Developer Jay Massirman Finds Buyer for Miami Home

Multifamily and self-storage developer Jay Massirman found a buyer for his estate in Miami’s Ponce-Davis neighborhood, asking $14 million.

The pending deal is the second-most expensive of 23 contracts signed in Miami-Dade County between Feb. 9 and Feb. 15, according to the latest Eklund-Gomes report. It tracks listings of homes and condos asking $4 million and up in Miami-Dade that are included in the Multiple Listing Service. The properties spent 148 days on the market, on average.

Forty-seven luxury listings were added to the market, for a total of 1,301 listings.

The previous week, buyers signed 20 contracts for properties in Miami-Dade, asking a combined $173.5 million.

The asking dollar volume for the 13 single-family homes and 10 condos under contract last week totals $165.7 million, according to the report published by the Douglas Elliman team, led by Fredrik Eklund and John Gomes.

The single-family homes that entered into contract last week have an average asking price of $7.7 million and spent an average of 129 days on the market. They total $100.3 million in asking dollar volume.

At the top of the report is the teardown at 641 Reinante Avenue in Coral Gables, asking $15.6 million. The 0.6-acre lot has 180 feet of water frontage. It’s on the market with Jason Smith of Keller Williams Capital Realty. Property records show a trust in Judith Zufi’s name owns the home. It previously traded hands in 1977 for $240,000.

Massirman’s pending sale followed in the Eklund-Gomes report. The 11,000-square-foot, seven-bedroom mansion at 5001 Pine Drive is on a nearly 1-acre non-waterfront lot near Coral Gables and South Miami. Massirman, co-founder and CEO of Eden Multifamily, paid $8.5 million for the house in 2023. It’s now asking nearly $14 million with Judy and Nathan Zeder of the Jills Zeder Group at Coldwell Banker. The property includes a pool, spa, cold plunge, outdoor kitchen and a half-court basketball/pickleball court, according to the listing. The home has been renovated. Omar Morales of Outlook Miami is representing the buyer, who is undisclosed.

The condos that secured buyers last week have an average asking price of $6.5 million and spent 173 days on the market, on average. They total $65.4 million in asking dollar volume, or an average of $1,600 per square foot.

Last week in New York, buyers signed contracts for 31 homes, according to the latest Olshan report. Their combined asking price is nearly $350 million, and the typical home spent 511 days on the market.