The Real Deal Miami

Home builder pays $8.2M for Sunset Islands property

Seller is an art collector and financier

August 25, 2015 10:30AM
By Sean Stewart-Muniz

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The property at 1600 West 25th Street

The property at 1600 West 25th Street

A mid-century home in the Sunset Islands was just sold to a luxury homebuilding company for $8.2 million, county records show.

The home, at 1600 West 25th Street, is a modestly sized 3,628-square-foot residence that was built in 1951.

What likely makes this home worthy of its $8.2 million price tag is its half-acre waterfront lot, which sits on the southern section of Sunset Island II. A company managed by Bart Reines, head of the Bart Reines Construction company, bought the property through a deed filed August 14. The purchase was financed with a $9.03 million loan from Stonegate Bank, according to Miami-Dade County records.

The company has worked on a number of homes in some of Miami’s most expensive neighborhoods: La Gorce Island, Indian Creek Village, Golden Beach and the Sunset Islands, according to the Bart Reines Construction company website.

It is likely that Reines will build a spec house on the lot. Reines could not immediately be reached for comment.

The property was last sold to Javier Lumbreras and Lorena Lumbreras for $2.4 million in 2003. Javier is the CEO of Artemundi, an international investment fund that describes itself as “a one-stop shop of financial products relating to art.”