Waterfront North Bay Road home sells for $7M

Miami /
Mar.March 20, 2020 01:30 PM
5242 North Bay Road and Cyril Matz (Credit: Google Maps)

5242 North Bay Road and Cyril Matz (Credit: Google Maps)

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.


Related Articles

arrow_forward_ios
The Allen Apartments with Mark Samuelian, Michael Gongora and Ricky Arriola (Miami Beach Community Development Corp., Wikipedia Commons)

Miami Beach may create incentives for affordable housing developers

Miami Beach may create incentives for affordable housing developers
Tudor House Art Deco and Essex House hotels (Wikipedia Commons)

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive

Hotel height increases could be coming to Miami Beach’s Collins Avenue near Ocean Drive
Laurent Ouazana and 6505 Allison Road, Miami Beach (Twitter, Google Maps)

French insurance CEO buys Allison Island home next door to his new mansion

French insurance CEO buys Allison Island home next door to his new mansion
(Google Maps)

Weekly condo sales, dollar volume jump in Miami-Dade

Weekly condo sales, dollar volume jump in Miami-Dade
Jarrett Posner, Pablo Escobar with 5860 North Bay Road (The Waterfront Team)

Pablo Escobar’s former Miami Beach property sells for $11M

Pablo Escobar’s former Miami Beach property sells for $11M
Camilo Miguel Jr. and rendering of 4000 Alton Road

Mast Capital scores approval for Miami Beach condo project

Mast Capital scores approval for Miami Beach condo project
6050 North Bay Road (Google Maps)

AmeriSave CEO buys North Bay Road teardown for $8M

AmeriSave CEO buys North Bay Road teardown for $8M
Commissioner Ricky Arriola (iStock)

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach asks for offers to develop lots near Lincoln Road
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...