Music manager Myles Shear sells his Miami Beach home for $4.2 million
Music manager Myles Shear parted ways with his Miami Beach house on Thursday.
Shear, who co-founded with DJ-artist Kygo the music management firm Palm Tree Crew, sold his two-story, 3,772-square-foot house on North Bay Road for $4.2 million. Palm Tree Crew has worked with Dutch DJ Sam Feldt, Valerie Broussard and Nicholas Furlong.
New York couple Ira Levy and Helene Safdie, the heads of the lighting, sound, and production studio LEVY NYC Design & Production, bought the fully furnished house, which has four bedrooms, 6 1/2 bathrooms, pool and rooftop lounge. The house will be their primary residence.
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Julian Cohen, a sales associate with the Jills Zeder Group, represented Shear. Sady Knobloch, a sales associate with One Sotheby’s International Realty, represented the buyers.
“The luxury single-family home market is extremely healthy right now,” Cohen said. “Every day I get new calls from buyers outside of Miami that want a house.”
Cohen received on average two calls per week when he listed the house in June. Now, he receives on average five calls per week for prospective, out-of-state buyers, exemplifying the increasing demand for luxury houses — those priced over $1 million — in South Florida.
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Despite the demand for single-family houses, buyers are pushing back on prices. The house sold for 13.4% below the original $4.85 million asking price.
“A lot of the sellers are asking for high numbers but it’s getting more realistic. .... Buyers are extremely savvy,” Cohen said. “We were priced too high.”
The house sold for $1,113.47 per square foot, 53.52% more than the most recent comparable sale. The 3,240-square-foot house at 2021 North Bay Road sold for $725.31 per square foot in February.
The North Bay Road community runs across Sunset Islands and on the opposite site of Alton Road, near the Miami Beach Golf Club. Ricky Martin and Shakira have called the neighborhood home. Phil Collins, who is in a legal dispute with his ex-wife, plans to sell his North Bay Road mansion.
Shear has lived in the neighborhood since 2017, when he bought the house for $1.325 million.
Shear is staying in Miami Beach. Craving waterfront views and more space, Cohen said, Shear is looking to close on a single-family house for $7 million.
This story was originally published November 6, 2020 at 12:45 PM.
