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The Real Deal Miami

Miami’s second priciest home reduced to $43M

Price chops are becoming increasingly common for luxury waterfront homes
By Katherine Kallergis | February 17, 2017 09:50AM

Casa Bahia (Credit: Adrian Saravia, Fusion Digital Arts). Inset: listing agent Pablo Alfaro

Casa Bahia, a Coconut Grove estate that hit the market in September for $50 million, was just reduced to $43 million to “reflect market conditions,” listing agent Pablo Alfaro told The Real Deal.

Alfaro, of Douglas Elliman, said “the price was definitely a declining factor in initial productivity.” At $50 million, the three-story waterfront home was the second most expensive house listed for sale in Miami-Dade County. Now, it’s the third behind the $65 million listing of a Star Island estate and Alan Potamkin’s $47.5 million home in Coral Gables.

Price chops are becoming increasingly common for luxury waterfront properties in Miami. In the past two weeks, two spec mansions traded for more than $20 million in Miami Beach, at 212 West Dilido Drive and 4555 Pine Tree Drive, at prices that were reduced by more than 30 percent from the asks.

Alfaro said it wasn’t difficult to bring the price down with the owners, adding that recent sales have shown where the market is.

The Coconut Grove estate, at 3085 Munroe Drive, is owned by Fortac LLC, a company controlled by Nikolas Zaidan Abusada, Alejandro Landes and Catalina Echavarría. It has seven bedrooms, a guest house and a private loft.

Landes, a filmmaker known for movies like “Porfirio” and “Cocalero,” owns and designed the 20,000-square-foot mansion. The home was completed at the end 2015 and features interiors by his mother Catalina Echavarría, designs by Zyscovich Architects and Jerry Gavcovich, landscaping by Raymond Jungles and custom lighting.

The house sits on nearly an acre lot and features an 80-foot boat slip and 518 feet on the water, according to marketing materials. The property also has “floating” staircases, cantilevered balconies, a reclaimed wood trellis with a rotating front door, floor-to-ceiling glass, wraparound balconies, an infinity-edge pool, reflecting ponds, master suite with a spa and more.

Landes included smart home technology, a 700-bottle custom wine cellar and an elevator for up to 12 people in the mansion.

The LLC paid $3.29 million for the lot in 2004, property records show.

Check out a slideshow of Casa Bahia: