Another recent big sale in Bal Harbour.
According to public records, a New York-based company with the management of Yoel Getter was involved in the sale of a home located at 56 Bal Bay Drive to Michael Klinger. Last year, Getter purchased the property for $11.5 million and then quickly resold it for a nearly $4 million profit during the span of just one year. This is an example of what some experts call ‘flipping,’ which is the act of buying and selling an asset in order to make a profit over a short period of time.
The spacious 8-bedroom 8-bathroom home sits on a half-acre with 100 feet of water frontage. The 12,046 square foot residence was built in 2008. The home is well-appointed and boasts modern amenities. Built from a mixture of solid concrete and impact glass throughout, these features provide excellent protection against large-scale impacts. This property also features a “Smart system” that can be easily accessed, a rooftop observation deck with views of the surrounding water, an infinity pool and triple staircases, high ceilings in every room to provide lots of natural light, a gourmet kitchen with double appliances and outdoor terraces off every room. This home is architecturally distinctive and is located in an exclusive, gated 24-hour private community. The home is a quick walk to the beach with unobstructed ocean access and has no fixed bridges between it and the water.
Real estate investor Michael Klinger recently bought the waterfront Bal Harbour house for $15.4 million with plans to renovate the property and then resell it for a profit. He hopes that by doing so, he will nearly double his money.
NMD Nomadas, CLAD, and Fanny Haim have all been hired by Klinger as the architect, landscape architect, and interior designer respectively for a new project. The trio is the same team that was originally hired by Klinger for a recent remodel of his Golden Beach home.
Despite the fact that interest rates have risen and the housing market is not as stable in some areas, Klinger is hoping to sell their house in the $30 million range. They are confident that their house will sell well due to its location and being sophisticated and luxurious.
Jon Mann of the Jills Zeder Group acted as the buyer’s agent in the latest deal, while Mendel Fellig of Compass acted as the seller’s agent.