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Waterfront Miami Beach estate flips for nearly 50% gain in 4 months
It sold for $19M in May
Andian Group sold a waterfront Miami Beach estate for $28.1 million, almost $10 million more than the firm paid for the property in May.
Andian, led by Andres Isaias and Alejandro Diaz-Bazan, renovated the 10,459-square-foot mansion at 6385 Pine Tree Drive Circle and flipped it in about four months for 48 percent more than it paid, Diaz-Bazan said. The buyer is the Klein Family Trust.
The Mediterranean-style estate, built in 1937 and later expanded, now includes nine bedrooms, 11 bathrooms and two half bathrooms. Andian renovated the two smaller structures on the 1.1-acre lot, adding a movie theater, spa, hair salon and gym, according to Isaias.
The Pine Tree Drive property also includes a 100-foot dock with a boat lift and jet ski lift, a four-car garage, two-car garage,a koi pond, sculptured gardens, and new landscaping.
Diaz-Bazan and Danny Hertzberg, both with Coldwell Banker’s The Jills Zeder Group, represented the seller. Jill Hertzberg of the same team brought the buyer.
Andian affiliate 6385 P Circle LLC paid $19 million for the property in May.
Andian Group has built spec homes in Miami Beach in the past, and sold a waterfront mansion on North Bay Road in February for $23.7 million.
Flips of luxury single-family homes are becoming more common due to a shortage of inventory in South Florida.
A company tied to Michelle Simkins recently flipped a waterfront Allison Island home in Miami Beach for $9.1 million, about $4 million more than it last sold for in March.
Last month, an oceanfront Golden Beach home sold for $8.2 million, nearly 45 percent more than its previous sale in late December.