Know about market updates

Owner of mid-century Venetian Islands home wants $1,484 per square foot

Owner of mid-century Venetian Islands home wants $1,484 per square foot
Islands have seen redevelopment en masse in recent years
April 07, 2016 01:30PMBy Sean Stewart-Muniz

1417 North Venetian Way

An aging mid-century home on Miami Beach’s Venetian Islands, advertised as a tear-down, has hit the market for $5.95 million.
The home is located at 1417 North Venetian Way on a northeastern lot facing Biscayne Bay. Measuring 4,008 square feet, the home was built in 1941 and is currently owned by Kathleen Earl, who paid a mere $355,000 for the property back in 1988, according to county records. That price breaks down to just under $89 per square foot.
What’s really up for sale is the property’s land, according to its listing with EWM Senior Vice President Nelson Gonzalez. The home occupies a prime bayfront lot measuring 13,382 square feet with 104 feet of water frontage.
Its asking price of $5.95 million breaks down to about $1,484 for the home, which starts to enter the territory of what Miami Beach’s newer contemporary mansions are selling for. But for the land, the price equates to roughly $445 per square foot — similar to the sale prices for other tear-downs on the islands.
The Venetian Islands, and Miami Beach as a whole have experienced a redevelopment boom in recent years as investors and the wealthy buy up aging mid-century properties and turn them into luxe mansions.

Source: The Real Deal

Leave a Reply

Your email address will not be published.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