A Miami Beach spec home listed a year ago for $34 million just sold for $22.575 million, marking a nearly 34 percent price cut, sources told The Real Deal.
Developer Barry Brodsky sold the 13,500-square-foot, six-bedroom mansion at 4555 Pine Tree Drive for the highest sale price Miami Beach has seen in two years. Oren and Tal Alexander of Douglas Elliman’s the Alexander Team brought the buyer, who they declined to disclose, and Elliman’s Eloy Carmentate and Mick Duchon were the listing agents.
Carmenate told TRD the buyer is a wealthy family from Ohio, but declined to name them. The family bought the property furnished by Artefacto, bringing the total price up to $24 million, Carmenate said.
The waterfront property includes a half-basketball court, 100 feet of water frontage on Indian Creek, and a concrete waterslide that connects from the home’s roof to the waterfront pool. Brodsky’s BAW Realty LLC paid $11.5 million for the property in 2013. The completed house was asking $2,518 per square foot, and closed for $1,672 per square foot.
Oren Alexander told TRD the discounted price is “a good sign for the market as we now have two $20 million-plus sales in the first quarter of the new year, which is already tied to what we had last year.” Last week, the spec home at 212 West Dilido Drive sold for $22 million, marking a record in the Venetian Islands. It also sold at a steep discount from its original $36 million price tag. Price chops are becoming more common in the luxury, waterfront sector of Miami’s residential market.
Data from Redfin shows the Venetian Islands property is now the second most expensive home to sell since January 2016. After that is the property at 2920 North Bay Road, which sold for $19.95 million in July 2016.
“He’s basically purchasing an incredible home at a pretty significant discount,” Alexander said of the Pine Tree Drive home. “There’s a lot of value and room for appreciation.”
The property sits on an acre of land and includes a separate building that can be used as a gym, theater or art gallery.
Alexander said the buyer is new to Miami, and spent about six months looking for a home. “It was a very long, very rigorous negotiation.”