Third time’s the charm: Waterfront Venetian Islands home flips for record $4,900 psf

A venture capitalist sold his waterfront Venetian Islands home for $26.3 million, marking the third time the property has traded in less than two years.

Justin Korsant, CEO of New York-based Long Light Capital, sold the 5,353-square-foot house at 45 East Dilido Drive in Miami Beach to a trust for more than $4,900 per square foot, a record for the island chain, property records show. The buyer financed the purchase with a $15.2 million loan from J.P. Morgan Chase.

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Don and Cristina Young signed the mortgage on behalf of the buyer. Don is a partner at New York-based CBAM Partners, which is majority owned by Eldridge Industries. CBAM is an alternative investment management firm and investment adviser that has $15 billion of assets under management in the U.S. and Europe, according to its website.

Cristina Young runs her parenting practice, Cristina Young Parenting, according to her website.

45 East Dilido Drive (Mike Ruiz)

Their new Di Lido Island home, built in 2020, has five bedrooms and five bathrooms, records show. It sits on a 10,500-square-foot lot.

Douglas Elliman’s Dina Goldentayer represented the seller, Korsant, while Elliman’s Miltiadis Kastanis represented the buyers in the off-market deal. Kastanis did not respond to a request for comment.

45 East Dilido Drive (Mike Ruiz)

Goldentayer, who declined to comment on the buyer’s identity, said the buyers were “very aggressive for a great house” and that the seller “received an offer that made sense for him.”

Korsant paid $19 million for the property in December, 20 percent more than the $15.8 million it sold for a year earlier in December 2020. Mark Sutcliffe, principal at Miami Beach-based Greybridge Equity Partners and CEO of Miami-based Redzone Production Systems, and his wife, Siobhan Sutcliffe, sold the house to Korsant a year and a half ago.

45 East Dilido Drive (Mike Ruiz)

The Youngs’ purchase price marks a 66 percent markup compared to the late 2020 sale.

Goldentayer said the deal came together quickly. The house stood out because of its five large bedrooms, large laundry room, butler’s kitchen and rooftop terrace, she added. The seller made some design improvements to the property.

“I did three showings in one day and it went into contract a few days later,” Goldentayer said.

Though the pace of sales has slowed, buyers are still setting records. In May, Crisp CEO Are Traasdahl and his designer wife Siri Willoch Traasdahl sold their waterfront Rivo Alto home for $31.5 million, which set a record for the Venetian Islands. Tech investor Keith Rabois’ $28.9 million purchase of a waterfront house on North Venetian Way in 2020 previously held that record.

The Venetian Islands, situated between mainland Miami and the barrier island of Miami Beach, have experienced a huge increase in sales to tech, finance and health care buyers over the past two years.

Real estate investor Jonathan Cox recently sold his house at 515 East Dilido Drive for $19.5 million, more than double the $9 million he paid for the property in late 2020. A company led by Michael Parker, COO of Nations Benefits, a Plantation-based health care company, bought the home.