If you’re intrigued by Miami Beach’s Faena hotel, you can now make that distinctive style your own.
Alan Faena, developer and force behind the namesake hotel, has put his waterfront Miami Beach home on the market $16.5 million.
The Argentine real estate developer and former fashion designer told the Wall Street Journal that he wants to move from his 8,300-square-foot estate at 4731 Pine Tree Drive and onto another design project. Faena purchased the nine-bedroom, seven-bathroom and two-half-bath home in 2014 for $10.3 million. Built in 1927, the home once belonged Robert Keith Gray, an activist and advisor to President Dwight Eisenhower. Faena listed the property on Thursday.
“In the last three years, this has become one of the hottest markets for single-family homes,” listing agent and Douglas Elliman broker Oren Alexander told the Miami Herald.
The home is listed at about $1,987 per square foot — about $396 per square foot more than the most recent comparable sale, in April. That six-bedroom, six-bath house, built in 2016, spans 12,344 square feet and sold for $19.65 million — about $1,591 a square foot.
The Faena home’s vintage may be a weakness for buyers who prefer one of the more modern structures populating Pine Tree Drive, but, said Alexander, the lot size of 42,600 square feet is the largest of the comparable sales by more than 1,000 square feet.
“The house has character,” said Alexander. “And buyers are becoming smarter. They’re not looking for another shoebox.”