Pascal Nicolai’s Sabal Development sold a Miami Beach beachfront-spec home for $21 million, the most expensive deal on the Venetian Isles this year.
An affiliate of Sabal Development sold the home at 1370 South Venetian Way to Joshua Memling Golder, records show. Dora Puig of Luxe Living Realty represented the buyer and seller in the transaction.
Golder is a local real estate investor. He financed his latest purchase with a $12 million loan from City National Bank, records show.
In 2021, he sold an oceanfront mansion in Highland Beach for $18 million, and in 2020 he owned a Murano at Portofino condo in Miami Beach for $6.2 million, records show. He also owns five units at the 1800 Club in Miami, which he bought in five separate transactions for a combined $3.1 million.
Golder has rented out the Venice Islands home for $150,000 a month, joining the ranks of some of the most expensive rental properties in South Florida. Tracy Galya of Douglas Elliman has rental listings. She declined to comment on the property.
Nicolai’s Sabal, a frequent visitor to the Miami Beach island, bought the 0.2-acre South Venice Boulevard property on San Marco Island for $4.2 million in 2020, records show. The 7,400-square-foot home, which was completed this year, has five bedrooms, five bathrooms and two-and-a-half bathrooms, the rental listing shows. The property has 60 feet of water frontage, two swimming pools and a movie theater, according to a press release from Sabal.
He confirmed that Nicolai first listed the house last year for $21.9 million and had a contract with Golder during construction. New construction is king in South Florida’s current luxury real estate landscape, he said.
“Three years ago, there were a lot of brand new homes on the market. Today there is nothing,” he added. “Rich people, they want the finished product.”
South Florida’s pandemic real estate boom has sent beachfront home prices in the Venice Islands soaring to new heights. Developer Alex Sapir, who is at loggerheads with wife Yanina Sapir in divorce proceedings, has listed a pair of adjacent homes on the island of San Marino for $54 million. A Bahamian casino mogul sold his waterfront home in January for $28.3 million. Cybersecurity chief Ryan Beth bought a renovated waterfront home in December for $26 million. In November, legendary crime author Edna Buchanan sold her longtime home in the Venice Isles for $12 million.