Oceanfront Altos Del Mar home in Miami Beach sells for 20% price cut
It’s been on and off the market for nearly two years
An oceanfront home in the Altos Del Mar neighborhood of Miami Beach traded for $20 million, a 20 percent discount off the initial asking price.
Property records show 7717 Oceanside LLC, a Delaware entity, sold the five-bedroom, seven-and-a-half bathroom house at 7717 Atlantic Way. The buyer is Atlantic Way Investors, a Florida entity created last month, which is controlled by an attorney.
The three-story home, built on a 0.4-acre lot in 2017, spans more than 7,300 square feet, records show. It includes a home theater, summer kitchen with a pool, Jacuzzi and cabana, a basketball court, and four bedroom suites. The property last sold in 2016 for an undisclosed price.
Michelle Silva Lindquist with Casa Florida Group represented 7717 Oceanside LLC in the latest deal. Miltiadis Kastanis with Douglas Elliman brought the buyer.
The home has been on and off the market for two years. It was listed for $25 million in March, and the asking price was reduced to $24.5 million in July. Price cuts are becoming more common due to the market slowdown, brokers say. In December, a hedge funder sold his waterfront Miami house for $14.5 million, about 27 percent less than the initial asking price of nearly $20 million.
Altos Del Mar is the only neighborhood in Miami Beach where homes were built right on the beach. The gated community, south of the North Beach Oceanside Park, is between 77th and 79th streets.
In October, a relative of spec home developer Andres Isaias sold the oceanfront home at 7737 Atlantic Way to a hidden trust for $20.5 million.
Matthew Whitman Lazenby, owner of Bal Harbour Shops, sold his oceanfront Altos Del Mar mansion for $21 million in June to an LLC with ties to the billionaire Metropoulos family, which has turned around companies that include Pabst Blue Ribbon and Hostess Brands. Lazenby bought the home for $18 million the year prior.
Victor Ciardelli, CEO of Chicago-based Guaranteed Rate, also owns property in the neighborhood. He bought an oceanfront Altos Del Mar house and adjacent lot for $37.5 million in 2021.