A business consultant bought a waterfront Coral Gables lot for $18.2 million, amid a slowdown in the residential land market.
Records show Paul Warshaw bought the site at 185 Solano Prado in the gated Old Cutler Bay neighborhood. The seller is Sashimi Properties, a Florida entity linked to the Los Angeles-based firm, NKSFB. NKSFB is a business management firm that caters to entertainers, athletes and celebrities, according to its website.
Antonio Mebarak of Fortune Christie’s International Realty had the listing, and Shana Willinsky Molina of 44 Real Estate Group brought the buyer.
Warshaw is chief operating officer of Bottom Line Concepts, a business consulting firm based in North Miami Beach. Last year, he bought a waterfront teardown in Surfside from former Formula One driver Eddie Irvine for $7.9 million. Records show he and his wife, Katelyn Warshaw, bought the adjacent home for $6.6 million last year and merged the properties.
Sashimi Properties bought the 0.8-acre waterfront Coral Gables lot for $16 million in 2022, property records show. The lot spans 150 feet of waterfront, according to the listing. It hit the market in October of last year, asking $19.9 million, Compass shows.
Surging costs for land, construction, insurance and building materials have thrown a wet blanket on the South Florida single-family development site market. Despite inward migration of wealthy buyers who want newly constructed homes, this set is unwilling to build for themselves, agents say. Spec developers who could build new luxury homes have been sidelined by costs, leading to a crunch on supply of spec homes at the high end of the market. One developer took the plunge earlier this month: Glenn Boyer dropped $21 million on a waterfront teardown in Miami Beach’s Sunset Islands.
The newly constructed homes available have broken price records this year. David and Victoria Beckham spent $72 million on a North Bay Road spec mansion last month, making it the most expensive home ever sold on the famed street. In May, Chilean casino magnate Claudio Fischer sold a waterfront spec mansion for $40 million, setting a price record for Palm and Hibisicus Islands.
Coral Gables is a particularly in-demand area for luxury buyers, who want proximity to top private schools like Ransom Everglades, agents say. In October, supermodel Elle Macpherson sold her Coral Gables mansion for $18.5 million.
