A waterfront estate on Miami Beach’s Pine Tree Drive has hit the market for $19.9 million, next door to a new spec home that sold for $19.5 million last week.
The 6,592-square-foot newly listed property, at 4385 Pine Tree Drive, has eight bedrooms, six bathrooms and two half baths, including a guest house. It has a gated driveway and sits on a 35,300-square-foot lot with 100 feet of water frontage.
Michele Redlich of Coldwell Banker Residential Real Estate has the listing. The asking price equates to $3,019 per square foot.
Miami-Dade property records show the owner, Alyssa Baumgarten, paid $743,000 for the home in 1990. It was built in 1950.
The home features a formal dining room, living and media rooms, a master suite with dual bathrooms, and a private guest house. Recent upgrades include a renovated kitchen, with wood cabinetry, granite countertops, dual stainless-steel appliances and an island.
Pine Tree Drive is among several streets in Miami Beach that have drawn the interest of spec home developers. Last week Todd Glaser and Sean Posner and Jarrett Posner sold a spec home they developed at 4395 Pine Tree Drive for $19.5 million to a trust managed by Lisa A. Schneider.
Douglas Elliman’s Brett Harris, who had listed the home, said the sale marked a new record on the street, following his sale two years ago for a Pine Tree Drive home at $14.25 million.
The owners of Cibo Wine Bar earlier this month listed their newly built home at 5501 Pine Tree Drive for $8.49 million, or $1,633 per square foot.
New rules will affect future home development in Miami Beach. Earlier this month, the Miami Beach Commission moved toward limiting the lot and unit size of new single-family homes being built in Miami Beach. Under the new rules, a developer planning to build a 5,000-square-foot home on a 10,000-square-foot lot would have to reduce the house’s size by 500 square feet.