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

TRD MIAMI /
Aug.August 07, 2012 05:30 PM

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.


Related Articles

arrow_forward_ios
From left: e.b. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

401 Ocean Boulevard, Ben Ashkenazy, Oren Alexander

Billionaire Ben Ashkenazy lists oceanfront lot in Golden Beach

Alirio Torrealba and Daniel de la Vega with Biltmore Square

One Sotheby’s takes over remaining sales of Coral Gables boutique projects from Fortune Realty

2125 Lake Avenue (Credit: Realtor)

Chicago buyer pays $19M for Sunset Islands mansion

Jo-Ann Forster was the top agent of One Sotheby’s International Realty last year

The Real Deal South Florida’s spring issue is now available to all subscribers

Coldwell Banker to replace One Sotheby’s at Metropica

Indian Creek mansion sells for $50M, marking new Miami record

arrow_forward_ios