The Real Deal Miami

Coconut Grove waterfront home sells for $6.35M

NY investment banker paid $1,112 psf for the Key West-style, custom-built home in Camp Biscayne
By Ina Cordle | July 05, 2017 05:15PM

3090 Munroe Drive

UPDATED July 5, 11:10 p.m.: A New York investment banker just paid $6.35 million for a waterfront home in Coconut Grove, The Real Deal has learned.

The house at 3090 Munroe Drive, in Coconut Grove’s Camp Biscayne, spans 5,710 square feet, with five-bedrooms and six-and-a-half baths, according to Douglas Elliman. The price equates to $1,112 per square foot.

Marlene DeCespedes and Rosi Borroto of Douglas Elliman had the listing. An Elliman spokesperson told TRD the New York buyers paid cash for the home, but declined to identify them.

Josie Wang of Brown Harris Stevens Avatar represented the buyers, and also declined to name them, but said it a family with an investment banker and two children who are making the move to Miami. The sale has not yet cleared records.

The sellers are Ricardo Torres and his wife Delia. They paid $1.3 million for the 18,250-square-foot lot in 2001, according to property records.

The home has been listed on and off since January 2015, beginning at $8.25 million. It was most recently listed in January at $7.5 million, with a price cut to $6.95 million in May, according to Redfin.

The Key West-style house was custom-built by architects Taylor & Taylor for the owners, according to Elliman. Its features include large terraces, a five-car garage and an enclosed area for nine cars.

Camp Biscayne encompasses 11 homes, five of which have been on the market recently, including three listed by Elliman, the brokerage said. Elliman now has sold two of the three homes in just over one month, including “Hammock House” at 3503 Banyan Circle, which was sold by the former Mexican president’s son for $5.1 million. It marked the first non-waterfront home to sell over $5 million in Coconut Grove. Elliman’s Michael Light, of the Miami Luxury Homes Group, along with Rafael Montejo, represented the seller.

Elliman’s third listing in Camp Biscayne is Casa Bahia at 3085 Munroe Drive, designed Alejandro Landez. The 20,000 square-foot home is listed with Pablo Alfaro for $43 million, down from $50 million when it was first hit the market in September.

Correction: A previous version of this story had a square footage initially provided by the brokerage and found in Realtor.com, Redfin and Zillow. However, the brokerage later sent an appraisal from an architect that showed a smaller square footage, with the additional space as unconditoned space and covered exterior space.