The Real Deal Miami

Spec manse on North Bay Road sells for $16.5M, nearly 30% off original ask

Felix Cohen built the waterfront 11,500 sf Miami Beach home
By Katherine Kallergis | December 04, 2017 12:00PM

3114 North Bay Road

UPDATED, 11:55 a.m., Dec. 5: Shakira’s mom has a new neighbor.

A waterfront spec home on Miami Beach’s North Bay Road sold for $16.5 million in an all-cash deal, a nearly 30 percent discount off the 2016 asking price, The Real Deal has learned. Property records reveal the buyers are Eric and Kimberly Dalius. Eric, a marketing executive, has been tied to alleged pyramid schemes, according to published news reports.

Spec home developer Felix Cohen built and sold the 11,500-square-foot mansion at 3114 North Bay Road. His sons, Julian and Jacques Cohen of Compass, co-listed the property. Alison Zhuk of Douglas Elliman represented the buyer.

The Cohens listed the property in February 2016 for $22.9 million. It was last on the market for $18.5 million, according to Realtor.com. Records show her neighbor is an LLC managed by Shakira’s mother, Nidia Ripoll.

“Everybody wanted these high numbers, but what I found, which I was trying to convey to the seller, is you have to price it really competitively to [sell],” Julian Cohen said. After he reduced the price in October, he got it under contract within three weeks.

3114 North Bay Road

Luxury spec homes have lingered on the market and seen price cuts, as high-end, waterfront properties experience a slowdown in sales, especially in Miami-Dade. In April, the spec house at 6466 North Bay Road sold for $20 million. It was listed for more than a year at $25.5 million.

The seven-bedroom home at 3114 North Bay Road has two living rooms, a wine cellar, library, dining room, media room, elevator, and a 2,500-square-foot rooftop garden with views of Biscayne Bay and downtown Miami. The spec home developer also built 3 Indian Creek – a 30,000-square-foot mansion that set a record for single-family home sales in Miami-Dade at the time when it sold for $47 million in 2012.

3114 North Bay Road

The property also features Versaille pattern oak floors, a matte black Italian kitchen, a catering kitchen, smart home technology, a custom lighting system and rose gold shower fixtures, according to a press release.

Property records show the lot last sold for $8.4 million in 2014.