The Real Deal Miami

Non-waterfront Bal Harbour teardown sells for $6.2M

Delaware entity now controls 1.21 acres at the corner of Bal Cross Drive and Biscay Drive
By Katherine Kallergis | May 05, 2017 10:30AM

101 Biscay Drive in Bal Harbour

The owner of a non-waterfront Bal Harbour home just paid $6.2 million for the house next door, property records show.

JNK Real Estate Investments, a Delaware shell company, bought the 1960-home at 101 Biscay Drive from Agnes Carole Whitmoyer in an all-cash deal, paying $200 per square foot for the land and $1,550 per square foot for the house. It hit the market in March with Danell Van Orden of the Keyes Company for $6.8 million, according to Redfin. Van Orden could not immediately be reached for comment.

The four-bedroom 4,000-square-foot home at 101 Biscay Drive sits on a 31,000-square-foot lot. The house was recently updated with a new roof, air conditioning system and new kitchen, according to the listing, which also said the lot could be split in two to build two houses. Previous sales information was not available online.

For JNK, the sale adds on to the property at 260 Bal Cross Drive. The company bought that house, which was completed in 1961, for $3.85 million in 2015. This latest sale means that the Delaware entity now controls 1.21 acres at the corner of Bal Cross Drive and Biscay Drive, a street away from the bay. The properties could be developed into a new mansion, or subdivided to develop multiple homes.

The $6.2 million closing price is high for a non-waterfront. A pending sale for a new spec home at 65 Camden Court, also in Bal Harbour, is listed at $5.9 million on Realtor.com. That deal would equate to under $1,000 per square foot if sold at the asking price.

Last year, a waterfront estate at 44 Bal Bay Drive hit the market for nearly $20 million, which broke down to about $440 per square foot for the land and $3,400 per square foot for the home. It’s still listed for sale. Bal Harbour’s priciest listing is still the spec mansion at 252 Bal Bay Drive, which was developed by Shlomy and Oren Alexander, on the market for $36 million.