Ask for spec home on Miami Beach falls $5 million

The developers dropped the asking price for a new waterfront house in Miami Beach by $5 million to $32 million amid increased competition among builders of luxury homes built on speculation.

Brett Harris of Douglas Elliman Real Estate now has the listing for the 13,500-square-foot house at 5446 North Bay Road, which was listed in 2014 with an asking price of $37 million.

The home has a contemporary design and comes equipped with a gym, an elevator, a rooftop terrace and a dock big enough for a 100-foot boat. A swimming  pool measuring about 70 feet in length and a hot tub overlook Biscayne Bay. The property includes a one-bedroom guesthouse with a balcony and an outdoor kitchen. There are three koi ponds, including one inside the house.

The developers of the newly built home, Todd Michael Glaser and the Posner Group, sold a new spec home at another address in Miami Beach in November for $19.48 million.

Jarrett Posner of the Posner Group told the Wall Street Journal that $37 million was not the right price for the spec home now listed at $32 million.

“We felt that given the market and what we’ve witnessed over the last couple of years, $32 million was more reflective of the asset and the competition,” he told the Journal, citing a recent surge of listings for Miami Beach spec homes in the $30 million price range. “There’s definitely more competition.” [Wall Street Journal] — Mike Seemuth