Developer Sells Waterfront Estate to Cosmetic Company CEO

Pascal Nicolai, a Miami house developer, sold his waterfront Hibiscus Island spec home to a cosmetic company CEO for $2 million over asking price landing at a steep $15 million.

The waterfront estate located at 165 North Hibiscus Drive in Miami Beach features 5 bedrooms, 5.1 bathrooms all on 0.17 acres of water frontage. The MLS listing shows a rendering of the spec home with a modern finish with floor-to-ceiling windows covering the exterior.

The interior of the home showcases 4,791 square feet of living space with high-end finishes.

Tropical foliage surrounds the property creating privacy that is unmatched on Hibiscus Island. The pool overlooks the dock, Biscayne Bay, and faces the Venetian Islands.

The seller Pascal Nicolai is the owner of Nicolai’s Sabal Development and this is one of his many spec homes currently being developed in Miami. The buyer for the property is the CEO of Farmasi North America, Sinan Tuna.

Tuna’s company is not only a cosmetic company but it’s also a marketing company that was originally located in Istanbul. Farmasi plans to build a headquarters and distribution center for the company in Doral, Florida.

The property was originally listed in July 2020 for $13 million during its completion of construction. It was then taken off the market then resisted in late 2021 for $15.5 million. The property was last sold to the developer for $5.8 million in 2016.

Dora Puig, owner and broker of Luxe Living Realty represented the seller/developer of the property.

Estate Featured on Miami Vice Sells for $13.9 Million

Andian Group, a Miami-based development firm led by Andres Isaias and Alejandro Diaz Bazan recently purchased a Miami Beach waterfront home for $13.9 million. What a deal for the estate that was originally on Miami Vice.

The property is located at 1415 North View Drive on Sunset Islands. The property itself features 7,748 square feet sitting on 0.6 acres. With 6 bedrooms and 8 bathrooms, the contemporary design showcases custom walls, marble flooring, and soaring wood-beamed ceilings.

Skylights and large windows center on the incredible outside views. The home also features a custom bar in the main living area, a gourmet eat-in kitchen with top-of-the-line appliances. Carrara marble unfolds throughout the bathrooms making the home a luxurious retreat.

The exterior of the home feature an in-ground pool with a fountain, 97 feet of water frontage, and the ability to place a long boat dock.

The home was originally built in 1983 and was utilized from 1984 to 1990 for the filming of the original Miami Vice.

The property records state that the seller is Lions Global Venture out of Miami. Lions Global purchased the home in 2013 for $7.6 million.

The Andian duo plans to renovate and sell the home for profit. They have been very active in Miami Beach and have recently sold a home on the Venetian Islands for $15.1 million.

Doubling in Value – Venetian Island Waterfront Mansion Sells for $30 Million

The Venetian Islands in Miami are man-made islands connected by the Venetian Causeway from downtown Miami to Miami Beach. These islands offer some of the most lavish and unobtrusive island living in Miami. Totaling 6, each island offers its on appealing qualities.

In the winter months, you will see socialites, notables, and celebrities flocking to these gorgeous islands for a private and luxurious getaway. These islands offer a mixture of Mediterranean and Italian inspired architecture and landscaping. With swaying palms, stone exteriors, you will feel like you are on a secluded resort island.

More recently, a waterfront mansion with one of the largest lots on the Islands sold for $30 million. Doubling its value, this property was originally purchased for $13.5 million in 2014. The new purchase price equaled $3,870 per square foot and was sold off-market.

Located at 943 N. Venetian Drive, this lot faces north on Biscayne Bay, making it one of the most desirable locations. The property features 7,752 square feet of living space on 1.08 acres with private gate entrance.

The estate was built in 1937 with additions in 1994 and 2004. Guests are greeted with a circle drive leading to a Mediterranean stucco finish mansion with 6 bedrooms, 7 bathrooms, 7 statues, a pool, balcony, and boat dock.

Sellers for the home include Marjorie E. Stone and Ricardo Rodriguez, but the buyers are currently unknown with a registered name of Delaware LLC.

The Venetian Causeway Upgraded One of Miami’s Most Used Bike Routes

The Venetian Causeway, which is home to one of Miami’s most popular bike route, has upgraded the experience for cyclists by unveiling green bike lanes. The high emphasis green bike lane project began in December with plans to have it completed in the coming months.

The slip-resistant lanes were created to promote a “share the road” mentality, so that drivers, cyclists, and pedestrians could all have an enjoyable experience. Originally, the lanes were only planned to cover the Miami Beach city limit stretch but the county later agreed to allocate additional funds so that each 2.5-mile stretch could be covered.

The lanes head both east and west, so riders can enjoy the new bike lanes heading into and out of Miami Beach. Additionally, if you are riding east and heading for South Beach, you’ll now be able to find 65 long-term parking spots in the 17th Street garage. Miami Beach unveiled these spots last week with an option to park overnight if needed.

With the new green bike lanes providing cyclists with a safer biking experience, the Venetian Causeway should remain one of Miamians favorite bike routes for many more years to come.

Venetian Islands Waterfront Manse Trades For $9 Million Post-Irma

Despite our brush with Hurricane Irma last month, it seems that buyers have not been scared off from waterfront real estate. A charming Colonial-style 5,600 square foot waterfront home on Dilido Island has sold for $9 million, or $1,600/square foot ($540/ square foot if you are calculating the land value)..

The buyer, who hails from Ecuador, was represented by Dora Puig of Luxe Living Realty and is also the broker for the Miami Condo Investments Team. “People are paying premiums on land to live on the Venetian Islands,” she told the Miami Herald. “Even after the hurricane scare, deals are closing. People are not running away.”

The home was originally built in 1941 and has 4 bedrooms, each with a bay view, and 5 bathrooms. The 16,700 square foot lot has and infinity-edge pool and 132 linear feet of bay frontage with a boat lift.

This sale marks the most expensive single-family transaction since the storm passed. According to the Venetian Islands Market Statistics page, the average sales price per square foot on the islands over the last 6 months is $1,520/square foot.

Miami Beach Teardown Fetches Record Price

What would you pay to have this sunset view every day of the year? If you are a South African business mogul, I’d say you would likely pay $10 million. Then you could tear down the house that is on the lot and build something amazing that is customized to your taste. Yes, that’s what would happen because that’s what did happen. An unnamed South African businessman has taken the leap and paid an astonishing $746/square foot to call 28 S Dilido Avenue home. The property is very special, it is a 13,408 square foot lot with 107 linear feet of water frontage and a year-round view of Miami’s famous multi-colored sunsets as the sun sinks behind Downtown Miami’s glistening condo towers.

Because the lot is so special, calculating the final price took six months and surgical precision, according to Dora Puig, who brokered the sale. She spent endless hours dissecting the comparable sales of waterfront teardown homes. Dora is also the Miami Condo Investments Team’s Madrina, the sales team is very proud to call her our broker! Here are the types of details she went through…

The overall average price per square foot of Miami Beach waterfront teardown lots is $392/square foot over the last year (excluding this sale). There were 19 total sales with the lots ranging from 9,500 square feet up to 30,000 square feet and with between 60 feet and 200 feet of water frontage. You also have to consider what type of waterfront views the lots have. Some have the same open bay view with the skyline backdrop, which is considered a premium by many. Some have views of the Port of Miami, so they can watch the cruise ships depart and arrive and commuters sit in traffic, and some have a peaceful lake view. Dora had to do the math on 19 properties and figure how much each factor of each property was worth, then do the math backward with the property the buyer is interested in to calculate what it would be worth. I consider this part a daunting yet gratifying task.

The most expensive sale prior to 28 S Dilido was 40 W San Marino Ave, which traded for $610/square foot. That lot had similar views but was 3,000 square feet smaller and had almost half of the linear water frontage that Dilido has.

The least expensive recent land sale has been 860 Lakeview, which sold for $132/square feet. This lot is an ENORMOUS 18,630 square feet that has 80 linear feet of water frontage, but the view is not the year-round multi-colored sunset behind the downtown buildings view that Dora’s mystery buyer was seeking. It looks out over the new Ritz Carlton Miami Beach, that was once Miami Beach’s Heart Institute and is currently under construction. That is going to be a gorgeous building, but let’s stay on topic.

Now that Dora has been victorious in discovering the land value and closed the sale, whispers around the office are that the buyer (who has not been named) has chosen Saota to design his now home. Saota is a South African design and architecture firm who is responsible for that amazing Miami Beach mansion on Pinetree Drive with a waterslide off of the roof that sold for $34 million in January. That post took me a long time to write because I couldn’t stop looking at the pictures. I am overjoyed to hear that Miami will receive another home that they have designed!

What is the takeaway of this sale?

People ask me all the time if the Miami market is a bust because of the hoards of negative news reports that are being written. I have to be honest and say that yes, there is an inventory glut in the Downtown and Brickell area condo market, but that doesn’t equate to a bust.

Wealthy people buy what they want, not what is cheap and Miami is an immensely desirable location for people from around the world. This buyer could have chosen any city in the world to call his home, and he chose Miami.  We have the lifestyle that people seek, amazing culture, convenient accessibility and ease of access from other international locations, and that all-important multicolored sunset that shines behind our glistening condo towers year-round. Just like the client wanted. Congratulations to him! Let’s see that sunset again for good measure.

The Venetian Causeway Is Reopening A Day Early

photo courtesy of Dora Puig

The Venetian Causeway is reopening today, one day ahead of schedule. As we reported back on December 13, the causeway was closed in order to finish the last leg of the repairs that were required in order to ensure the safety of those who cross between mainland Miami and Miami Beach each day. The bridge was scheduled to reopen on December 29, but a news release from Miami Dade announced the completion ahead of schedule. It reads:

MIAMI (December 28, 2016) —

The Department of Transportation and Public Works (DTPW) will permanently reopen the East Bascule Bridge on the Venetian Causeway starting at 6 p.m. today, Wednesday, December 28, 2016.

In November, the bridge was closed to pedestrian, cycling, and vehicular traffic due to necessary maintenance and repairs. A little over six weeks later, DTPW has completed the necessary rehabilitation work in a timely manner and will reopen the bridge ahead of schedule on December 28, 2016.

Up until now, Venetian residents have had access to the island via the west side of the bridge up to Rivo Alto Island. In order to accommodate for holidays and large-scale events, the East Bascule Bridge was temporarily reopened in late November for Thanksgiving and Art Basel Miami Beach, and once again in late December for the long holiday weekend.

Now, after working diligently for weeks, the Department is ready to lift the barricades and allow the natural flow of pedestrian, cycling, and vehicular traffic.

DTPW has worked closely with the cities of Miami and Miami Beach, as well as other agencies, and ensured that the contingency plans set in place by police and fire rescue were well executed in order to immediately respond to any emergencies on the Venetian Islands.

The Venetian Causeway Is Closed AGAIN

photo courtesy of Dora Puig

Just as life was about to return to normal after the snarled traffic from last month’s Venetian Causeway closure, it has closed again. As of December 12, the East Bascule Bridge of the Venetian Causeway has been re-closed to all vehicular, cycling and pedestrian traffic so that the County can complete rehabilitation work on the bridges. According to the County, they will have the causeway re-opened on December 29, just in time for the New Year’s Eve traffic to and from Miami Beach.

This certainly isn’t the first time the Venetian Causeway has caused delay and headache for residents. The west side of the causeway was closed between June of 2015 and February of 2016, so that decaying segments could be replaced. Once it was reopened, the east side was closed on November 14 of this year and reopened in order to accommodate the traffic surge from Art Basel. Having the traffic headaches certainly doesn’t help sales of luxury homes on the Venetian Islands. Hopefully for everyone’s sake, these repairs will be the last delay we see from the Venetian Causeway in the near future.

DEAL ALERT: Lovely Venetian Islands Waterfront Home Has $2M Reduction

Earlier today a little birdie peeked into our email tip line and suggested that there was a house at 1370 S Venetian Way on San Marco Island that was going through a series of price reductions with an “especially eager” seller. I thought to myself, “this is going to be fun.” I jumped over to the MLS to see what could possibly be wrong with the house that would make a total of $2 million in price reductions necessary. What I found was an especially lovely house and nothing to make fun of. Heck, if I’d love to live here if I had $5.865M.

The house hit the market back in August for $8.9M and has had steady reductions ever since. It is now priced alongside the average closed sales price for similar waterfront properties on the Venetian Islands, which is $5.865M over the last 3 months. Built in 2001, the current owners have outfitted the property with tasteful updates and seemingly kept the property up well. They opted for things like hurricane impact windows throughout over the typical more flashy upgrades we typically see in Miami. Good call.

Situated on a southern-exposure waterfront lot with 60 feet of frontage to the Biscayne Bay, the views from the pool, patio, balcony and rooftop sundeck are beautiful day and night. You would be able to see the Port of Miami, Downtown Miami lights and skyline and the underlit MacArthur Causeway at night. The interior is 4,033 square feet with 5 bedrooms, 4.5 baths and a guest house. As of today, the listing price is $5,865,000 and from the tip we received, I imagine there is more room to negotiate. I’m at a loss. I don’t know why this house has no buyer. Do you have suggestions? Have a look at the MLS photos and drone video below and let us know. You can also compare it to other luxury houses in the neighborhood by viewing our collection of luxury homes for sale in Miami, Florida.

Venetian Islands Waterfront Lot Fetches $6.5 Million

Just this morning, escrow was closed on a 15,750 square foot lot at 412 West Dilido Drive on the Venetian Islands to an unnamed businessman from Brazil. The sale included plans for an amazing 7 bedroom home with almost 8,500 square feet of living space designed by Max Strang.

According to those involved in the sale, the buyer does intend to build his personal residence on the property. The plans are already approved and permitted from the grandfathered code regulations that allow a larger home, 1,100 square foot rooftop terrace and a private elevator. The same home would not be approved today.

Other aspects of the planned residence include an Ipe wood summer kitchen and Fleetwood telescopic floor to ceiling sliding doors. The buyer will have the opportunity to customize the interior to his taste. Aside from the 3^rd floor rooftop terrace, there will be a series of three 2^nd floor covered decks, two first floor patios, a cabana and an atrium. The lot offers 90 feet of waterfront with a dock and amazing sunset views.

The property and plans sold for $6.5 million. Dora Puig from our very own Luxe Living Realty represented the seller and David Pobiak from Beachfront Realty brought the buyer. See below for renderings of the project: