UPDATED, Sept. 8, 5:22 p.m.: A Milwaukee, Wisconsin-based tech executive and his wife paid a record $12.8 million for a waterfront home in Bay Harbor Islands.
Spencer Kupferman, CEO of data protection software maker PKWare, and Ruth Kupferman bought the 7,426-square-foot, six-bedroom house at 10000 West Broadview Drive, records show. The sellers are Tony Seiden and Robyn Jaffe Seiden.
The sale price is the highest for a single-family home in Bay Harbor Islands, said Miltiadis Kastanis of Douglas Elliman, one of the brokers who handled the listing.
The previous record was set last month when venture capitalist and former Anheuser-Busch executive Fued Sadala and his wife Silvana Sadala bought a 7,098-square-foot house at 9814 West Broadview Drive for $12 million.
Before that deal, an entity tied to New York portfolio manager Drew Figdor paid $11.5 million for a waterfront spec mansion at 9540 West Broadview Drive in a virtual sale in December.
Kastanis, who along with Douglas Elliman’s James Hait, represented the Seidens. The property was listed in March for $15 million, and reduced to $13.8 million in April. In May, the Kupfermans made their offer for $12.8 million, said Kastanis, who declined to identify the buyers.
He said out-of-state buyers “identify homes early on and go strong” in making competitive offers.
In 2006, the Seidens paid $3.6 million for the home, which was originally built in 1956. They made renovations and additions to the home in 2015. The house is a combination of plantation and modern architectural styles with a 20-foot ceiling in the living room, an elevator, a gym and a media room. The property also features open bay views with 75 feet of water frontage and a private dock with a boat lift.
High net worth families are gravitating to barrier island communities like Bay Harbor Islands, Bal Harbour, Surfside and Miami Beach’s Biscayne Point neighborhood, Kastanis said.
“Buyers with families are identifying neighborhoods north of South Beach as more relaxing, family friendly areas, but still within close proximity of the amenities in Miami Beach,” Kastanis said. “Bay Harbor Islands also offers spectacular open views from the westside.”
Amid the luxury home buying spree, builders are also gobbling up redevelopment sites in Bay Harbor Islands. Terra is planning a residential, office and retail project at 1177 Kane Concourse. Continuum South Beach developer Ian Bruce Eichner acquired two waterfront sites at 9201 and 9461 East Bay Harbor Drive where he wants to build two condominiums with a total of 142 units. And Ugo Colombo and Valerio Morabito are building the 41-unit, eight-story Onda boutique condominium at 1135 103rd Street in Bay Harbor Islands.