The operator of luxurious cabinetry maker Italkraft acquired a waterfront Venetian Islands vacant whole lot.
Information clearly show an entity managed by Alex Xakoustis purchased the property at 1384 South Venetian Way on San Marco Island in Miami from the have faith in of Gertrude Shafer for $11.5 million. Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty represented equally the purchaser and the seller.
Xakoustis is president of Italkraft, the Miami-centered maker of kitchen area, bathtub and closet cabinetry.
Shafer is dependent in Brooklyn, New York. Documents present she presented $8 million in seller financing for the offer.
The home beforehand sold for $3.9 million in 2006, records show. The buyer was developer Michael Stern (not the Michael Stern of JDS Growth) and his wife, Layne Stern. They shed the residence in a bankruptcy case in 2011, and prison defense attorney Samuel I. Burstyn assumed possession of the home, documents exhibit. Burstyn transferred the deed to Shafer in May perhaps for $100.
The current home was considered an unsafe structure and was lately torn down, Gonzalez verified. The .3-acre San Marco Island ton has 104 feet of waterfront, in comparison to the 60 ft of waterfront most plenty on the island have, he reported.
Shafer listed it for $12.9 million in June, Redfin exhibits. Gonzalez claimed Xakoustis, who owns another San Marco Island house, observed that this South Venetian Way ton has expanded waterfront and vast sights and determined to construct a house for himself there.
Information demonstrate he bought the dwelling at 1301 North Venetian Way for $3.3 million in 2017. He is at the moment developing a residence on that large amount, Gonzalez verified.
He also owns an Icon Bay apartment in Miami that he bought for $832,900 in 2015, in accordance to property records.
Next the pandemic increase decades, stock on the Venetian Islands is minimal, Gonzalez stated. Spec developer Pascal Nicolai bought a waterfront home for $21 million in June, marking the priciest sale on the islands this calendar year. In May well, developer Alex Sapir listed an adjacent pair of waterfront San Marino Island residences for $54 million.
Though product sales have slowed on the Venetian Islands, Gonzalez reported the Miami spot is in for a fast paced winter season period.
“The final two months, it is starting off to get crazy all over again,” he reported. “I’m anticipating very good factors.”
