A spec developer and his mother bought a waterfront home on Sunset Island IV in Miami Beach for $11 million.
Andres Isaias and Mariella Isaias bought the house at 1620 West 21st Street, he confirmed. Records show the seller is an LLC named for the address, managed by Lori “Lucky” Shiller, a local real estate investor.
The sale marks a $2.5 million loss for Shiller.
Danny Hertzberg of the Jills Zeder Group at Coldwell Banker had the listing. Alejandro Diaz Bazan, also a member of the Jills Zeder Group and Isaias’ business partner, brought the buyer.
Isaias and Bazan lead Andian Group, a Miami Beach luxury spec developer specializing in waterfront homes. In June, Isaias sold a teardown in Miami Beach for $25.5 million. In January of last year, Andian Group bought a waterfront home once featured on Miami Vice for $13.9 million, with plans to renovate and flip it.
Most recently, Isaias’ mom, who also uses the surname Chiriboga, sold her oceanfront Altos Del Mar home for $20.5 million in October.
Records show Shiller bought the 0.2-acre property for $13.5 million in 2021. Built in 1990, the home spans 5,800 square feet, with six bedrooms, five bathrooms, and one half-bathroom. The property has 60 feet of waterfront and includes a private dock, according to Bazan and the listing. The home also includes a pool, wine room, and rooftop deck, the listing shows.
Isaias said he had been keeping an eye on the Sunset Islands home. It was first listed in January of last year for $16.9 million, and its asking price bumped up to $18 million last March, according to Realtor.com. When the price dropped to $12 million this January, Isaias said he saw an opportunity.
“I ended up circling back to get a number that was attractive to us,” he said. The developer opted for a 15-day closing.
Isaias plans to make some updates to the home, and hold onto it for family use.
The Sunset Islands have been one of the most sought-after neighborhoods for buyers since the pandemic triggered a wave of migration and a real estate boom in South Florida.
Developer couple Jackie Soffer and Craig Robins listed their waterfront Sunset Island II mansion for $45 million last month. Robins bought the house for $1.3 million in 1997.
Spec developer Francisco Perez bought a waterfront teardown on Sunset Islands III for $13 million in June.
Tampa Bay Rays co-owner Randy Frankel sold his Sunset Island IV estate for $31.5 million in May.