Real Estate

Venetian Isles Home Sells for $17.4M, Below $23.5M Ask

Former Bubble Wrap CEO sells Miami waterfront home for $17M, highlighting strategic price adjustments in luxury market.

By Tal Alexander

5/15, 17:09 EDT
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Key Takeaway

  • Jerome Peribere sold his Venetian Islands waterfront home for $17.4M, below the initial $23.5M asking price.
  • The sale to financier Dino Verbrugge reflects a trend of price cuts stimulating South Florida's luxury real estate market.
  • Recent transactions on the Venetian Islands include sales ranging from $22.5M to $23.9M, indicating robust activity in high-end properties.

High-End Real Estate Shifts in Miami

The recent sale of a waterfront Venetian Islands home in Miami for $17.4 million, previously owned by former Bubble Wrap CEO Jerome Peribere and his wife, interior designer Isabelle Peribere, to financier Dino Verbrugge, highlights a significant trend in the luxury real estate market. This transaction not only underscores the appeal of Miami's high-end residential areas but also illustrates the impact of strategic price adjustments in facilitating real estate deals. The property, located at 1378 South Venetian Way, was initially listed for $23.5 million in February 2023 but saw its price reduced three times before selling, reflecting a broader pattern of price cuts spurring deal-making in South Florida's residential market.

Strategic Pricing in a Cooling Market

The Periberes' decision to lower the asking price of their Venetian Islands property to eventually $19 million before closing the deal at $17.4 million is a microcosm of the current dynamics within the luxury real estate sector in Miami. This strategy of price adjustment in response to market demand is becoming increasingly common as sellers aim to attract buyers in a cooling market. The property, boasting five bedrooms, four bathrooms, a half-bathroom, and a pool, was purchased by the Periberes in 2011 for $1.9 million and underwent significant development, culminating in a 6,600-square-foot luxury home. The sale to Verbrugge, a co-founder of DV Trading, signifies a successful closure despite the initial high listing price, highlighting the importance of flexibility in pricing strategies.

The Ripple Effect of Price Adjustments

The Venetian Islands, known for their luxury waterfront properties, have witnessed a flurry of real estate activity, with several high-profile sales following price reductions. Examples include the sale of an unfinished waterfront spec house by James Curnin’s Clara Homes for $23.1 million and a completed waterfront spec house by British investor Kevin Flaherty for $23.9 million. These transactions, along with the Periberes' sale, indicate a broader trend where strategic price cuts are essential in catalyzing deals in the luxury market segment. This approach reflects a nuanced understanding of the current market conditions, where buyers are increasingly discerning and sellers are more willing to negotiate to facilitate sales.

Navigating the Luxury Real Estate Market

The sale of the Periberes' Venetian Islands home to Dino Verbrugge not only marks a significant transaction within Miami's luxury real estate market but also serves as a case study in effective pricing strategy and market adaptation. As the market adjusts to post-pandemic realities and evolving buyer preferences, sellers in high-end markets like Miami's Venetian Islands are finding success through flexibility and strategic pricing. This trend is indicative of a larger shift within the luxury real estate sector, where understanding and adapting to market dynamics are key to achieving successful outcomes.