Developer Alex Karakhanian sold the home he built for his family in Miami’s Bay Point for $9.5 million, marking the second most expensive non-waterfront sale in the neighborhood.
Karakhanian, owner of Lndmrk Development, sold the five-bedroom, four-and-a-half-bathroom house at 661 Melaleuca Lane to Natalia Temkin, property records show. Temkin is married to Roman Temkin, owner of the Verzasca Group, and she is a manager at the development firm, according to LinkedIn.
The 5,300-square-foot home hit the market in October for $10.2 million. Jonathan Garcia with One Sotheby’s International Realty was the listing agent. Tim Lobanov, managing director at Verzasca and a licensed broker with Verzasca International Realty, represented the buyer.
The modern home, completed between 2018 and 2019, includes a 1,000-square-foot primary suite on the second floor with an office, dual walk-in closets and a marble bathroom, according to the listing. The 0.3-acre property also has a salt water pool.
Karakhanian, who partners with developers that include the Related Group and Property Markets Group in Wynwood, the MiMo District, Edgewater, Coral Gables and elsewhere, and his wife Rena paid $1.6 million for the Bay Point lot in 2014. He did not respond to a request for comment.
“Even though there are a lot of dry homes sitting there [on the market], this sale shows when you price something properly it sells,” said Garcia, the listing agent, regarding the latest sale of the new home.
Verzasca, previously based in Bay Harbor Islands, completed Aurora, a condo tower in Sunny Isles Beach, last year. The company, which no longer appears to have active projects, was previously led by President and former NHL player Darius Kasparaitis. It has developed projects in Russia and Europe.
Karakhanian is staying in the neighborhood. He’s building a waterfront home in Bay Point, “one of the most secure neighborhoods in Miami,” Garcia said.
Bay Point, just northeast of the Miami Design District, has benefitted from the boom in pricing in recent years. Joe Jonas and Sophie Turner sold their waterfront home in Bay Point in August for $15 million, a month before they announced they planned to divorce. Turner and Jonas paid $11 million for the mansion in 2021; they sold it for a 36 percent gain.
Last year, the CEO of Adonel Concrete sold his waterfront mansion at 4505 Sabal Palm Road for $38.5 million, marking a new record for Bay Point. That was more than double the previous record of the $18 million sale of the waterfront home at 580 Sabal Palm Road.
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