Venetian Islands villa sells for $12.5M

Home was gutted and renovated roughly four years ago

Oct.October 12, 2015 12:45 PM

The home at 44 West Rivo Alto Drive in Miami Beach

A waterfront villa in Miami Beach’s Venetian Islands was just sold for $12.5 million, The Real Deal has learned.

The home, located at 44 West Rivo Alto Drive, was built mid-century and is styled like a beach house. Its white interiors are offset by warmly colored furniture and wood floors, and many of its rooms open up to the bay through large glass double-doors.

Listing agent Dora Puig

Listing agent Dora Puig told TRD that the home was on the market for roughly seven months before closing. The house measures 7,418 square feet, so the price breaks down to $1,685 per square foot. It was sold unfurnished.

“The Venetian Islands are so hot right now,” said Puig, broker/owner of Luxe Living Realty. “This year, the islands are getting comfortable [with prices] north of $10 million; It’s a place that’s obviously in high demand.”

The seller, whom Puig declined to name because of a confidentiality agreement, has another home to which he is moving. Miami-Dade County property records show the owner is 44 Miami LLC, which is managed by Madeleine Mendez. Her address leads back to an accounting firm in Coral Gables.

Roughly four years ago, Puig said, the home’s interiors were completely gutted and renovated.

Luis Felipe V. de Souza, who represented the buyer

The home also features 90 feet of water frontage on the island’s western side and a 75-foot boat dock.

Luis Felipe V. de Souza of Brown Harris Stevens | Zilbert, the newly formed partnership between Zilbert International Realty and Brown Harris Stevens, represented the buyer.

Souza said the buyer, whom he also could not name due to confidentiality, was attracted to the home partly because of its over-sized, 15,000-square-foot lot and large dock.

“The housing market in the Venetian Islands is hotter than the condos right now,” Souza said. “They’re amazing, unique properties under $2,000 a square foot that really stand out from the rest of the properties in Miami Beach.”

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