Spec home on Miami Beach’s Flamingo Drive sells: $6.2M

Buyers, who have not yet appeared in records, already live in the neighborhood

Jan.January 22, 2016 04:30 PM

A newly-built waterfront spec home on Flamingo Drive sold for $6.2 million on Friday, marking a record on the mid-Miami Beach street that runs along the Intracoastal Waterway.

The 6,700-square-foot house, at 2901 Flamingo Drive, was developed by Michael Capponi, chairman and co-founder of Capponi Group Corp. It was listed for $6.495 million in October by Oren Alexander , co-founder of the Alexander Team at Douglas Elliman.

EWM International Realty’s Dona McLachlan, who is a member of EWM Senior Vice President Esther Percal’s team, found the buyers for the home, which has six bedrooms, seven-and-a-half baths and 300 feet of water frontage on Indian Creek. The sale tops the street’s previous record from November 2015, of $3.6 million, the firm said.

McLachlan told The Real Deal that the couple already live in the neighborhood, and were attracted to the home largely because of its proximity to a little bridge that links Flamingo Drive to Collins Avenue, where they can walk to the Edition, Faena House and the Broken Shaker. She declined to name the buyers, and the sale has not yet been recorded.

“We’re seeing a real turnaround with clients,” McLachlan said. They don’t want to drive anywhere. They want to be able to walk everywhere, to restaurants, bars, and the dry cleaners.”

Miami-Dade property records show 2901 Flamingo Drive LLC, whose manager is Jose J. Iglesias, last bought the property in May 2013 for $1.82 million. The spec home replaced a predecessor home, built in 1935, with 3,853 square feet.

The new home’s features include a gourmet kitchen, staff quarters, and a master suite with 13-foot ceilings, a private office, two balconies and a Jacuzzi. A separate guest home has a master suite and gym. Outdoors is a pool, infinity hot tub and private dock.

“It’s very light and bright,” McLachlan said. “The way the house is situated, it has loads of bright light coming in and fantastic water views.”

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