UPDATED, Nov. 9, 12 p.m.: Former Miami Beach commissioner Jerry Libbin sold his waterfront Normandy Shores house to two Miami Beach real estate agents who plan to build a spec mansion.
Libbin and his wife, Raquel, sold the four-bedroom, 4,170-square-foot home at 1125 North Shore Drive to an entity led by Douglas Elliman agent Brett Harris and broker Kevin Brill, the buyers said. It sold for about $5.5 million.
Harris and Brill plan to build a roughly 9,000-square-foot spec mansion on the 0.4-acre property and list it for about $17 million. In the meantime, they plan to renovate the house and rent it out. They also plan to acquire more properties, Brill said.
Harris said the property is the last waterfront lot on Normandy Shores that faces west with more than 100 feet of frontage, while Brill, an investor and broker of his KMB Realty, said it is the largest lot on the island. It has more than 105 feet of water frontage.
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Sari Libbin with Elliman represented her parents, the sellers. Jerry Libbin, a former commissioner, is president and CEO of the Miami Beach Chamber of Commerce, according to his LinkedIn.
The Libbins paid $308,000 for the property in 1988, records show. It was built in 1950 and expanded throughout the years.
Brill said he also recently acquired the house at 1000 North Shore drive for $1.4 million, with plans to rent it out.
Prices on Normandy Island have ticked upward over the past year. The $6.5 million sale of a waterfront house on Bay Drive in October 2020 set a record for the island, which was beat by the $9.7 million sale of the under-construction home at 865 North Shore Drive, according to Harris and Brill.
A number of agents and brokers have also purchased homes in Miami Beach and throughout South Florida.
In September, Terra developer David Martin sold his waterfront Miami Beach home to his listing agent, Dina Goldentayer, a top agent at Douglas Elliman, for $8.9 million. And in October, Elliman agent Oliver Lloyd paid $11.2 million for a waterfront teardown on the Sunset Islands in Miami Beach, with plans to build a mansion.