Luxury spec homebuilder Andres Isaias specializes in buying waterfront homes, renovating them (or replacing them entirely), then flipping them for millions. But one eager buyer in the Sunset Islands just saved him half the trouble.
The Andian Group founder sold a roughly half-acre lot at 1740 West 25th Street to an unknown buyer for $25.5 million in an off-market deal orchestrated by the Jills Zeder Group.
Isaias said he was drawing up plans for a new home on the site with architect Ralph Choeff when he was approached with, in his words, “an offer I couldn’t refuse.”
Hertzberg represented the buyer, listed in property records as Mafs Properties LLC, and offered $6.6 million over the teardown’s most recent $18.9 million asking price and nearly five times what Isaias paid for the property back in 2012.
The sale set a new record for off-market sales on Sunset Island II, the largest of the four man-made Sunset Islands west of Miami Beach Golf Club.
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Isaias paid $5.6 million for the six-bedroom home in 2012, and listed the property on-and-off over the years (though he claimed he’d never seriously considered selling it), before resolving to redevelop it instead.
“Given the construction costs and the three-year projection of building the house, it just made more sense to sell the land,” Isaias said.
The sale price amounts to $1,020 per square foot, a 355 percent increase over what Isaias’ paid for it.
Demand for waterfront properties in Miami Beach is driving up prices for empty lots and teardowns alike. Earlier this month, Pura Vida restaurateur Omer Horev flipped a waterfront teardown on Intracoastal Waterway for $14 million, and Artefacto owner Paulo Bacchi flipped a Hibiscus Island waterfront lot for $10.7 million, doubling his money.
In March, Anatomy Fitness founder and former mob associate Chris Paciello sold a waterfront teardown, also in Sunset Islands, for $14 million.