This Venetian Islands home sold for $13.6M. That was $5 million off the asking price
.jpg "The three-story home at 941 N. Venetian Drive sold on Monday for $13.6 million. Above: A photo of the waterfront home designed by the Miami Beach architecture firm Thirlwall.")
A waterfront spec house on the Venetian Islands sold for $13.6 million — about 25% off the original asking price of $18.5 million.
Douglas Elliman Realtor Associate Dina Goldentayer, the listing agent for developers Eduardo Otaola, Rodrigo Diaz and Eduardo Lucca declined to comment.
But Farid Moussallem, director of international sales for Compass and board member for the Master Brokers Forum, said that the price was too aggressive for the size of the house and the amount of water frontage — despite distinctive modern architecture by local firm Thirlwall Design and $2 million worth of Minotti furnishings and contemporary art.
“The house is special architecturally, but what [generally] drives the price is the land, scale, architecture, and exposure,” Moussallem said. The house faces north.
“If you want to see the $18 million and up, you need a different scale and location. We’re seeing this in Star Island, because of the western exposure, water frontage and scale.”
The three-story, 11,853-square-foot home at 941 N. Venetian Drive sold Monday to an undisclosed buyer. It originally was listed for $18.5 million in November 2019; in February 2020, the price was reduced to $16.9 million.
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The home features five bedrooms, eight bathrooms, a home office, movie theater and three-car garage. It sold for $1,147 per square foot, or for about $542 less per square foot than the most recent comparable sale, a 10,050-square-foot home at 1635 W. 22nd St. in the Sunset Islands that sold for $1,689.16 per square foot, in late August.
Moussallem said buyers from New York and California are continuing to shop the Miami Beach market. Most are seeking single-family homes priced above $10 million.
“The pandemic is feeding demand for homes like this,” he said. “Homes that need work are less desirable.”
This story was originally published September 1, 2020 at 7:00 AM.
