 4:30 p.m. No work is permitted on Saturday or Sunday, and holiday restrictions are listed separately. The village's land development regulations also include an article on work-hour requirements and a construction time schedule. A crew working weekdays only builds an estate of 25,000 to 30,000 square feet more slowly than the same crew would on the mainland.
What the Price Above Land Buys
Both premium sales were for houses still under construction. They set the value of a construction head start.
At 37 Indian Creek, the developer group paid $23.8 million in July 2021. In August 2023, with the spec estate of nearly 16,000 square feet still under construction, it hit the market at $69 million and went under contract the week it was listed. That is about $57.5 million an acre. Within the next year, houses on the island were trading at roughly $40 million to $54 million an acre, according to the table above.
At 7 Indian Creek, the March 2026 price of about $92.4 million an acre ran about $34 million an acre above the June 2025 vacant-lot sale. Across 1.84 acres, that adds up to roughly $62 million above the bare-land price. Land values may have moved in the nine months between the two sales, so the figure is approximate. Even so, the premium is large, and the house wasn't finished. A buyer of the vacant lot at 9 Indian Creek faces the whole five-year sequence from the start. The buyer at 7 Indian Creek started with years of that sequence already done.
One more cost comes through in the asking prices. Both 9 and 7 Indian Creek were first offered at $200 million. The vacant lot closed at $105 million, and the partly built estate closed at $170 million after 111 days on the market. The bare land gave up nearly half its asking price. The property that came with construction already underway gave up 15 percent.
Reading an Indian Creek Price
For a buyer or seller on Indian Creek Island Road, three figures say more than any headline:
- Price per acre against the most recent bare-land sale. As of June 2025, that benchmark was about $58.3 million an acre at 9 Indian Creek.
- How far construction has progressed. A lot with a 1960s house, a framed shell and a finished estate sit at three different points on the same five-year schedule.
- The village calendar. With work allowed on weekdays only, the time left to build depends on the number of permitted workdays remaining.
Frequently Asked Questions
Is a finished older house on Indian Creek worth much more than an empty lot? In the reported sales, not much. The 1.2-acre compound at 40 Indian Creek, with its 1991 house, sold in May 2024 for about $53.8 million an acre. The vacant lot at 9 Indian Creek brought about $58.3 million an acre in June 2025.
What was the highest recorded sale on the island? The $170 million closing at 7 Indian Creek Island Road on March 2, 2026, was the most expensive residential sale in Miami-Dade County's history at the time.
When can construction take place in Indian Creek Village? The Building Department lists permitted construction hours as Monday through Friday, 8:00 a.m. to 4:30 p.m., with no weekend work. Holiday rules are posted separately.
The construction rules described here are general information, not legal or financial advice, so confirm how they apply to a specific property with the village and your own advisors.
If you are weighing a lot, a teardown or a partly built estate on Indian Creek Island Road, Elmes Group can help you price the land and the construction years already completed before you make an offer. Contact Us.
