The Real Deal Miami

Miami Beach teardown reduces ask by $3.5M

Owners hope to cash in on Pine Tree Drive development boom
By Sean Stewart-Muniz | April 20, 2016 08:45AM

The home at 4333 Pine Tree Drive in Miami Beach

The home at 4333 Pine Tree Drive in Miami Beach

The owners of a Miami Beach home on Pine Tree Drive, advertised as a teardown, have reduced their asking price by $3.5 million.

Listing agent Rhonda Rose of Rose Realty & Associates said the asking price for 4333 Pine Tree Drive, a mid-century home measuring 3,375 square feet, now stands at just under $10 million.

Owners Thomas Weiss and Rhonda Weiss first listed their waterfront home in February with an ask of $13.5 million, or about $387 per square foot of land. It occupies a 35,300-square-foot lot — a valuable commodity in land-strapped Miami Beach, where older homes are frequently redeveloped into contemporary mansions by spec developers like Todd Glaser or Peter Fine.

Just two lots north of the Weiss’ home, a Glaser spec house sold for nearly $19.5 million in December. And even the neighboring home at 4385 Pine Tree Drive, a 1950s-era home remodeled with contemporary designs, was listed four months ago with an asking price of $19.9 million.

“Build the home you have been dreaming of,” Rose wrote in the listing. Miami Beach’s ritzy waterfront communities like Pine Tree Drive and North Bay Road have experienced a redevelopment frenzy in recent years, with newly built homes like Barry Brodsky’s 4555 Pine Tree Drive hitting the market with asking prices of $34 million and up.