Spec home developer sells waterfront Venetian Islands house for $24M

Property last sold in 2017 for $5M, new house was completed last year

Miami /
Apr.April 14, 2022 04:30 PM
40 West Rivo Alto Drive (Redfin/Daniel and Hillary Hertzberg of Coldwell Banker Realty)

40 West Rivo Alto Drive (Redfin/Daniel and Hillary Hertzberg of Coldwell Banker Realty)

A spec home developer sold a waterfront house in Miami Beach’s Venetian Islands for $23.5 million.

Property records show an entity led by Francisco E. Perez sold the house at 40 West Rivo Alto Drive to the 40 Rivo Alto Land Trust. Randolph M. Wright, of Birmingham, Michigan-based law firm Berry Moorman, is the trustee.

The buyer took out a $10 million loan from St. Clair, Michigan-based Northstar Bank, records show.

40 West Rivo Alto Drive (Redfin/Daniel and Hillary Hertzberg of Coldwell Banker Realty)

The home was listed in November for $25 million. Daniel and Hillary Hertzberg with the Jills Zeder Group at Coldwell Banker had the listing. Timothy Allen with Blackstone International Realty represented the buyer, according to Redfin.

Perez bought the 10,500-square foot lot in 2017 for $4.6 million, records show. Construction on the new house was completed last year. The 5,188-square-foot home has six bedrooms, five bathrooms and a one-half bathroom, according to Redfin.

40 West Rivo Alto Drive (Redfin/Daniel and Hillary Hertzberg of Coldwell Banker Realty)

Perez has flipped homes on the Venetian Islands before. Last year, he flipped a teardown on San Marino Island for $9.6 million. He had purchased it three months earlier for $5.9 million.

Also last year, another entity controlled by Perez paid $14 million for a waterfront North Bay Road mansion in Miami Beach.

 

Like much of South Florida, the Venetian Islands have enjoyed record sales, as wealthy entrepreneurs and business leaders flock to the area.

This month, the owners of custom app startup Zudy bought a waterfront Venetian Islands property for $21.5 million. In December, a software CEO flipped a waterfront home for 20 percent more than its 2019 purchase price.

In November, investment firm founder Sahm Adrangi paid $15 million for a waterfront Venetian Islands home.





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