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WSJ – A Not-Yet-Built Home Near Miami to List for $36 Million

Construction hasn’t yet begun on an oceanfront spec house in Golden Beach, Fla., an affluent residential enclave about 30 minutes from downtown Miami. But the house does have a price: It is hitting the market for $36 million.

It is a big number. A few months ago, an oceanfront home in Golden Beach set a record when it sold for $22.5 million. But that house was built in the early 2000s, while this one will be new construction, said Oren Alexander of Douglas Elliman Real Estate, who is listing the spec property with his brother Tal Alexander, also of Elliman. He added that demand is strong in Miami for brand new houses, especially on the beach.

Developer Jacob Abramson of Miami Golden LLC said he is planning to break ground on the project in the second quarter of 2015. The company bought the vacant land for this house, about three-quarters of an acre, in 2012 for about $4.7 million, he said, and plans to spend some $18 million on construction.

When completed, the roughly 23,000-square-foot house will have eight bedrooms, 12 bathrooms and two powder rooms, plus staff quarters and a separate guesthouse. Its bottom floor will be devoted to spa and fitness facilities, Mr. Abramson said. That includes a sunken “hammam” room, steam room, treatment rooms, exercise room and an outdoor “relaxation pool.”

The property will have a total of five kitchens, including one in the spa, one in the guesthouse and one outside, Mr. Abramson said. A three-story green wall in the living room, planted with some 25 different kinds of plants, will provide the background for a spiral staircase and hydraulic elevator.

 ARTICLE PDF: WSJ_Golden_Beach

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