The Real Deal Miami

Spec project on Miami Beach’s North Bay Road sells for $5.7 million

By Alexander Britell | November 29, 2012 02:15PM

3114 North Bay Road

A partially-completed home project on Miami Beach’s North Bay Road has sold for approximately $5.7 million, The Real Deal has learned. The property at 3114 North Bay Road, which is about 30 to 40 percent completed, had been owned by a developer that was building the house on spec.

That developer, an entity known only as NBR 3114 Inc., had paid $2.8 million for the lot and an existing home in 2009, according to the Miami-Dade County Property Appraiser’s office. It was then torn down to make way for the spec project.

The buyer, an undisclosed developer, has come in to finish the house, hiring the same contractor, and the ultimate plan is to put the home back on the market for more than the most recent $17.9 million list price, according to Nelson Gonzalez, a senior vice president at Esslinger-Wooten-Maxwell, who handled the transaction.

“He’s going to put the finishing touches on the house and put it back on the market at a finished price,” Gonzalez said.

That will likely occur within around eight months, he said.

North Bay Road has traditionally been one of Miami Beach’s toniest strips, currently home to the Miami Heat’s Chris Bosh and Dwyane Wade. New York Yankees third baseman Alex Rodriguez listed his nearby home on North Bay for $38 million earlier this year.