Andrew Mirmelli buys Hibiscus Island Home in Miami Beach
Miami Beach investor Andrew Mirmelli is betting the waterfront single-family home market will stay warm.
Mirmelli, owner of M&M Parking Management Services, paid $ 21 million for the house at 432 South Hibiscus Drive and listed it for $ 30 million a few days later.
Property records show that Sweet Gift LLC, run by Abelardo Monroy, sold the five-bedroom, 6,090 square foot home to Mirmelli’s AMM 432 Hibiscus Drive LLC.
Julian Johnston of the Corcoran Group markets the Hibiscus Island waterfront home. It was also listed for lease at $ 130,000 per month. Johnston said Mirmelli plans to renovate the property before selling it.
The Mediterranean style estate was built in 2001 on a 0.4 acre lot. It had already been sold in 2013 for $ 8 million. The property includes a private dock with a boat lift, a swimming pool and an outdoor kitchen.
Mirmelli recently sold a parking lot in downtown Miami to developer Moishe Mana for $ 12.4 million.
The single-family home sales and rental market remained strong. In Miami Beach and the Barrier Islands, single-family home sales rose 240% to 292 second-quarter closures, according to reports from Douglas Elliman.
Mirmelli’s brother Greg was a minority investor in a property in the Venetian Islands that Dan Kodsi’s Royal Palm Companies sold this month to “Full House” creator Jeff Franklin for $ 13 million. Kodsi and Mirmelli were planning to build a luxury rental home on the site.