Flipping frenzy? Oceanfront Golden Beach home sells for nearly 45% more in 8 months

Buyer recently sold his Hibiscus Island home to investor Andrew Mirmelli

Miami /
Aug.August 17, 2021 11:30 AM
(Brigitte Lina Group with ONE Sotheby's International Realty)

(Brigitte Lina Group with ONE Sotheby’s International Realty)

An oceanfront Golden Beach home sold for its full asking price of $8.2 million, nearly 45 percent more than its previous sale in late December.

MJ Ocean LLC, led by Meir Elfassy, sold the five-bedroom, six-bathroom home at 407 Ocean Boulevard, property records show. Elfassy is the former president of the outerwear brand Mackage and is now an investor. Sweet Gift LLC, led by Abelardo Monroy, purchased the 4,887-square-foot home, according to a source.

The house was built in 1941 and expanded in 1984 and again in 2014.

Not including commissions and other costs, Elfassy’s entity made $2.5 million on the flip. He had paid about $5.7 million for the 14,000-square-foot property just before the end of the year with plans to remodel the house.

Brigitte Lina and Danielle Elfassy of One Sotheby’s International Realty represented Elfassy’s MJ Ocean LLC, and Doris Salazar of Prestige Sales Group represented the buyer.

Abelardo, the buyer, recently sold his waterfront Hibiscus Island home to investor Andrew Mirmelli for $21 million. Mirmelli then listed the property for sale asking $30 million while it is being renovated.

In Golden Beach, the lot next door is owned by billionaire real estate developer Ben Ashkenazy. It had been on the market since 2019 but is no longer listed for sale.

Waterfront homes have been in high demand in recent months, leading some sellers to flip their properties for big profits. Prices have continued to rise.

In June, developer Sonny Kahn sold an oceanfront Golden Beach mansion for 50 percent more than his purchase price three years ago. In a separate deal, Sandra Levy, the widow of the late real estate developer Sidney Levy, sold her oceanfront Golden Beach mansion for $22.2 million.





    Related Articles

    arrow_forward_ios
    Jim Randall with 3240 North Flagler Drive (Living Proof Photography, The Randall Foundation)
    Rivet tycoon buys waterfront West Palm home for $16M
    Rivet tycoon buys waterfront West Palm home for $16M
    401 Ridgewood Road in Miami (Google Maps)
    Brazilian silicon manufacturing heir buys Key Biscayne home
    Brazilian silicon manufacturing heir buys Key Biscayne home
    12365 Cypress Island Way in Wellington, Ansgar Holtgers and Jim & Kristy Clark (Google Maps, Getty, Instagram/ansgar.holtgers)
    Billionaire Jim Clark buys Wellington mansion for $12M
    Billionaire Jim Clark buys Wellington mansion for $12M
    Premium Digital Control & Automation's Marc Farbstein and Fortress Anchors' Dylan Hallerberg with 52 Royal Palm Drive (LinkedIn, Google Maps)
    Smart home honcho buys waterfront Fort Lauderdale home
    Smart home honcho buys waterfront Fort Lauderdale home
    From left: Vladislav “Bobby” Yampolsky and Robert P. Kelly along with an aerial view of 419 East Coconut Palm Road (Getty Images, Google Maps)
    Luxury retailer buys waterfront Boca Raton home for $9M
    Luxury retailer buys waterfront Boca Raton home for $9M
    Andreas Helgstrand with 13625 50th Street South
    Helgstrand Dressage sells half of Wellington equestrian estate for $11M
    Helgstrand Dressage sells half of Wellington equestrian estate for $11M
    12428 Cypress Island Way (Google Maps, Getty)
    Private equity boss buys Wellington spec mansion for $10M
    Private equity boss buys Wellington spec mansion for $10M
    John Howard Kunkel with 1030 Stillwater Drive (LinkedIn, Google Maps)
    50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
    50 Eggs restaurateur John Kunkel buys waterfront Miami Beach home
    arrow_forward_ios

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

    Loading...