A
Miami Beach teardown has changed hands for $21 million and is now listed for rent at $30,000 per month. Glenn Boyer's 1601 North View LLC purchased the property from Sally Coker, trustee of her late father Phillip Walker's estate. The listing agent is Nancy Batchelor of Compass, while Matt Crane of Compass represented both the buyer and seller.
The luxury development market in South Florida has slowed due to rising costs for properties, construction, insurance, and materials. Despite this, wealthy buyers continue to flock to the area, driving up prices for new constructions. Recent examples include David and Victoria Beckham's $72 million purchase on North Bay Road and Claudio Fischer's sale of a Palm Island spec mansion for $40 million.
Boyer is director of development at Infinity Collective, a New York-based real estate investment firm. Walker was an attorney and estate planner who passed away in August. The 0.6-acre Sunset Island I property spans nearly 3,100 square feet, has two bedrooms, two bathrooms, and includes a dock along its 108-foot waterfront.
The sale price of $21 million exceeds the asking price of $19.8 million set by Coker in September. Other recent deals on Sunset Islands include Karlton Companies' $19 million purchase of a teardown in August, which will be replaced with a 10,500-square-foot ultra-luxury mansion, and Starwood Capital Managing Director Austin Nowlin's sale of a waterfront home for $16.7 million in July.
