That is an appropriate asking price for a waterfront pool home on Miami Beach. Rentals of luxury homes are fairly common in resort destinations like Beaches, Ski Resorts, Gof Communities, etc.
Miami Beach Homes will rent from anywhere in the range of $4K to over $100K per month.
The market value for such a property is nearly $5M ~ This property in question could easy cost $30K in monthly carrying costs!
Mortgage of 4.5M [$35,000/Month]
Property Taxes [$2,000/Month]
When you look at the carrying costs, renting this property even for $25K/Month is a real bargain!
Mott Marvin Kornicki, Associate/Broker