Archive for January, 2010
Richard Meruelo, a principal of Miami-based Merco Group and CEO of Los Angeles-based Meruelo-Maddux Properties, has sold a property at 5745 Pinetree Drive in Miami Beach for $4.6M. Meruelo and his wife, Maria, bought the real estate, an 8,600 sf Mediterranean-style manse, and adjoining lot, in 2005 for $5.6M.
In 2009 there were 42 waterfront sales in Miami Beach. The average Miami Beach waterfront home sold for $702/ square foot. The high sale for 2009 was Shaq’s Star Island home which sold in June for $16M, and the low sale was a home in mid-beach for $1M. Coincidentally, the high and low sales in 2008 were just about the same.