Peter Fine chops price for waterfront Palm Island lot by 27%

Priced at $205 psf, Nelson Gonzalez: "We haven't seen prices that low in close to 10 years"

TRD MIAMI /
Mar.March 21, 2017 04:25 PM

Spec home developer Peter Fine just dropped the price of his waterfront lot on Palm Island, marking a 27 percent cut since putting it on the market last year, amid the slowdown in luxury sales.

The 30,000-square-foot lot at 158 Palm Avenue in Miami Beach is now priced at $6.15 million, down from $8.45 million when it was first listed in May 2016. The price includes approved plans for a modern mansion. It’s the third price change for the property, down from $6.95 million in September and $7.5 million in July, according to Redfin.

Nelson Gonzalez of EWM Realty International has the listing for the site, which sits on the southern side of Palm Island and faces the downtown Miami skyline.

 

The vacant lot

“He’s not into building a house on this lot, and he has a couple of other properties in the process of building or finishing up on North Bay Road,” Gonzalez said. “He just wants to finish those and sell them.”

At the new price, he calls the vacant lot the least expensive in Miami Beach. “We haven’t seen prices that low in close to 10 years,” Gonzalez said. Another lot of the same size at 135 Palm Avenue sold for $9 million in September.

County records show Fine’s company, 158 Palm LLC, paid $5 million for the lot in 2014. That price breaks down to about $167 per square foot. Now, he’s asking $205 per square foot for the land.

Fine launched his South Florida spec home development firm To Better Days Development in 2015, with a goal to develop ultra-luxury waterfront mansions in Miami Beach on North Bay Road and Palm Island.

He originally planned to build a spec home at 158 Palm Avenue, with about 10,000 square feet. It was to have an asking price of $18 million, with an estimated completion date of fall 2016.

Fine, who lives in New York and Miami Beach, built his first Miami Beach spec mansion at 6440 North Bay Road. It is now on the market for $29 million, down from its original $30.5 million asking price. The 15,000-square-foot mansion is listed by Darin Tansey of Douglas Elliman.

He also has spec homes planned for 6010 North Bay Road, a site he bought for $6.25 million in 2013; and 6342 North Bay Road, which he purchased in May 2015 for $9.5 million. He is completing the home at 6010 North Bay Road and has not yet begun construction at 6342 North Bay Road, Gonzalez said. Fine did not immediately respond to a request for comment.

In recent months, luxury spec homes have lingered on the market and seen price cuts, as high-end properties experience a slowdown in sales. According to a an Elliman report released in January, the median sales price of single-family homes priced at $1 million or more in Miami Beach and the barrier islands dropped by 56.4 percent in the fourth quarter, year-over-year, to $5.45 million. Among other local developers with spec homes on the market are Todd Glaser and Palos Developments’ Brett Palos, whose newly built mansion at 6466 North Bay Road is priced at $25.5 million.

Fine has a long history in real estate development and management in the New York area, where he has developed about 9,000 multifamily units over the past 20 years, mostly under the banner of the Atlantic Development Group, where he is the managing member and CEO. The company’s holdings also include 300,000 square feet of retail space in New York.


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Greg Pinkalla and ORA Flagler Village Apartments (Credit: Google Maps)

Fairfield Residential sells new Flagler Village apartments for $92M

Fairfield Residential sells new Flagler Village apartments for $92M
Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon

Construction of downtown Hollywood high-rise may start soon
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...