Another North Bay Road Mansion Sells for $13.6 Million

North Bay Road mansions have been a hot commodity this year! In January Phill Collins sold his North Bay Road mansion for $39,250,000 and is set to be demolished by buyer Thomas Bravo. In June, Jennifer Lopez and Ben Affleck rented a waterfront mansion for $130,000 monthly. With so much activity, it’s of no surprise how quickly these Miami Beach multimillion-dollar homes sell.

Lawyer Stephen Zack and his wife, Marquerite, also sold their mansion located at 5310 North Bay Road. The couple sold the home for $13.6 million after they originally purchased the home just 3 years ago for $8.5 million. Since 2018, the home has been listed for sale with an original list amount of $21 million.

The buyer for this Miami Beach home is listed in the county records as North Bay Road Developments LLC, a company that is managed by Guillermo Osses, Francisco Perez, and Miguel Yoma.

According to public records, Osses is the Vice President of Atacama 2108 LLC and is also affiliated with 23 other companies. Yoma is the Manager for San Marino Developments. The partners financed the purchase through Terrabank for $6 million.

The magnificent waterfront estate features 8,148 square feet of living space with 6 bedrooms and 6 full and 2 half bathrooms. The Georgian-style home has been remodeled two times, remarkable mansion features a 5,000 bottle wine cellar, pool. jacuzzi, and expansive home theater.

Stephan Zack is a trial attorney and partner at Bois Schiller Flexner LLP. He was also the lead attorney for former Vice President Al Gore in the Florida recount litigation that took place in 2000. During that time, he was an expert witness for voting accuracy. He is also a past president of the Florida Bar Association as well as the American Bar Association.

The Zacks also have a luxury unit located on the 54th floor of the Four Seasons Residences, which they purchased in July for $8.1 million.

Total Number of Transactions Increased for this Week’s Miami Dade Condo Sales

Over the past few weeks, we have seen a steady incline in overall condo sales including volume and number of sales. This is of no surprise with the increase of companies, execs, and people taking up residency in Miami-Dade County.

Coming in at $123 million, this week’s condo sales volume increased from $85.3 million in the week prior. The total number of sales has risen to 198 for this week, up from 128.

The average price for condo sales reached $622,000 which has actually decreased from $666,000 then the week prior.

Leading this week’s condo sales in a luxury unit at Continuum South Beach that sold for $8 million or $2,708 per square foot. This luxury property located at 100 S Pointe Dr. Unit #3507 was sold to tech entrepreneur Hari Ravichandran, who is the CEO of Jump Ventures and Aura.

Last week’s highest condo sale was lead by Lucas Lechuga (Luxe Living Realty-Miami Condo Investments) with the sale of a Setai Miami Beach condo that sold for $12.3 million.

The sale coming in second includes a luxury unit at Palazzo Della Luna on Fisher Island. The property sold for $7.5 million or $2,045 per square foot and was on the market for 324 days. Luxe Living Realty’s Dora Puig represented the seller.

Eighty Seven Park Goes Vertical In North Beach

Pritzker Prize-winning starchitect, Renzo Piano’s 87 Park will soon rise from the site just north of North Shore Park in Miami Beach. The developer, Terra Group, has finalized their construction loan and completed the 300 foundation pilings necessary to start bringing the 18 story project vertical.

Sales were launched in 2016, attracting the likes of Michael Huffington, the Conde Nast family and tennis star Novak Djokovic, all of whom are among the buyers in the 66 unit project that is now 60% sold. The boutique tower was named based upon it’s location, nestled between two parks at 87th Street and Collins.

The 35 acre North Shore Park to the South is set to be redeveloped with money contributed by the developer. This park will be shared with the public, but a more secluded park will also be available only to residents. Each of the 66 apartments will come with a key to the door and a key to the park, much the way New Yorkers covet a key to Gramercy Park. The private key park will be built by the designers of the new New York Governor’s Island.

Prices start at $1.7 million up to $45 million for the penthouse, which comes with a rooftop terrace and private pool overlooking the ocean.

The Harbour, in North Miami Beach, Launches its Sales Center

The Harbour, a twin-towered development in North Miami Beach launched its sales center a few weeks ago with a good ol’ fashioned sales launch party Miami style. Located on a large piece of land wedged between East Greynolds Park and Oleta River State Park, the 425 units in the two 32-story towers are destined to have some pretty hot views. That’s one of the many benefits of parks people, and why Miami needs more of them.

The large lot that is occupied by the Harbour, and the fact that all the residences are concentrated in the two towers, leaves room for amenities and green space down below. At ground level there will be a beach with aquatic sports equipment, including boating, paddle boards, kayaking, wind surfing, sailing, scuba diving, and fishing. The buildings will have a pool, a soccer field, multi-purpose field, tennis court, and an aromatherapy jogging trail. There will be a two-story residents lounge with library, billiards, poker, and TV, as well as a fitness center and spa.

We’re waiting on sales figures, but a year ago the project was allegedly 80% reserved, so let’s hope their impressive.