The Real Deal Miami

Sunset Islands waterfront home lists for $11.5M

Owners gut-renovated the 1941-era home over three years, then decided not to move in

November 18, 2016 04:30PM
By Ina Cordle

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1617 W 22nd St and Julian Johnston

1617 West 22nd Street and Julian Johnston

A gut-renovated, waterfront home on Miami Beach’s Sunset Islands just hit the market at $11.5 million.

The 7,268-square-foot home at 1617 West 22nd Street on Sunset Island 4 has eight bedrooms, nine bathrooms and one half-bath. It is being listed by Julian Johnston, owner of Calibre International Realty. The price translates to $1,582 per square foot.

The current owners, Alexandre Saverin, a co-founder of Kawa Capital Management, and Johanna Paola Reyes, paid $5.85 million for the house in 2013, Miami-Dade property records show. Kawa Capital Management, an Aventura-based asset management firm, has $615 million under management, according to its website.

Records show the home, which sits on a 19,688-square-foot lot, was built in 1941.

Johnston told The Real Deal that the couple spent the past three years renovating the home, after gutting it down to the concrete. They had planned to move in, but have been living in a condo in Miami Beach and decided to stay put, Johnston said.

“They have settled into where they are at the moment, and are quite happy there, so they put it on the market,” he said.

The home, designed by architect Max Strang, features smart home technology, an open floor plan, European kitchen and a floor-to-ceiling glass wine cellar. Outside, the rear patio area has a summer kitchen. The home also has a pool and a 150-square-foot detached guest house.

Johnston said the guard-gated Sunset Islands are particularly attractive to Northeasterners because of their privacy, security and proximity to Sunset Harbour‘s shops and restaurants. Sunset Island 4 is the closest island to Sunset Harbour.

“Northeasterners love the Sunset Islands because they love to walk,” Johnston said. Already, a New York hedge funder who is moving to Miami has come to see the house twice, he added.

Now that the presidential election is over, “the hedge funders feel better about spending money….” Johnston said. “Going forward, Trump should be good for real estate in Miami Beach.”

Among other recent sales on the Sunset Islands, Stephen Sawitz, owner Joe’s Stone Crab, just paid $5.4 million for a non-waterfront home on Sunset Island 1 that was gut-renovated by the Hertzberg family.

In May, a modern, waterfront Todd Glaser-built mansion with 9,904 square feet, was listed for $19.5 million. Two years earlier, the owner, Inversiones Y.A.M.R. LLC, a company led by Venezuelan-born Yvan Martinez Rengifo, purchased it $14.25 million.

Also in May, developer Stephen Muss, the previous owner of the Fontainebleau Miami Beach, put his nearly 12,000-square-foot Sunset Islands estate on the market for $25 million. The home was previously owned by Lenny Kravitz, who paid nearly $9 million for the home in 2001, before selling it to Muss in 2005 for $14.5 million.

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