|South Florida has had a flurry of recent record-breaking residential sales, led by the $47 million sale of an Indian Creek mansion.
Eric Kalis (Daily Business Review)
2012-08-08 12:00:00 AM
For many current buyers and sellers of luxury residential real estate in South Florida, the recession is merely something they read about in the newspaper.
New market records continue to be set in the region’s high-end residential sector. In Miami-Dade County’s most expensive residential transaction in recent memory, a home in exclusive Indian Creek has changed hands for $47 million.
Meanwhile, a Coral Gables waterfront mansion has sold for $25 million in the most expensive recorded residential transaction in the city since the recession began.
Both residences sold for almost the exact same price per square foot. The Indian Creek residence traded for $1,567 per square foot; the Coral Gables home in the city’s Gables Estates neighborhood went for $1,566 per square foot.
The sales follow the July 24 sale of a Palm Beach mansion for $41.5 million that was the most expensive residential transaction in the town since July 2008. Six days earlier, a pair of vacant Palm Beach residential properties traded for nearly $24 million.
In the condominium sector, a St. Regis Bal Harbour unit sold last week for $25 million in what is believed to be a record for the Bal Harbour condo market.
“South Florida is one of the first [regions] to be rebounding with respect to high-end residential properties,” according to real estate and banking attorney Lewis R. Cohen of Miami-based Lewis R. Cohen & Associates. Cohen was not involved in any of the recent sales.
“The record-low interest rates we are experiencing right now are driving sales,” he said.
The Indian Creek sale tops the $38.4 million sale of 14 Indian Creek Drive in March to billionaire Edward Lampert as a market record.
The sale, which closed Tuesday, has not been recorded by Miami-Dade County.
Coldwell Banker Residential Real Estate brokers Jill Eber and Jill Hertzberg, who listed 3 Indian Creek with the cooperation of Tal and Oren Alexander of New York-based Douglas Elliman, announced the deal on Tuesday afternoon. The Alexander Group of Aventura Real Estate handled the sale.
The 10-bedroom, 14-bath residence was listed two years ago for $60 million but was lowered to $52 million.
The seller of the 30,000-square-foot mansion was 3 Indian Creek LLC, which completed the residence last year. 3 Indian Creek is managed by Gil Neuman of North Miami Beach, according to state corporate records. Coldwell Banker’s release identified Schlomy Alexander and Felix Cohen as the “owner/builders” of 3 Indian Creek.
The brokers involved did not identify the buyer.
In a phone interview on Tuesday afternoon, Eber said the 3 Indian Creek transaction was an all-cash sale. Numerous domestic and international buyers expressed interest in the home.
The sale “blows everything out of the water,” she said. “I think it changes the whole scope of the residential market here.”
The home has access to both the ocean and Biscayne Bay. Amenities include a “resort” pool, boat dock, greenhouse and spa.
“The developer had this vision and made the home absolutely breathtaking,” Eber said. “I’ll miss it. I’m very happy to deposit my commission but am very sad to not have this property in my inventory.”
The 300-acre Indian Creek has a total of 32 residences and a private golf course and country club, according to Coldwell Banker.
ONE Sotheby’s International Realty issued a written release on Tuesday afternoon that said the firm represented the buyer in the 3 Indian Creek sale. It did not disclose the buyer.
Gables Estates Deal
For a small neighborhood, Gables Estates has generated a flurry of expensive residential sales in recent months.
In the latest example, a waterfront mansion at 41 Arvida Parkway sold for $25 million, according to Miami-Dade County records.
Water Edge Investments, a Las Vegas corporation managed by Jonathan Brown, on July 22 sold the residence to ICB Properties of Miami LLC.
The county recorded the transaction on Monday. No financing was recorded.
The mailing address of Water Edge matches the address of the Hickory House seafood restaurant in Las Vegas. The main office for Hickory House is located in Hialeah.
Calls to Brown at the Hialeah office were referred to his Miami office. Brown did not respond to messages left at the Miami office.
ICB is managed by Vincent Miclet of Fort Lauderdale, according to state corporate records. Fort Lauderdale attorney Nisha E. Baccus is listed as the registered agent for the company.
Baccus on Tuesday confirmed via e-mail that she is the registered agent for ICB. She declined further comment.
Miclet, through Baccus, also declined comment.
Water Edge paid $7 million for the 1.24-acre property in February 2004 and built a two-story, 15,960-square-foot mansion in 2010. The home has six bedrooms and 12½ bath.
Miami-Dade County’s property appraiser most recently assessed 41 Arvida at $6.38 million.
The exclusive Gables Estates neighborhood has had several notable sales in recent months.
Juwan Howard, a reserve on this year’s championship Miami Heat team, on June 26 sold a 3.51-acre property at 8525 Old Cutler Road for $10 million. The University of Miami on April 30 sold the longtime Gables Estates home of its presidents, including current president Donna Shalala, for $9 million. And Miami Heat president Pat Riley on March 29 sold a 180 Arvida Parkway mansion for nearly $17 million.
Residential sellers throughout South Florida should not confuse the recent record-breaking transactions as evidence that all prices in the sector are on the upswing, said Cohen, the real estate attorney.
“These are unique properties,” he said. “They do bolster the upper-end real estate market,” however.
My listing at 11100 Snapper Creek Road is a wonderful opportunity for anyone looking to be on the water, in Coral Gables, on a Gated Community for under $3 Million. Read more on Snapper Creek Lakes on my Previous Post on Gated Snapper Creek Lakes Subdivision.
This waterfront one story home sits on 1.2 acres. The Family Room is reminiscent of North Carolina with tall wood vaulted ceilings, Bar and brick fireplace. The Kitchen is the heart of the home with wood ceilings, large island and huge Breakfast Room. Formal Dining Room with beamed ceilings. Office or Den overlooking the water. Pool, large covered patio, and BBQ lead you to your own dock with davits. Amazing land! Great Gables address, best Pinecrest schools, 24 hr. full service Marina, and a great price!