Kim and Todd Glaser with 3681 Flamingo Push (Google Maps, Getty)
Spec developer Todd Glaser bought his longtime waterfront dwelling in Miami Beach for $11.8 million, The Serious Deal has figured out.
Glaser and his spouse, Kim Glaser, sold the property at 3681 Flamingo Push to a customer from Boston, in accordance to Glaser and listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty. Terrence Brewer of Grove Genuine Estate, Title and Lawful Products and services brought the purchaser.
The deed has but to be recorded, and the buyer’s exact id is not known.
Many out-of-state wealthy consumers have moved to Florida searching for a tax haven. Massachusetts handed a “millionaire’s tax” in November that kicks in this year, incorporating an supplemental 4 % once-a-year earnings tax for people earning $1 million or additional, CNBC described.
Todd Glaser is a South Florida spec developer who focuses on the luxury sector. In November, he and his partners detailed a renovated Tarpon Island estate in Palm Seaside for $218 million. That residence is immediately throughout the drinking water from Jeffrey Epstein’s notorious former Palm Beach front home, which Glaser flipped to a undertaking capitalist for $26 million in 2021.
The Glasers bought the Miami Beach residence for $1.8 million in 2003, in accordance to records. The deal concerned a land swap with the late Mickey Saewitz, whose relatives owns the Miami Seaside institution Joe’s Stone Crab, Glaser reported.
The .7-acre estate, developed in 1936, includes a 7,360-sq.-foot, 7-bedroom principal dwelling, a just one-bed room visitor house, and a garage with staff quarters, Gonzalez reported. The estate has a whole of 7 loos and a single fifty percent-bathroom, documents show. The just one-bedroom visitor house contains a kitchen area, dining space, dwelling area, and lavatory, according to Gonzalez.
The house also attributes a pool, 100 ft of frontage on the Intracoastal Waterway and a dock with a boat carry, the listing shows.
Throughout the past 20 yrs, the Glasers renovated the bathrooms and kitchen area, and did restorative work to retain the historic character of the residence, which was made by Carlos Schoeppl. Schoeppl was a Mediterranean-design architect, and developed prominent Miami Seashore estates for the duration of the early 50 % of the 20th century, according to posted experiences and Gonzalez.
A main draw for the property was its abnormal measurement, when compared to usual attributes in Miami Seaside, Gonzalez explained. “Large tons are tricky to arrive by, and this was a 32,000-sq.-foot large amount,” he mentioned. “Anything more than 20,000 square ft is considered massive.”
The Glasers mentioned the house on-and-off setting up in 2014, Realtor.com exhibits. The asking selling price peaked at $13.9 million in 2021, dropping to $11.8 million when it was relisted previously this thirty day period.
Gonzalez characteristics the back-and-forth to Kim Glaser’s apprehension to providing.
“This was not actually Todd Glaser’s residence, this was Kim Glaser’s dwelling,” he said, jokingly. When the couple bought a Marion Sims Wyeth-developed Mediterranean-design and style property in Palm Seaside in August for $23.3 million, she was completely ready to sell the Miami Seaside home, according to Gonzalez.
Ready has its expenditures, though. The South Florida sector has cooled noticeably in the latest months, exhibiting a steep drop in profits volume. Selling prices, which surged all through the region’s pandemic serious estate gold rush, have stayed solid so much.
“Prices are keeping,” Gonzalez claimed. “Sellers are not coming down on their prices.”
Katherine Kallergis contributed reporting.
