A
waterfront spec home in Miami Beach's gated Normandy Shores neighborhood has sold for $16 million. The property at 1155 North Shore Drive spans 5,400 square feet and boasts 92 feet of waterfront. Stefan Demmerle, a BorgWarner executive, and his wife Susanne sold the house to DVK Florida LLC, a Texas entity managed by Daniel V. Knox.

    The Demmerles purchased the 0.3-acre property in 2016 for $3.1 million and tore down the existing home to build their new residence. Completed earlier this year, the five-bedroom house features four bathrooms, one half-bathroom, a pool, and stunning waterfront views. The luxury home initially hit the market for $18.1 million in September.

    Located within the gated community of Normandy Shores, the property offers access to a golf course, private club, tennis courts, pickleball facilities, and basketball courts. Luxury buyers have been drawn to South Florida's gated communities in recent years, prioritizing privacy and security in their purchases. The neighborhood has attracted high-profile buyers, including Andy Ansin, who spent $22.1 million on three adjacent properties in 2022 and 2023.