The Real Deal Miami

Miami Beach teardown reduces ask by $3.5M

Owners hope to cash in on Pine Tree Drive development boom
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.