The Real Deal Miami

Two Golden Beach spec homes sell for $10.4M — preconstruction

Properties are among four priced up to $36M, under development by Miami Golden Properties

July 23, 2015 02:15PM
By Ina Cordle

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Bora Bora, Jacob Abramson and the Loft

Bora Bora, Jacob Abramson and the Loft

Miami Golden Properties has sold its two planned side-by-side spec homes in Golden Beach to the same buyer for $10.4 million — before they are even built, The Real Deal has learned.

A European buyer has purchased “Bora Bora” at 250 Ocean Boulevard for $5.3 million and “The Loft,” at 240 Ocean Boulevard, for $5.1 million, Jacob Abramson, president of Miami Golden Properties told TRD. The buyer will have live in one and will have the other available for extended family and guests, he said. The homes will not be their primary residences, but second or third homes.

“I was developing them as two spec homes, and I combined the lots, and we came up with this cool interaction architecturally between the two, with Oppenheim Architecture,” Abramson said. The buyer did not want to be disclosed and the sales have not been recorded in Miami-Dade property records.

At more than $860 per square foot, the homes rank as the highest priced sales for dry lot properties in Golden Beach. “It’s kind of interesting because it shows a shift in the market, and the perception of these kind of properties — custom homes, luxury homes, modern homes,” he said. “It’s a very new movement for that region.”

The sales include each 11,000 square-foot lot across from the ocean, all the architectural plans by Chad Oppenheim, renderings, permits and construction documents, Abramson said. The buyer will pay for construction, and Miami Golden Properties will build the homes, which will be turned over turnkey, including furnishings, he said. The prices are all-inclusive.

“I had done a lot of the legwork and we will start building in the next month,” Abramson said. The homes, which had been listed for $5.9 million, each, should be completed sometime next year, he said. Miami Golden had originally paid $1.5 million for the sites.

Bora Bora will have 6,455 square feet of interior space, a lap pool with an ocean-view sun terrace, and a tropical garden with water that flows throughout the home. At 6,011 square feet, the Loft will also feature a lap pool, terrace and sun deck, two-car garage and an outdoor kitchen.

The spec homes are part of a growing movement of  high-end developers launching multimillion-dollar spec estates.

Miami Golden Properties has focused on Golden Beach, with four spec homes in the oceanfront community in North Miami-Dade. The other two are “The Ark,” at 480 Ocean Boulevard, which was recently completed and is listed for $7.7 million, and “Casa Playa,” on the ocean in Golden Beach at 699 Ocean Boulevard, which is in preconstruction, and listed for $36 million.

Abramson said the buyer of Bora Bora and The Loft had come to see the Ark, which is designed as a glass atrium surrounded by landscaping.

“That was kind of their point of reference,” he said. “They came, they loved the Ark, they loved the finishes. But for them they really appreciated the fact that they could have two homes within one property, and it just made more sense for them, and I was happy to presell it.”

Golden Beach has attracted several celebrities over the years. Among them, Tommy Hilfiger, Bruce Weber, and Sammy Sosa own mansions there, as did the late Paul Newman. At one time, Bill Gates and Eric Clapton also had homes there, and Clapton’s 1974 album 461 Ocean Boulevard album carried his address.

“By us going for modern architecture and really trying to push the envelope in terms of design, that’s where the tipping point is for Golden Beach,” Abramson said. “What we are doing speaks to a different kind of buyer, and that is bringing a major shift in the demographic and the approach and the price point.”