UPDATED, May 5, 11:42 a.m.: NBA player Tim Hardaway Jr. set a record — off the court — with his purchase of a non-waterfront home on Miami Beach’s North Bay Road, The Real Deal has learned.
Hardaway Jr., who plays for the Dallas Mavericks and is the son of NBA Hall of Famer Tim Hardaway, paid about $9.2 million for the spec home at 6015 North Bay Road, sources said. The Mavericks are currently in the second round of the playoffs.
Demand for non-waterfront homes has been on the rise, propelled by the eye-popping asking prices for waterfront houses, brokers say.
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Developer Todd Michael Glaser built Hardaway’s 4,684-square-foot, six-bedroom home. It was completed this month. Glaser and his partners, Fred Karlton and Charlie Ratner, paid about $1.5 million for the 9,371-square-foot lot in 2016 via 6015 NBR Partners LLC, property records show.
Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty represented the seller. Isaac Malagon of London Foster Realty represented the buyer. It was most recently asking $8.9 million.
“We raised the price several times. At the end we lowered it, and when we lowered it, we got a flurry of showings and offers,” Gonzalez said. The buyer only toured the house via FaceTime, he added.
The property, designed by Domo Architecture + Design, has two pools, a two-car garage, a summer kitchen and garden. The second floor includes four bedrooms and a family room, which Gonzalez said is becoming more popular.
Glaser said the home was completed in about nine months.
“We decided to land bank it [in 2016] and thank goodness we did,” Glaser said. “We thought we would get $5.9 million.”
Hardaway Jr. has ties to Miami. His dad played for the Miami Heat in the late 1990s, and Hardaway Jr. attended Miami Palmetto Senior High School in Pinecrest. Hardaway Jr. joined the NBA in 2013 and played for the Knicks and the Atlanta Hawks before joining the Mavericks in 2019.
Last year, Hardaway Jr. sold the waterfront home at 672 South Shore Drive on Miami Beach’s Normandy Isle for $6.8 million.
Luxury homes in Miami Beach and throughout South Florida have been selling throughout the pandemicc. The off-water properties are now demanding a premium and securing record prices.
Hardaway Jr.’s purchase beats the record set in March for non-waterfront homes on North Bay Road. Investor Chris Paciello flipped the house at 5645 North Bay Road, which once belonged to the late celebrity hairstylist Oribe Canales, for $9 million.
The all-time record for non-waterfront deals in Miami Beach was set last month, when a Sunset Islands home traded for $12.5 million.