Investor sells Continuum unit for 20% below original ask

Miami /
Aug.August 19, 2019 08:45 AM
From left: Brett Harris Mick Duchon, Giorgio Vecchi, Dario Stoka, Eloy Carmenate, with Continuum Miami Beach 

From left: Brett Harris Mick Duchon, Giorgio Vecchi, Dario Stoka, Eloy Carmenate, with Continuum Miami Beach

An Italian banker paid $8.45 million for a unit at the Continuum Miami Beach, about 20 percent below the original asking price of $10.6 million.

Records show Michael D. Horvitz sold unit 3303 in the south tower of the Continuum.  The buyer’s agent, Giorgio Vecchi of Brown Harris Stevens Miami, said the buyer is an Italian banker from Milan who will use the unit with his family.

The three-bedroom, three-bathroom, 3,335-square-foot condo last sold for $3.9 million in 2007. It hit the market in 2017 with Coldwell Banker’s The Jills team for $10.6 million.

Vecchi and Dario Stoka of the Vecchi Stoka Group represented the buyer. Eloy Carmenate, Mick Duchon and Brett Harris of Douglas Elliman were the most recent listing agents. The unit was last on the market for just under $9 million. The agents declined to comment on the deal.

It sold for $2,534 per square foot.

“They waited for almost two years to buy the unit,” Vecchi said about the buyer. “The price went down as they predicted, and they thought it was a great opportunity.”

Horvitz was the director of MoreDirect.com, an information technology company based in Boca Raton, according to Bloomberg. He was also president of Twin-Star International, a contract manufacturer, designer and home furnishings importer, as well as a real estate investor.

The Continuum condo was renovated and features limestone and travertine marble floors, custom mosaic walls, Miele and SubZero appliances and a master suite with a private balcony. It also includes a smart home system and a home office.

Recently, Alberto “Beto” Pérez, the creator of Zumba, paid $5.5 million for unit 2704 in the north tower of the Continuum.


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