A unit in a building boutique condos en South Beach, in the South Fifth neighborhood, was sold with a 15 percent loss compared to your last purchase price four years ago.

By MiamiDiario Newsroom

According to the report of The Real Deal, Dena Grunt of Marshall, California sold the unit 1500 from Glass to James R. Craigie for $7.5 million, as shown by property records. Craigie is the former CEO of Church & Dwight Co. a line of home and personal care products and non-executive chairman of the board of directors of Newell Brands.

The seller was represented by Anna Sherrill and Mary LaScala in One Sotheby's International Realty, according to Realtor.com. The buyer was represented by Jacques Bouhadana at Coldwell Banker.

The unit of 3,389 sf sold for $2,213 per sf. grunt paid $ 8.9 millones for the unit in 2015. David Martin's Terra sold the condo at that time.

Grunt directs Highway 1 Hospitality, which oversees several resorts and restaurants near San Francisco, according to its website.

The unit of three bedrooms and three bathrooms It features a Calcutta marble kitchen with Gaggenau and Sub-Zero appliances, oak hardwood floors, and an Arrabescato marble master bathroom.

The e18-story, 10-unit luxury building it was designed by architect René González and completed in 2015. True to the building's name, all units have floor-to-ceiling glass windows with 360 degree views of the ocean and Miami Beach. A penthouse unit sold for $20 million in 2015.

Luxury market down?

Some parts of the Miami Beach luxury market are experiencing price drops due to the weakening demand from South American investors and a large supply of high-end units on the market.

In the second quarter, total residential sales fell in Miami Beach at 964, down 6 percent year over year, according to a report by Douglas Elliman.

El median sales price was $406,000, a decrease of 7.3 percent, and there was almost 20 months of supply, an increase of 6.5 percent. In the same quarter, condo sales in Miami-Dade's waterfront markets fell nearly 6 percent to 861.

Source:  The Real Deal

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