Old Cutler Bay mansion sells for $8.3M

In the Old Cutler Bay neighborhood of Coral Gables, where the sale of newer homes is a rarity, an 11,474-square-foot mansion just traded for $8.3 million, The Real Deal has learned.

Located at 9320 Gallardo Street, the home, built in 2007, has eight bedrooms, eight full bathrooms and a 270-degree view of a lagoon.

Toni Schrager, the home’s listing agent with Avatar Real Estate Services, told TRD that this sale was the second most expensive in the neighborhood.

She said the homebuying trend in Old Cutler Bay has been to buy an older home for the value of its land, knock it down and build an all-new house.

With land prices surging in Miami-Dade County, vacant lots in Old Cutler Bay are selling for $3 million and above. The neighborhood has 136 properties total and was first created in the 1960s.

“When the land value becomes so high, houses become obsolete,” Schrager said. “If you pay $4 million for a house, you’re not going to live in a little three-bedroom, two-bathroom house where you share a bathroom. “

But the 9320 Gallardo Street sale was an anomaly. Once someone rebuilds a home in Old Cutler Bay, Schrager said, he or she tends not to leave.

She represented both sides of the sale, but declined to name either party.

The home was sold by a doctor and his wife, who purchased the property in 2003 for roughly $2 million.

The buyer was Raul Calvoz, joined by his wife Raquel Cordon, according to Miami-Dade County property records.

Calvoz was the CEO of a pet health website titled PetsMD, which was sold in 2011 to another pet related website Pet360 for an undisclosed amount.