Shoppes at Pinecrest

The Shoppes of Pinecrest retail center in southern Miami-Dade County has sold for $8.5 million, according to Marcus & Millichap, which represented seller Adler Dixie in the deal. The 12,271-square-foot property sold for an average price of $692 per square foot. Douglas Mandel, Kirk Olson and Drew Kristol had the exclusive listing for Adler Dixie since February. It is located at 9095 South Dixie Highway. Current tenants include Cold Stone Creamery, Starbucks, T-Mobile, GameStop and FedEx Office. — Alexander Britell

10700 SW 68th Avenue

The South Florida home to see the biggest price cut today is a six-bedroom, eight-bathroom single-family house at 10700 SW 68th Avenue in Pinecrest, according to data from Condo Vultures Realty. The $4.49 million Miami-Dade County home saw a $505,000, or 10 percent, price cut. The price was last cut to $4.995 million in April 2010. It was originally listed for $5.65 million when it hit the market in June 2009. The 10,493-square-foot home sits on a 38,332-square-foot lot and features a 10-seat home theater and lagoon pool with waterfalls. Amy Hollub of Coldwell Banker Residential Real Estate has the listing.(Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
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Dwyane Wade and his Pinecrest home

Miami Heat star Dwyane Wade missed the mark when he sold his 9,000-square-foot Pinecrest mansion last week at a $1.5 million loss, according to research firm and brokerage Condo Vultures. The basketball star bought the nine-bedroom spread with wife Siohvaughn Wade at the height of the housing market, paying $3.98 million, or $440 per square foot, in August 2005. The couple is now reportedly going through a divorce. Last week the home, on Southwest 59th Place, sold for just $2.5 million, or $277 per square foot. Wade’s home was originally listed for $8.9 million in March 2007 and has a long history of price reductions. The price was first slashed to $6 million in August 2007, then to $4.99 million the following April. It was taken off the market in January 2009 and relisted in May 2009 at $3.3 million. The final price cut, to $2.9 million, was in Feburary 2010. TRD [more]

13500 SW 66th Avenue

The South Florida home to see the biggest price cut today is a five-bedroom, four-and-a-half bathroom house at 13500 SW 66th Avenue in the Devonwood neighborhood in Pinecrest, according to data from Condo Vultures Realty. The $2.1 million Miami-Dade County home saw a $600,000, or 22 percent, price cut. It was originally listed for $2.7 million when it hit the market in January. The tri-level home sits on a 31,096-square-foot lot and has open terraces, a gym and a downstairs guest suite. Saddy Delgado of Avatar Real Estate Services has the listing.(Condo Vultures data includes condos and single-family home listings in the main metropolitan areas of Miami, Fort Lauderdale, West Palm Beach and Key West that are priced at $1 million and above, and that include photographs. Listings are taken from the South Florida MLS.) TRD
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Foreclosure proceedings are progressing against 4424 North Bay Road in Miami Beach, a mansion that sold for $5.6 million to businessman Jason Zabaleta. The house sits two doors down from property owned by Calvin Klein. Plaintiffs allege a series of mortgage frauds were perpetrated on the property. Lender FirstBank Puerto Rico filed a foreclosure suit against a developer of the Stritter Estates residential project in Pinecrest. The bank sued BF Stritter Estates and managing member Jose R. Boschetti over payments on an $8 million mortgage modified in September 2008, for land covering 11 lots, each nine-tenths of an acre, zoned for single-family housing. The developer of Villa Lante, a 60-unit condominium in Miami, faces an $8.5 million lawsuit. Investor Vista Rio Partners filed the foreclosure action on July 22 against Villa Lante Properties and F&G Developers. The unfinished condo tower sits at 624 S.W. First Street. TRD Comments

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