Developer Valerio Morabito sold a Sunset Harbour condo he acquired in a swap with Italian entrepreneur and Instagram personality Gianluca Vacchi, The Real Deal has learned.
Morabito sold tower suite 2/3 at 1800 Sunset Harbour Drive for about $7.9 million to a hidden buyer, according to property records obtained by TRD. Morabito, head of his Morabito Properties, declined to comment on the buyer’s identity but confirmed the unit was part of a previous trade.
The four-bedroom, five-and-a-half bathroom condo spans 7,075 square feet and includes a rooftop terrace. It was on the market with Dina Goldentayer from Douglas Elliman, asking $8.5 million. Bill Hernandez and Bryan Sereny, also with Elliman, represented the buyer. The agents all declined to disclose the buyer’s name.
The bayfront building was completed in 2000.
The lack of inventory of waterfront homes has pushed buyers to condos, resulting in an increase in condo sales.
“The condo did take some time to sell, but the minute it went under contract, of course everyone wanted it,” Goldentayer said. “There are no units to buy in the Sunset Harbour towers. Buildings that traditionally had ample inventory, do not. Condo inventory is drying up.”
In 2020, Morabito paid $7.7 million for the unit, records show. At the same time, Vacchi, who is also a DJ, paid $24.5 million for a waterfront home Morabito developed on Miami Beach’s Sunset Islands.
Morabito, who lives in a waterfront home in Miami Beach, has partnered with developer Ugo Colombo on projects. They built the boutique oceanfront condo building called Beach House 8, and are developing Onda, a boutique condo building in Bay Harbor Islands. Morabito has a development planned in Wynwood, as well.