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.

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.