Published by The Real Deal South Florida, August 17, 2021
An Oceanfront Golden Beach home sold for its full asking price of $8.2 million, nearly 45 percent more than its previous sale in late December of 2020. The house was built in 1941 and was expanded in 1984 and again in 2014. Per details in the MLS, the Home has 5 Bedrooms, 4.5 Baths, and 5,389 total Square Feet,
MJ Ocean LLC, led by Meir Elfassy, sold the five-bedroom, six-bathroom home at 407 Ocean Boulevard, property records show. Elfassy is the former president of the outerwear brand Mackage and is now an investor. Sweet Gift LLC, led by Abelardo Monroy, purchased the 4,887-square-foot home, according to a source.
Not including commissions and other costs, Elfassy’s entity made $2.5 million on the flip. He paid about $5.7 million for the 14,000-square-foot property just before the end of 2020 with plans to remodel the house.
Brigitte Lina and Danielle Elfassy of One Sotheby’s International Realty represented Elfassy’s MJ Ocean LLC, and Doris Salazar of Prestige Sales Group represented the buyer.
Abelardo, the buyer, recently sold his waterfront Hibiscus Island home to investor Andrew Mirmelli for $21 million. Mirmelli then listed the property for sale asking $30 million while it is being renovated.
Waterfront homes have been in high demand in recent months, leading some sellers to flip their properties for big profits. Prices have continued to rise.
In June, developer Sonny Kahn sold an oceanfront Golden Beach mansion for 50 percent more than his purchase price three years ago. In a separate deal, Sandra Levy, the widow of the late real estate developer Sidney Levy, sold her oceanfront Golden Beach mansion for $22.2 million.
The Town of Golden Beach, Florida has an approximate population of 1,000. Its only properties are Single Family Homes, including direct Oceanfront Homes on the Beach, Waterfront Homes that are located along the Intracoastal and Ocean access Canals, and non-Waterfront Homes.
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