The listing price and brokerage for a nearly 1-acre vacant lot on Miami Beach’s North Bay Road has been chopped to $16.9 million, down from $19.995 million in August.
Rendering of 5840 North Bay Road
The new ask, a 13 percent discount, breaks down to $446 per square foot. Douglas Elliman’s Oren Alexander and the Alexander Team are now listing the waterfront property at 5840 North Bay Road, according to Realtor.com. It was listed with Coldwell Banker‘s Jill Hertzberg and Jill Eber of the Jills in August.
Barish Family LLC owns the 38,000-square-foot property, which previously included a 6,200-square-foot home built in 1929. It features 191 feet of bay frontage. Corporate records show Edith Ann Barish controls the LLC.
“We priced it where it should be on the market,” Alexander told The Real Deal. “There’s a lot of value here considering it’s probably the best waterfront lot in Miami Beach.”
The plot comes with plans for a modern, two-story, 18,500-square-foot mansion designed by DOMO Architecture + Design. Alexander told TRD that it’s priced to appeal to end-users and developers alike, and because building plans are included, it cuts out “at least a year of planning and permitting.”
North Bay Road is home to a number of new spec homes. Developer Peter Fine is building a 15,000-square-foot spec mansion at 6440 North Bay Road, priced at $30.5 million. His firm, To Better Days Development, is also building a spec home at 6010 North Bay Road.
Palos Developments is also building an 11,568-square-foot spec home at 6466 North Bay Road, which will be completed in June. It’s on the market for $25.5 million.
“All you’ve got to do is build. As a finished house, it will probably go for $40 million,” Alexander said.