A waterfront home on North Bay Road in Miami Beach sold for $7 million, and the buyers plan to remodel the house rather than tear it down.
Glenna Norton, a real estate agent, sold the 8,279-square-foot home at 5242 North Bay Road for $845 per square foot, according to records. Winpol 2020 trust, which lists Andrew Pollack as its trustee, purchased the property, records show.
Cyril Matz of Douglas Elliman, who represented the buyers in the deal, said it is a couple from Toronto. They are planning to completely remodel the interior of the home, according to Matz.
The house was originally listed for $9.5 million in June 2018, with price reductions to $8.5 million in April 2019 and $7.75 million in October, according to Redfin. The sale price equates to a 26 percent discount off the original listing price.
Built in 1929, the house has six bedrooms and 10 bathrooms. The property last sold for $2.1 million in 1995, records show.
The property features a boat dock and 75 feet of water frontage. It also has a pool, fireplace, a formal dining room and a summer kitchen, according to a listing on Realtor.com.
Norton is a real estate agent with Coldwell Banker.
The quiet residential street of North Bay Road has seen many high-priced waterfront sales, as well as the development of luxury spec homes.
Spec home developer Felix Cohen and his son, real estate agent Julian Cohen, are teaming up to build a waterfront spec mansion nearby at 5840 North Bay Road that may be priced at more than $40 million.
In January, a waterfront lot at 4424 North Bay Road sold to Jennifer Taplin Sazant and Neil Sazant for $7 million.
In August, a California buyer purchased the waterfront spec mansion at 6360 North Bay Road for $23.85 million and a lot next door at 6342 North Bay Road for $11.55 million. The combined price marked a record for the year in Miami Beach.
Last year, retired Miami Heat player Dwyane Wade listed his home nearby at 5980 North Bay Road for $32.5 million.