A Miami-based spec home builder sold another non-waterfront house near the Miami Beach Golf Club for more than $5 million.
Sabal Development, led by Pascal Nicolai, sold the five-bedroom, five-and-a-half bathroom house at 2211 Meridian Avenue in Miami Beach for $5.5 million, according to a press release.
The buyers are Zachi and Ekaterina Wainstein from Russia, Nicolai told The Real Deal.
Dora Puig of Luxe Living Realty represented the seller, and Alexandra Nikonova with Florida Realty of Miami represented the Wainsteins.
The 4,616-square-foot house was on the market for 49 days and was originally listed for $5.9 million, according to Zillow. A Nicolai-managed entity bought the 10,400-square-foot lot for $1.2 million in 2014. Construction on the two-story modern residence began four years later and was completed earlier this year.
The home has a pool, pool house and deck, a rooftop terrace and a two-car garage.
Pricing for new houses on dry lots is rising because buyers are reluctant to pay for vacant lots or teardown properties unless the properties are on the waterfront, Nicolai said.
“The market is crazy right now,” he said. “There is no inventory. People don’t want to wait, and they don’t want to deal with construction. So they are paying top prices for new homes.”
Last month, Sabal sold another non-waterfront house adjacent to the public golf course for $5 million. Allon Bloch, CEO and co-founder of medical application maker K Health, and Allison Nicole Bloch bought the five-bedroom spec home at 2035 Meridian Avenue.
Also in September, former NFL player Orlandus Andre Branch III sold his non-waterfront house at 4535 Nautilus Court for $6.3 million.
Sabal has been active during the first 10 months of the year. In May, venture capital investor Ben Ling and front-end web developer Chris Coudron paid $29.5 million for a waterfront estate at 135 Palm Avenue built by Sabal. The deal was the second highest home sale in Miami Beach’s Palm Island.
Nicolai’s firm also sold a Coconut Grove house for $5.4 million, a Hillsboro Beach home for $13.5 million and a Normandy Isle house for $5.9 million, according to the release. Since the beginning of the year, Sabal completed and sold more than $60 million in custom single-family homes.