MIAMI FL — Prestige Realty Group recently closed on a 30,000-square-foot lot on Palm Island for $9 million. Located at 135 Palm Ave, Miami Beach, FL. 33139, this is the most expensive land deal on the island in 2016 according to MLS data. Tony Rodriguez-Tellaheche, co-founder and broker of Prestige Realty Group represented both the buyer and seller on the transaction.
The lot, which features 100 feet along the water and 300 feet in depth, was purchased by a local developer who plans to build a spectacular 15,000-square-foot spec home with ultra-luxurious finishes designed by Giorgio Balli. Once completed, the new home will be listed for about $27- $29 million.
“Palm Island offers luxurious living and exclusivity and there are very few lots left on the island to build on,” said Rodriguez-Tellaheche. “The sale price of this lot not only underlines its value, but also the ability to achieve the maximum price for real estate when the property is positioned correctly.”
Prestige Realty Group sold the original home to the seller in 2014 for $9.4 million in cash. The initial plans were to demolish the home that sat on the lot and build a vacation home. Plans later changed and the seller decided to just list the empty lot. The home that had once been on the lot belonged to Ira Sochet, who was one of Scott Rothstein's biggest investors.
About Prestige Realty Group
Miami-based Prestige Realty Group was founded in 2011 by Tony Rodriguez-Tellaheche, who is the broker of record, and his UK partner and co-founder Christopher Hodgson. With associates in London, the boutique firm procures many European clients and has a keen knowledge of the interest in Miami real estate from both sides of the Atlantic. PRG is home to more than 25 agents and focuses on luxury residential homes in Miami Beach, Coconut Grove, Coral Gables, Brickell, South Miami and Pinecrest. Prestige Realty Group’s agents are fluent in several languages including English, Spanish, Italian, French, Swedish and Portuguese. These agents, most of whom are born and raised in Miami, are mostly millennial and use the latest technology, social media, apps, drone aerial photography and videos for all their listings to help clients achieve the highest price possible for their property. When you hire Prestige Realty Group you are not just hiring one agent, you are hiring a team of 25 competent agents focusing on servicing the client efficiently and professionally.
Disclaimer: Based on closed sales in Palm Island in all price ranges as reported by the MLS on September 13th, 2016.