$12,500,000
SOLD OCT 17, 2024

640 Sabal Palm Rd Miami, FL 33137

Upper East Side South Neighborhood
0.5 Acre
$25,000,000 Price per Acre
21,780 Sq Ft Lot

Recently Sold

$1,598 Per Sq Ft

19% Below List Price

96 Days on Market

Highlights

  • Property has ocean access
  • Home fronts navigable water
  • No HOA
  • Private Dock
  • 0.5 Acre Lot
  • 4-minute walk to Albert Pallot Park

About This Lot

As of October 2024

Waterfront development opportunity! Offered "as-is" land value. One-of-a-kind offering in the coveted and exclusive gated community of Bay Point. SE facing TROPHY property on 100' of unobstructed wide bayfront, with deep water dockage and 360-degree panoramic views of the Miami skyline. Build your masterpiece in the most exclusive gated community in Miami!

Last Agent to Sell the Property

Laura Graves, P.A.

BrokerNation Real Estate License #0692780 Listed on: 06/02/2024

BrokerNation Real Estate

Last Buyer's Agent

Randy Rose

Rose And Rose Rlty, P.A. License #0183469

Property Details

Property Type

  • Land

Est. Annual Taxes

  • $112,531

Lot Details

  • 0.5 Acre Lot
  • 100 Ft Wide Lot
  • Home fronts navigable water
  • Property Fronts a Bay or Harbor
  • South Facing Home
  • Fenced
  • Landscaped with Trees
  • Property is zoned 0100

Listing and Financial Details

  • Assessor Parcel Number 01-32-19-008-0540

Community Details

Overview

  • No Home Owners Association
  • Bay Point Condos
  • Bay Point Subdivision

Recreation

  • Property has ocean access
  • Seawall
  • Private Dock

Property Details

Property Type

Land

Est. Annual Taxes

$112,531

Lot Details

0

Listing Details

  • Property Type: Land/Boat Docks
  • Property Sub Type: Residential
  • Directions: Private gated community. Picture ID required for access.
  • Road Frontage Type: Bay
  • Horses: No
  • Inclusions: Private Dock,Unrestricted Salt Water Access
  • Lot Size Acres: 0.5
  • New Construction: No
  • Road Surface Type: Paved
  • Structure Type: Residential
  • Subdivision Name: BAY POINT
  • Special Features: VirtualTour

Interior Features

  • Furnished: Unfurnished
  • Possible Use: Investment

Exterior Features

  • Direction Faces: South
  • Fencing: Fenced
  • Lot Features: 1/2 To Less Than 3/4 Acre Lot, Build To Suit, Fenced, Other
  • Other Structures: Other Bldg Incl
  • Pool Private: No
  • View: No
  • Waterfront Features: Navigable Water, Ocean Access, Seawall
  • Waterfront: Yes

Garage/Parking

  • Park Building Name: BAY POINT

Condo/Co-op/Association

  • Association: No

Lot Info

  • Parcel Number: 01-32-19-008-0540
  • Additional Parcels: No
  • Current Use: Residential, Check Land Use Plan
  • Development Status: Recorded Plat
  • Lot Size Sq Ft: 21500
  • Zoning: 0100
  • ResoLotSizeUnits: SquareFeet

Tax Info

  • Tax Year: 2022
  • Tax Annual Amount: 112531

Ownership History

Date Name Owned For Owner Type

Purchase Details

Listed on
Jun 2, 2024
Closed on
Oct 16, 2024
Sold by
Morningside Estate Trust Llc
Bought by
Rb Sabal Investments Llc
Seller's Agent
Laura Graves, P.A.
BrokerNation Real Estate
Buyer's Agent
Randy Rose
Rose And Rose Rlty, P.A.
List Price
$15,500,000
Sold Price
$12,500,000
Premium/Discount to List
-$3,000,000
-19.35%
Views
22
Current Estimated Value
$10,383,865

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Estimated Appreciation
-$2,116,135
Avg. Annual Appreciation
-16.67%
Original Mortgage
$6,700,000
Outstanding Balance
$6,642,677
Interest Rate
6.35%
Mortgage Type
Seller Take Back
Estimated Equity
$4,141,278

Purchase Details

Listed on
Jan 18, 2020
Closed on
Apr 15, 2020
Sold by
Wilmington Savings Fund Society Fsb
Bought by
Morningside Estate Trust Llc
Seller's Agent
Veronica Crego-flores
Genstone Realty
Buyer's Agent
Veronica Crego-flores
Genstone Realty
List Price
$5,950,000
Sold Price
$4,820,000
Premium/Discount to List
-$1,130,000
-18.99%

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Avg. Annual Appreciation
23.53%

Purchase Details

Closed on
Nov 15, 2019
Sold by
Mazloum Abdo
Bought by
Wilmington Savings Fund Society Fsb

Purchase Details

Closed on
Aug 1, 2006
Sold by
Rizk Farfoura M
Bought by
Rizk Farfoura M

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$4,225,000
Interest Rate
8.37%
Mortgage Type
Negative Amortization

Purchase Details

Closed on
Jun 28, 2005
Sold by
Monzon Sofia
Bought by
Rizk Farfoura M

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$2,852,500
Interest Rate
2%
Mortgage Type
New Conventional

Purchase Details

Closed on
Sep 30, 1998
Sold by
Seidle William D and Seidle Betty
Bought by
Monzon Arnaldo and Monzon Sophia

Home Financials for this Owner

Home Financials are based on the most recent Mortgage that was taken out on this home.
Original Mortgage
$700,000
Interest Rate
6.96%
Mortgage Type
New Conventional
Source: Public Records

Range of Values:

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Average Value
Not Available
List Price
Sold Price
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Home Values in the Area

Source: Public Records

Average Home Value in this Area

Source: Public Records

Purchase History

Date Type Sale Price Title Company
Warranty Deed $12,500,000 None Listed On Document
Special Warranty Deed $4,820,000 Title Clearing & Escrow Llc
Trustee Deed $5,800,100 None Available
Interfamily Deed Transfer -- None Available
Warranty Deed $4,075,000 --
Warranty Deed $1,000,000 --
Source: Public Records

Mortgage History

Date Status Loan Amount Loan Type
Open $6,700,000 Seller Take Back
Previous Owner $5,000,000 Unknown
Previous Owner $4,225,000 Negative Amortization
Previous Owner $2,852,500 New Conventional
Previous Owner $700,000 New Conventional
Source: Public Records

Property History

Date Event Price Change Sq Ft Price
10/17/2024 10/17/24 Sold $12,500,000 0.0% $1,606 / Sq Ft
10/17/2024 10/17/24 Sold $12,500,000 -19.4% $1,598 / Sq Ft
09/06/2024 09/06/24 Pending -- -- --
09/06/2024 09/06/24 Pending -- -- --
06/02/2024 06/02/24 For Sale $15,500,000 0.0% $1,981 / Sq Ft
06/02/2024 06/02/24 For Sale $15,500,000 +221.6% $1,991 / Sq Ft
04/16/2020 04/16/20 Sold $4,820,000 -10.7% $619 / Sq Ft
03/24/2020 03/24/20 Price Changed $5,399,000 -9.3% $694 / Sq Ft
01/17/2020 01/17/20 For Sale $5,950,000 -- $764 / Sq Ft
Source: MIAMI REALTORS® MLS

Tax History Compared to Growth

Source: Public Records

Tax History

Year Tax Paid Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. Land Improvement
2025 $163,423 $10,815,179 $10,750,000 $65,179
2024 $126,334 $5,865,938 -- --
2023 $126,334 $5,332,671 $0 $0
2022 $112,531 $4,847,883 $0 $0
2021 $94,017 $4,407,167 $3,870,000 $537,167
2020 $104,195 $4,874,375 $4,063,500 $810,875
2019 $104,561 $4,880,511 $4,063,500 $817,011
2018 $100,925 $4,886,647 $4,063,500 $823,147
2017 $99,156 $4,326,758 $0 $0
2016 $95,031 $3,933,417 $0 $0
2015 $84,300 $3,575,834 $0 $0
2014 $76,476 $3,250,759 $0 $0
Source: Public Records

Agents Affiliated with this Home

  • Laura Graves, P.A.

    Seller's Agent in 2024

    Laura Graves, P.A.

    BrokerNation Real Estate

    (786) 457-8001

    2 in this area

    28 Total Sales

    Section Image
  • Randy Rose

    Buyer's Agent in 2024

    Randy Rose

    Rose And Rose Rlty, P.A.

    (305) 335-8428

    2 in this area

    39 Total Sales

    Section Image

  • G

    Buyer Co-Listing Agent in 2024

    Gabriel Mijares

    Charles Rutenberg Realty FTL

    (786) 447-5947

    2 in this area

    14 Total Sales

    Section Image
  • Veronica Crego-flores

    Seller's Agent in 2020

    Veronica Crego-flores

    Genstone Realty

    (305) 974-1801

    181 Total Sales

    Section Image
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Map

Source: MIAMI REALTORS® MLS

MLS Number: A11598534

MIAMI REALTORS® MLS

APN: 01-3219-008-0540

Florida Miami/Dade County Miami 33137 Upper East Side South

640 Sabal Palm Rd, Miami, FL

This home is located at 640 Sabal Palm Rd, Miami, FL 33137 and is currently priced at $12,500,000, approximately $1,597 per square foot. 640 Sabal Palm Rd is a home located in Miami-Dade County with nearby schools including Morningside K-8 Academy, Horace Mann Middle School, and Booker T. Washington Senior High School.

Disclaimer: Certain information contained herein is derived from information provided by parties other than Homes.com. All information provided is deemed reliable, but is not guaranteed to be accurate and should be independently verified.

MIAMI REALTORS® MLS IDX information is provided exclusively for personal, non-commercial use, and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information is deemed reliable but not guaranteed.

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