The Real Deal Miami

Brazilian businessman buys Miami Beach spec home: $13.6M

Developer Aquablue paid $3.2M for the waterfront plot in 2013
May 23, 2016 09:45AM

151 North Hibiscus Drive in Miami Beach

151 North Hibiscus Drive in Miami Beach

A Brazilian businessman paid $13.6 million, or $1,967 per square foot, for a new waterfront spec home on Miami Beach’s Hibiscus Island. 

The Aquablue Group, led by developer Philippe Harari, built the two-story, six-bedroom home at 151 North Hibiscus Drive, according to a press release. Reinaldo Borges’ Borges + Associates Architects designed the modern, 6,913-square-foot home.

Property records show an affiliate of Aquablue paid $3.2 million for the 10,500-square-foot plot in 2013.

The spec home features telescopic sliding doors, marble and oak floors, a “floating” glass stairway, a gourmet kitchen and Creston smart home technology. It also includes an infinity-edge pool, a rooftop deck with a summer kitchen and tropical landscaping.

Julian Johnston of Calibre International Realty brokered the sale. He put the home on the market in April for $15.5 million, according to David Pobiak of Beachfront Realty represented the buyer, who declined to disclose his client’s identity.

Johnston has said that foreign buyers are flocking to Miami Beach neighborhoods like Hibiscus and the Venetian Islands. Buyers who were traditionally doctors and lawyers have been replaced by hedge funders, financial executives and international buyers.

In September, Aquablue sold a redeveloped Venetian Islands home to Richard Comras for $9.35 million, or $1,481 per square foot. The boutique design and development firm builds single-family homes, and completed a 42-unit office project, SoFi Executive, in 2014, according to AquaBlue’s website. – Katherine Kallergis