After a few years on and off the market, a Miami urologist and his wife have dropped Coldwell Banker duo the Jills and hired Miami Beach broker Julian Johnston to relist their waterfront Palm Island home for $13.9 million, or $1,432 a foot.
Records show Dr. Martin Madorsky and Judith Richard own the 9,708-square-foot mansion, which they completed in 2014. Before the Jills had the property listed for the same price, it was on the market with Coldwell Banker’s Jeri Jenkins.
Johnston, owner of Calibre International Realty, said he knew the owners before they hired him to relist the property at 85 Palm Avenue.
The two-story, eight-bedroom home features imported woods from Asia, loggias, an open kitchen, a marble pool and 100 feet of water frontage, according to the MLS. Johnston said it’s set up for entertaining.
Madorsky and Richard paid $4.86 million for the 30,000-square-foot property in 2005, records show. They knocked down the 1978-house and built a tropical modern mansion in its place.
Madorsky is a urologist at the Urology Center of South Florida. Luxury agents in Miami Beach have said that doctors and lawyers are being priced out of the market, including the Venetian and Sunset islands, to financial executives, CEOs and foreign buyers.
On Palm Island, a lot of the same size sold to a spec home developer for $9 million in September, which comes out to $300 a foot for the land. A smaller home than Madorsky and Richard’s sold for $896 per square foot this summer, also on Palm Island at 250 South Coconut Lane.