The contemporary home boasts views of the Biscayne Bay, plus a saltwater pool and a dock
A Miami Beach mansion is changing hands for $15.6 million, nearly 20% more than what it closed for in March 2021, Mansion Global has learned.
Before going into contract Wednesday, the contemporary abode last traded for $12.5 million in March 2021, according to records with PropertyShark. Don Dady, co-founder of Annexus, a Scottsdale, Arizona-based finance company, was the buyer, represented by Tara Baptiste of Brown Harris Stevens Miami.
“Clearly [it] is an extraordinary home, from its eye-catching design to highly desirable waterfront location on Hibiscus Island,” she said in an email. “Immediately upon seeing it I knew it was perfect for my client and that we’d have to act quickly and aggressively with an offer to nab it, which we successfully did.
Mr. Dady purchased the five-bedroom, six-bathroom residence from its previous owner, Steven Raia, a partner at Il Mulino, an upscale chain of Italian restaurants. That sale only took one day, and Mr. Raia got his full asking price after getting “multiple offers in the first 24 hours” following its first showing, The New York Post reported. The restaurateur had owned the property since 2014, when he bought it for $3.59 million, although the current home was built in 2017.
But within six months, Mr. Dady had put the house back on the market—with Ms. Baptiste as the listing agent—for $16.5 million, listing records show. The price was dropped to $15.9 million in December, and again in January to $15.8 million, the final ask. The buyer will not be made public until after the deal has closed.
“While I knew the buyer loved the property, I also felt a responsibility to make them aware of the enormous potential value of resale,” Ms. Baptiste said.
The Miami market has been especially hot during the Covid-19 pandemic, with work-from-home policies allowing many people to relocate to warmer regions with a lower cost of living.
Miami-based architecture firm Choeff Levy Fischman conceived the plans for the house, which “is masterfully designed for a true indoor-outdoor living experience [and] very representative of what buyers want in a Miami home,” the agent noted.
That includes far-reaching views of the city and Biscayne Bay, floor-to-ceiling retractable walls, clean lines and wood accent walls, according to the listing. There’s also an eat-in Italian kitchen with wine storage, several balconies, a saltwater pool with a spa and waterfall and covered dining and lounging areas, plus a dock.
Representatives for Mr. Dady did not immediately respond to a request for comment.