The CEO of a home automation company bought a furnished waterfront home in Fort Lauderdale for $9.7 million.
Records show Marc Farbstein bought the house at 52 Royal Palm Drive from Dylan Hallerberg. Farbstein is chairman and CEO of Premium Digital Control & Automation, a Hollywood-based firm that specializes in digitized control systems for homes and businesses.
Hallerberg is the third generation of his family to lead Fortress Anchors, a marine anchor manufacturer headquartered in Fort Lauderdale.
Steven Romaniello of Florida Luxurious Properties had the listing. Farbstein’s sons, Max and Ryan Farbstein, of Douglas Elliman, represented him in the deal.
Hallerberg bought the nearly 7,000-square-foot house for $6.8 million in March of last year, records show. The newly constructed, five-bedroom, five-bathroom home received its certificate of occupancy in late 2020, according to Romaniello. The 0.3 acre property has 100 feet of waterfront.
Romaniello said the seller did not spend as much time in Florida as he originally planned, and had no interest in renting out the house.
“He didn’t want to have the property sitting vacant. He took advantage of the market increase,” Romaniello said.
Hallerberg sold the home for $8.7 million, with another $1 million tacked on for the furnishings, according to Romaniello.
The sale comes just as brokers are gearing up for the busy winter season. Despite rising mortgage rates and a market slowdown from the Covid frenzy, Romaniello said pricing remains strong.
“There is a little bit more inventory,” he said, “Everything is priced competitively.”
Fort Lauderdale saw multiple record-breaking sales over the summer months. In July, a waterfront estate set a new Broward County price record when it closed for $28.5 million. Just a month later, that record was shattered by another waterfront estate that sold for $32.5 million.