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.






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