Ask for spec home on Miami Beach falls $5 million

Miami /
Mar.March 05, 2016 10:00 AM

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

 

Related Articles

arrow_forward_ios
James Vosotas and Branden Muhl with Hotel Greystone in Miami Beach (Trip advisor, Trans Inns Management, Mahaska)
Miami-Dade judge tosses out Hotel Greystone lawsuit
Miami-Dade judge tosses out Hotel Greystone lawsuit
Oceana Bal Harbour at 10201 Collins Avenue Bal Harbour (Condo.com, compass)
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
Oceana Bal Harbour closing tops weekly condo sales in Miami-Dade
The Deauville Beach Resort at 6701 Collins Avenue (Google Maps, Office of the City Manager)
Miami Beach orders historic oceanfront Deauville resort to be demolished
Miami Beach orders historic oceanfront Deauville resort to be demolished
(Illustration by Kevin Rebong for The Real Deal)
“One non-stop boom”: After surge in home sales, inventory keeps shrinking in South Florida
“One non-stop boom”: After surge in home sales, inventory keeps shrinking in South Florida
From left: Alejandro Diaz Bazan, David Solomon, Brett Harris and Ana Bozovic (Andian Group, Brett Harris Homes, Miami Girls, iStock)
Build it and they will come: Resi agents join the South Florida spec home development craze
Build it and they will come: Resi agents join the South Florida spec home development craze
From left: Andres Isaias and Alejandro Diaz Bazan of Andian Group (Andian Group, Thamann Architecture + Design)
Waterfront Sunset Islands home featured on “Miami Vice” sells for $14M
Waterfront Sunset Islands home featured on “Miami Vice” sells for $14M
554 Lakeview Dr, Miami Beach and Jarett Fein (Zillow, KV National)
Title insurance honcho pays $15M for restored waterfront Mid-Miami Beach house
Title insurance honcho pays $15M for restored waterfront Mid-Miami Beach house
A photo illustration of Ocean House South Beach, 125 Ocean Drive (Condo.com, iStock)
Ocean House South Beach closing tops weekly condo sales in Miami-Dade
Ocean House South Beach closing tops weekly condo sales in Miami-Dade
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...