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waterfront lot in Coral Gables has been purchased by business consultant Paul Warshaw for $18.2 million, amidst a slowdown in the residential land market. The 0.8-acre property at 185 Solano Prado in the gated Old Cutler Bay neighborhood was sold by Sashimi Properties, a Florida entity linked to Los Angeles-based NKSFB, a business management firm catering to entertainers and celebrities.
Warshaw, chief operating officer of Bottom Line Concepts, has invested heavily in South Florida real estate. Last year, he bought a waterfront teardown in Surfside for $7.9 million from former Formula One driver Eddie Irvine and merged it with an adjacent property purchased for $6.6 million. Sashimi Properties acquired the Coral Gables lot for $16 million in 2022.
The surge in costs for land, construction, insurance, and building materials has dampened demand for single-family development sites in South Florida. Despite inward migration of wealthy buyers seeking newly constructed homes, many are unwilling to build for themselves due to high costs. Spec developers have been sidelined, leading to a shortage of luxury spec homes.
The market's response is evident in the record-breaking prices being paid for new construction. In recent months, David and Victoria Beckham spent $72 million on a North Bay Road mansion, while Chilean casino magnate Claudio Fischer sold a waterfront spec mansion for $40 million. Coral Gables remains an attractive area for luxury buyers seeking proximity to top private schools like Ransom Everglades.
