Developer Sells Waterfront Estate to Cosmetic Company CEO

Pascal Nicolai, a Miami house developer, sold his waterfront Hibiscus Island spec home to a cosmetic company CEO for $2 million over asking price landing at a steep $15 million.

The waterfront estate located at 165 North Hibiscus Drive in Miami Beach features 5 bedrooms, 5.1 bathrooms all on 0.17 acres of water frontage. The MLS listing shows a rendering of the spec home with a modern finish with floor-to-ceiling windows covering the exterior.

The interior of the home showcases 4,791 square feet of living space with high-end finishes.

Tropical foliage surrounds the property creating privacy that is unmatched on Hibiscus Island. The pool overlooks the dock, Biscayne Bay, and faces the Venetian Islands.

The seller Pascal Nicolai is the owner of Nicolai’s Sabal Development and this is one of his many spec homes currently being developed in Miami. The buyer for the property is the CEO of Farmasi North America, Sinan Tuna.

Tuna’s company is not only a cosmetic company but it’s also a marketing company that was originally located in Istanbul. Farmasi plans to build a headquarters and distribution center for the company in Doral, Florida.

The property was originally listed in July 2020 for $13 million during its completion of construction. It was then taken off the market then resisted in late 2021 for $15.5 million. The property was last sold to the developer for $5.8 million in 2016.

Dora Puig, owner and broker of Luxe Living Realty represented the seller/developer of the property.

Estate Featured on Miami Vice Sells for $13.9 Million

Andian Group, a Miami-based development firm led by Andres Isaias and Alejandro Diaz Bazan recently purchased a Miami Beach waterfront home for $13.9 million. What a deal for the estate that was originally on Miami Vice.

The property is located at 1415 North View Drive on Sunset Islands. The property itself features 7,748 square feet sitting on 0.6 acres. With 6 bedrooms and 8 bathrooms, the contemporary design showcases custom walls, marble flooring, and soaring wood-beamed ceilings.

Skylights and large windows center on the incredible outside views. The home also features a custom bar in the main living area, a gourmet eat-in kitchen with top-of-the-line appliances. Carrara marble unfolds throughout the bathrooms making the home a luxurious retreat.

The exterior of the home feature an in-ground pool with a fountain, 97 feet of water frontage, and the ability to place a long boat dock.

The home was originally built in 1983 and was utilized from 1984 to 1990 for the filming of the original Miami Vice.

The property records state that the seller is Lions Global Venture out of Miami. Lions Global purchased the home in 2013 for $7.6 million.

The Andian duo plans to renovate and sell the home for profit. They have been very active in Miami Beach and have recently sold a home on the Venetian Islands for $15.1 million.

Star Island Waterfront Mansion Just Listed for $90 Million

Star Island is known for its exclusivity along with its custom mega-mansions and just released yesterday is the most expensive property ever listed on the Island at $90 million. If sold for the listing price, it will also be the most expensive sale on Star Island in front of a mansion that sold last month for $75 million.

Located at 27 Star Island, this waterfront mansion is sited on 40,000 square footage of east-facing water frontage. The expansive property includes 2 separate homes. The main home showcases 23,737 square feet of living space and was designed by Starchitect SAOTA and was constructed by Coastal.

This property features 6 bedrooms with 12 bathrooms. The most unique amenities of this home include the gym located on the water with a sauna and steam room, cold plunge, massage room, and hair salon. Soundproofing and chef’s kitchen with high-end appliances really makes this place spectacular.

For the wine connoisseur, you can enjoy the 1,400 bottle wine room that overlooks the exquisite kitchen. Enjoy views of the wraparound pool and cabana from the rooftop lounge. There is also a new boat dock and lift.

The second home is located at the front of the lot and enhabits the 20’s era with the 1924 Degarmo home that has been completely restored. The floors are the original but are restored Miami Dade Pine. The property was originally built by Walter De Garmo, a famous Miami architect in the early 1900’s. This home features 3 bedrooms and 2 bathrooms.

According to the MLS (multiple listing service), this property was rented at $400,000 monthly. No other information was provided. The seller is also unknown.

Star Island is a man-made island located in Miami Beach along Biscayne Bay. Made up of just a few dozen homes, Star Island is one of the most coveted and exclusive islands in South Florida. Star Island is within close proximity to Hibiscus Island, the Venetian Islands, and Palm Island. Each waterfront lot offers at least 40,000 square feet of unobstructed water views and frontage.

Star Island can be accessed through one bridge with a guardhouse entrance. A large number of celebrities live or have owned on Star Island. Some notables include Gloria Estefan, P. Diddy, Lea Black from the Real Housewives of Miami, and Jennifer Lopez.

Cincinnati Businessman Sells Miami Beach Mansion 6 Months after Purchasing Property

Cincinnati businessman, Josh Lehman recently sold his Miami Beach Mansion for $17.5 million. The waterfront mansion located on Hibiscus Island was sold 6 months after Lehman first purchased for a profit.

The buyer listed as Top Hibiscus LLC, an entity managed by Jose Carlos Pontes. Pontes is the head of Grupo Marquise a Brazilian-based construction company.

The mansion last sold for $15.5 million in May 2021 closing at a $2,850 per square foot. The current price closes close to $3,219 per square foot. The property was purchased with cash.

The property itself located at 160 S. Hibiscus Drive in Miami Beach features 5 bedrooms and 5.5 bathrooms totaling 5,427 square feet of living space. Upon entering, you immediately notice the tall ceilings, floating staircase, and the floor-to-ceiling sliding doors that lead to the exquisite back yard.

The waterfront mansion also features an Ornare custom kitchen, bar, spacious master suite with marble bath and Mia Cucina his/her closets. The exterior is complete with a rooftop deck, infinity edged pool with views of Biscayne Bay, outdoor bbq, and a 2 car garage.

The property was built earlier this year and the architect behind the modern design is Reinaldo Borges with interiors by Tara Nia Design. The home purchase also included a furniture package. The property also features a long dock for up to 38 foot boats.

Pontes, the purchaser of this property also sold another mansion that was located on Hibiscus Island in July 2021. That property located 150 S. Hibiscus was sold for $26.5 million.

Condo Associations Opting to Not Include Water as a Utility in Their Monthly Dues

You know what they say when you assume: you make an ASS out of U and ME. Until recently, it was assumed, for condos located in Miami, that water would be included as a utility in a condo owner’s condominium association dues and, therefore, would be included in the rent price for tenants who lease their property. That no longer seems to be a safe assumption. Two recently completed condo developments – Nine at Mary Brickell Village and The Crimson – have done away with including in their condo dues water as a utility. For those two condo developments, units have associated to them separate water meters, which are read periodically in order to compute their individual utility bill.

While at first glance this may seem like great news for investors since they no longer would have to foot the bill for a utility service that they personally are not using, it could potentially be risky for owners as well. If a tenant neglected to pay his/her water bill, a lien could be placed on the property. That is not the case for other utilities and services such as electricity and cable TV. If a tenant neglected to pay their electricity bill, Florida Power & Light would simply shut off the power to the property. If a tenant neglected to pay their cable TV bill, the cable company would simply deactivate service. If, on the other hand, a tenant neglected to pay their water bill, the bill would continue to run up and a lien would be placed on the owner’s property. Something to keep in mind, especially for Realtors who are in the habit of telling prospective tenants that water comes included in the rent price. Rather than assuming, it’s always best to double check with a building’s condominium association before relaying such information.