The Real Deal Miami

North Bay Road luxury spec home hits market for second time, now at $26.9M

Asking price originally $30.5M when it hit the market in October 2015
By Amanda Rabines | June 22, 2017 02:05PM

6440 North Bay Road. Inset: Albert Justo and Miki Curkoski

New York real estate luxury spec home developer Peter Fine just listed one of his North Bay Road homes for $26.95 million, The Real Deal has learned.

The asking price of the 15,000-square-foot waterfront mansion at 6440 North Bay Road equates to about $1,796 per square foot.

One Sotheby’s waterfront team, Albert Justo and Miki Curkoski are the listing agents.

They took over sales from Darin Tansey, of the Tansey Group at Douglas Elliman, who first listed the home for $30.5 million, or $2,033 per square foot, in October of 2015. The price was cut to $29 million, or $1,933 million, January of this year Tansey told TRD.

“It’s an incredibly built home that will eventually have a happy owner,” Tansey said.

Records show 6440 NBR LLC, an entity of To Better Days Development, led by Fine, bought the property for $6.6 million in 2013. The developer tore down the existing house and built the waterfront mansion from the ground up, according to Justo.

“This was the right price,” Justo said. “We looked at the overall market and we took into account what has sold.”

The $26.95 million price tag equates to an 11.6 percent discount off its original asking price. It wasn’t a major drop considering the recent sales around the neighborhood.

In April, a neighboring 11,568-square-foot spec mansion at 6466 North Bay Road sold for $20 million – a discounted 21.6 percent off its asking $25.5 million price. The sale was one of the highest sale prices ever on the ritzy street.

Fine’s mansion sits on 28,000 square feet of lot space and was designed by Choeff, Levy & Fishman, with landscaping by Enea Gardens. Interiors were done by Bjorn Bjornsson. The seven-bedroom, eight-bathroom house features multiple terraces with a 2,500-square-foot roof deck, an expandable garage for up to six cars, 12-foot tall sliding glass walls, a wine cellar and 100 feet of frontage on the bay.

Price cuts are increasingly common as luxury home sellers adjust to the market in South Florida.

“Last year there was uncertainty with our international buyers, I think because of the elections,” Justo said. “Now, we’re starting to see international buyers show interest again.”

Another one of Fine’s homes at 158 Palm Avenue sold in April for $5.6 million, or $186 per square foot.