The Real Deal Miami

Waterfront residential lot in Fort Lauderdale sells for record $6.5M

Buyer is the son of mobility industry pioneer Ralph Braun
By Katherine Kallergis | August 15, 2017 04:00PM

1712 and 1718 Southeast 12th Court

A waterfront lot in Fort Lauderdale sold for $6.5 million, marking a record for single-family land sales since 2015, property records show.

Lay & Lay Ltd., a British Virgin Islands company, sold the property at 1712 and 1718 Southeast 12th Court to a trust in Brent A. Braun’s name. Braun is the son of mobility industry pioneer and founder of the Braun Corp., Ralph Braun. The Winamac, Indiana-based company makes mobility products like wheelchairs and wheelchair lifts.

Braun’s double lot totals nearly 24,300 square feet of land on the Intracoastal and sold for $268 per square foot. Brian Hero of One Sotheby’s International Realty represented the seller, which is tied to Kurt S. Lay of Switzerland, and Jim Morlock of Fidelity Real Estate represented the buyer.

The latest deal is a land record for single-family properties in Fort Lauderdale over the past two years, Hero said. The property hit the market last year for just under $10 million, and was reduced to nearly $9 million. It sold at a 36 percent discount off the original asking price.

The buyer plans to build a new home on the property, which can fit a mega yacht on the north side near the inlet. Hero declined to identify the buyer and seller.

Records show Lay & Lay paid $430,000 for the smaller lot in 1994 and $2.6 million for the corner parcel in 1999, which totals $3.03 million.

Last year, Stiles Corp. Chairman and CEO Terry Stiles paid $8.17 million for a waterfront mansion at 1776 Southeast 10th Street, or about $1,000 per square foot for the home and $436 per square foot for the land.