Know about market updates

1950s Miami Beach home up for grabs at $13.5M

1950s Miami Beach home up for grabs at $13.5M
Nearby spec house cleared $19.5 million in December
February 01, 2016 05:15PMBy Sean Stewart-Muniz

The home at 4333 Pine Tree Drive in Miami Beach

A mid-century home on the waterfront side of Pine Tree Drive was just put up for sale at $13.5 million, and its listing is calling for a tear-down.
The single-story house was first built in 1950 on a nearly 0.8-acre lot at 4333 Pine Tree Drive. It measures only 3,375 square feet and sits directly next to the Miami Beach Jewish Community Center.
Thomas Weiss and his wife Rhonda Weiss, the home’s owners, originally paid a mere $277,500 for the property in 1986. That breaks down to about $82 per square foot for the house, or almost $8 per square foot of land.
An aerial view of the 0.8-acre lot at 4333 Pine Tree Drive

In the mid-1990s, they repaired the home’s aging roof and installed a dock. More recently in 2012, the couple completely renovated its kitchen with new countertops and modern appliances.
Now, they hope to clear a whopping $4,000 per square foot for the house — or about $387 per foot of land.
The couple listed their home two days ago with Rhonda Rose of Rose Realty & Associates.
“Build the home you have been dreaming of,” Rose wrote in the listing. She said the similarly sized lot at 4395 Pine Tree Drive, where developer Todd Glaser built a spec home, recently sold for a whopping $19.5 million.
Pine Tree Drive is known for its over-sized lots and sprawling estates. Last year, the street was a veritable hotbed of real estate activity as developers and high-net-worth players traded properties for tens of millions of dollars.

Source: The Real Deal

Leave a Reply

Your email address will not be published. Required fields are marked *