Todd Glaser sells Sunset Islands spec house for $5.8M to NY hedge funder

A spec home on Miami Beach’s Sunset Islands, developed by Todd Michael Glaser, just sold for $5.775 million.

The house at 2300 Sunset Drive on Sunset Island 3 sold for the highest price of any non-waterfront home in Miami Beach below 63rd Street, Glaser told The Real Deal. The price, which includes furnishings, breaks down to $1,132 per square foot.

David Hunt Solomon, an agent with EWM Realty International, had the listing. Julian Johnston, broker at Calibre International Realty, brought the buyer.

A New York hedge funder bought the home for his wife and two children, said Glaser, who declined to name him. He said the family is relocating to Miami Beach. The buyer’s identity is not yet available in public records because the sale has not yet been recorded. Glaser said the sale closed on Friday afternoon.

The 5,100-square-foot home sits on a 13,100-square-foot lot. It has six bedrooms, six-and-a-half bedrooms, with 18-foot ceilings and a pool. 

Records show Glaser bought the Sunset Island home in February 2015 for $2.35 million. Glaser said he broke ground on the house in August 2015 and it was completed about three months ago.

“It’s a waterfront-style home on a private island,” he said, “and we got a huge number.”

Spec home developers like Glaser have been focusing on dry lot homes in recent months, as the demand for large, waterfront homes dies down, and buyers and investors seek lower prices.