While developers won’t be putting up any luxury towers here, they are looking to create distinct and modern spec homes as the market for new, turnkey estates grows. The town of Golden Beach, just north of Sunny Isles Beach on the border of Miami-Dade and Broward counties, has a rule that forbids the construction of high-rise condominiums. With only 370 single-family lots, new builds aren’t common, but with prices soaring in nearby Miami Beach, developers who purchased land during the recession are looking to cash in.
One such developer is Jacob Abramson of Miami Golden Properties. The first of four spec homes from the developer is currently on the market, and gaining a lot of attention with it’s unique design. With many Mediterranean-style estates in the area, this home, known as the Ark, sticks out like a beautiful sore thumb, with its angular design and 30-foot high glass atrium stretching over the driveway. “We’re looking at something I like to call modern with soul,” Abramson recently told Mansion Global. Designed by Miami-based architect Chad Oppenheim, the 12,000-square-foot estate is on the market for $7.7 million. Completed earlier this year, the estate boasts six bedrooms, eight bathrooms, an elevator, home theater, and third-floor master suite, complete with private spa, a mini kitchen and three terraces. Outside, the homeowner will enjoy a swimming pool, hot tub and outdoor kitchen.
According to Frank McKinney, a property developer in nearby Palm Beach County, “it’s a spec buyer’s market,” with Miami seeing an increase in ultra-luxury spec-home development. However, the number of available spec homes remains small. In Miami Beach, only about 20 new spec homes are being built each year, so demand is high. Abramson reported that there is already a buyer for two of the pre-construction homes he has planned, which were purchased by the same investor in July for $10.4 million. The fourth home, is also on the market, currently listed for $36 million, which could be a record for Golden Beach if it fetches that price. The priciest home sale in Golden Beach was a $22.5 million oceanfront mansion that sold in September 2014.