Spec home developer Todd Michael Glaser is ready to let go of his longtime Miami Beach home.
Glaser and his wife Kim just listed the seven-bedroom waterfront house at 3681 Flamingo Drive for $8.95 million as he wraps up construction of a new house he’s building for his family on Allison Island, he said. David Hunt Solomon of EWM Realty International is the listing agent.
Glaser paid about $1 million for the Flamingo Drive property in 2001 and added a four-bedroom, 4,200-square-foot wing to the now 7,360-square-foot home. It was built in 1936 and sits on a 32,000-square-foot lot with a three-car garage, a heated pool and a dock with a boatlift. It also has a one-bedroom guest comes. Glaser plans to add a three-car garage and gazebo if the property doesn’t sell the way it is.
The asking price breaks down to about $1,216 per square foot. Recent deals nearby include the $9.6 million sale of 5045 Lakeview Drive, which Coastal Construction co-president Tom Murphy sold for $9.6 million, or nearly $1,157 per square foot; and the $10.13 million sale last year of 3525 Flamingo Drive, a newly redeveloped waterfront mansion down the street.
“I could comp it out somewhere in the [$9 million range], but I told Todd let’s get tight … I guarantee you’ll get some action,” Solomon said.
Glaser, who is best known for developing modern spec homes as well as restoring older homes in Miami Beach, is expanding north to Palm Beach where he recently made his first purchase of a 1940 home that he plans to restore.