The Real Deal Miami

In record-breaking Miami-Dade County sale, Indian Creek home trades for $47M

August 07, 2012 05:30PM
By Alexander Britell

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3 Indian Creek

Miami Beach’s 3 Indian Creek has closed on a $47 million sale, the largest residential transaction in the history of Miami-Dade County. The property totals approximately 30,000 square feet, with 10 bedrooms and 14 bathrooms on an 80,000-square-foot lot.

The home was built on spec by developers Schlomy Alexander and Felix Cohen, who had purchased the land in 2007 for $10.3 million through 3 Indian Creek, a limited liability company, according to Miami-Dade County Property Records.

The home was originally listed by Coldwell Banker’s Jill Eber and Jill Hertzberg, along with Tal and Oren Alexander of New York-based Douglas Elliman. It was subsequently sold by the Alexander Group of Aventura, according to a release.

The Miami Beach property, which was designed by architect Rene Gonzalez, has a current assessed value of just $7.2 million, according to the County Property Appraiser’s office. It had originally been listed for $60 million in 2011 before seeing a price cut to $52 million.

One Sotheby’s International Realty also participated in the transaction.

The home has its own 100-foot pool, a glass-encased waterfront gym, 205 feet of bay frontage, and its own beach.

The previous Miami-Dade County record was set in March, when hedge fund manager Edward Lampert paid $40 million for another Indian Creek home.

“This sale sets the new standard for the Miami Beach luxury market,” Eber said in a statement. “Homebuyers from around the world are coming to Miami Beach.”

The Jills have listed several of the county’s largest sales this year, including the $16.25 million sale of a penthouse at South Beach’s Continuum.

It’s the second large-scale deal on the Miami Beach barrier island in less than two weeks, following the combination $24.6 million purchase by a foreign buyer at the St. Regis Bal Harbour condominium at the end of July.

“I think the sale says that the market still really hasn’t reached its potential,” One Sotheby’s managing director Daniel De La Vega said. “We’re still underpriced compared to other markets internationally, like New York and Sao Paulo. People still see Miami as well-priced.”

Pulse International Realty was also involved in the deal.

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