The Real Deal Miami

North Bay Road house under contract for $7.25M

Priciest sale per-square-foot for older homes in neighborhood
By Sean Stewart-Muniz | May 29, 2015 05:00PM

5350 North Bay Road and listing agents Allan Kleer and Fabian Garcia-Diaz of Fortune International Realty

A waterfront home on exclusive North Bay Road has gone under hard contract for $7.25 million and is likely headed for the wrecking ball, The Real Deal has learned.

Located at 5350 North Bay Road in Miami Beach, the 4,431-square-foot home is being sold as part of an estate sale of the late Dr. Donald Glucksman, a surgeon for Mt. Sinai Medical Center who died late last year.

Listing agents Allan Kleer and Fabian Garcia-Diaz of Fortune International Realty told TRD that the buyer is a foreign national who is paying cash.

Garcia-Diaz said this was one of the few homes on the water along North Bay Road that falls under the $10 million price point, which could be one reason why the buyer was so eager to ink a deal for the property.

“This buyer was aggressive,” Garcia-Diaz said. “There were no inspections; as soon as we signed the contract, the money appeared in an escrow account.”

The agents said an MLS search showed that the sale, which equates to $1,625 per square foot, will break price-per-square-foot records in the area for older homes. New construction on North Bay Road can cost upwards of $3,000 per square foot.

This particular home, which was built in 1934, is likely headed for redevelopment.

Kleer said an architectural inspection of the 12,680-square-foot property revealed that it was easily buildable up to 6,500 square feet, or up to 7,500 square feet with approval from Miami Beach’s Design Review Board.

With 80 feet of water frontage and views of Biscayne Bay, the land is a prime spot for a modern mansion.

The current home is a two-story Mediterranean-style residence that has undergone a series of renovations over the years. It has an outdoor pool and a detached two-car garage.

The deal is set to close early next month.