A developer dropped $21 million on a waterfront Sunset Islands teardown — and immediately listed it for rent for $30,000 a month.
Records show Glenn Boyer’s 1601 North View LLC bought the house at 1601 North View Drive in Miami Beach from Sally Coker, as trustee of her late father Phillip Walker’s estate.
Nancy Batchelor of Compass had the listing, and Matt Crane, also of Compass, brought the buyer and has the rental listing.
Land deals have slowed in South Florida in recent years, as costs for properties, construction, insurance and building materials have surged. The luxury spec development pipeline has shrunk, despite the wave of wealthy buyers migrating to the area in search of newly constructed turnkey homes. Prices have hit record highs for the new construction that does hit the market, as evidenced by David and Victoria Beckham’s $72 million North Bay Road purchase last month, and Chilean casino mogul Claudio Fischer’s sale of a waterfront Palm Island spec mansion for $40 million in May.
Boyer is director of development with Infinity Collective, a real estate investment firm headquartered in New York.
Walker was an attorney and estate planner. He died in August, according to his obituary. Property records do not show when or for how much he purchased the 0.6-acre waterfront Sunset Island I home. It was built in 1950, spans nearly 3,100 square feet, and has two bedrooms, two bathrooms and includes a dock along its 108 feet of waterfront, records and the listing show.
Coker listed it for $19.8 million in September, according to Redfin, so it sold for more than the asking price.
Other recent Sunset Islands deals include the Karlton Companies’ $19 million purchase of a waterfront teardown in August. The firm, led by father-son duo, Fred and Aaron Karlton, plans to build a 10,500 ultra-luxury spec mansion on the site. In July, Starwood Capital Managing Director Austin Nowlin sold a waterfront home in the islands for $16.7 million. Investor Edmond Harbour dropped $26.5 million on a waterfront mansion in May.