The Real Deal Miami

New owners plan to divide, list Hillsboro Beach land

They intend to list two parcels for sale with asking prices of $6.295 million and $6.595 million
January 22, 2017 09:30AM

Hillsboro Beach (Source: FortLauderdale-Property.com)

The new owners of a vacant, ocean-to-Intracoastal lot in Hillsboro Beach plan to divide it into two parcels and list them for sale for more than $6 million each.

Carol and Paul Cutler paid $8.745 million for the 200-foot lot that touches both the Atlantic Ocean and the Intracoastal Waterway.

The December sale of 1103 Hillsboro Mile arose from the bankruptcy of Enclave at Hillsboro, a company linked to home builder John B. Kennelly.

Jed Weaver, a real estate agent with Mizner Grande Realty in Boca Raton, will handle the listing of the two Hillsboro Beach parcels for the Cutlers.

Weaver told the Sun-Sentinel the Cutlers’ asking prices for the parcels are $6.295 million and $6.595 million.

If the Cutlers sell at the listed prices, they will collect a total of $12.89 million, a 47 percent return on their $8.745 million investment in Hillsboro Beach.

Bradley Shraiberg, a bankruptcy attorney for Enclave at Boynton, told the Sun-Sentinel that 1103 Hillsboro Mile is a trophy property in an exclusive neighborhood, “and this is an opportunity to buy one of the last vacant parcels.” [Sun-Sentinel] Mike Seemuth