Sunset Islands land deals set pricing records

Miami /
May.May 07, 2014 12:00 PM

Three residential properties in Miami Beach’s Sunset Islands were sold for a combined $11.5 million.

The sales of 1757 West 27th Street and 2535 and 2555 Shelter Avenue broke different records for the Sunset Islands market, according to Douglas Elliman Real Estate, which arranged the deals. At nearly $340 per square foot, the 1757 West 27th Street transaction set a new price per square foot milestone for land sales in the neighborhood. It closed within 40 days.

The 2535 and 2555 Shelter Avenue properties total 25,000 square feet. They were sold for a combined $4.7 million, or nearly $190 per square foot. That is considered a record for a non-waterfront tear down land sale in Sunset Islands, according to the brokerage.

Longtime South Florida businessman Oakley Smith sold the properties to undisclosed buyers. Miami-Dade County has not recorded the transactions.

Douglas Elliman’s Ann Nortmann and John Sandberg brokered the sales. — Eric Kalis


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