Real estate investor Michael Klinger hopes to nearly double his money, renovating and flipping a waterfront Bal Harbour house he purchased for $15.4 million.
Saber South Bay I LLC and Saber South Bay II LLC, both managed by Klinger, bought the home at 56 Bal Bay Drive from 56 Bal Bay Drive LLC, a New York company managed by Yoel Getter, according to records.
The 12,046-square foot, eight-bedroom, eight-bathroom home sits on a half acre with 100 feet of water frontage. Getter purchased the property in June of last year for $11.5 million, and flipped it for a nearly $4 million gain. It was built in 2008, records show.
Jon Mann of the Jills Zeder Group represented the buyer in the latest deal, and Mendel Fellig of Compass represented the seller.
Klinger, formerly of the Blackstone Group and Related Companies, is a managing member of Saber Real Estate Advisors. He said he plans an extensive renovation of the home to be completed next year. Despite rising interest rates and an uncertain future for the housing market, Klinger hopes to sell it in the ballpark of $30 million, amid a flipping frenzy that has raged throughout South Florida in recent months.
“I may be sounding like a bit of a contrarian, but I actually think the luxury market will be going higher,” Klinger said.
Klinger has already brought on NMD Nomadas as the architect, CLAD as the landscape architect, and Fanny Haim as the interior designer for the project. The trio is the same team Klinger hired for the remodel of a Golden Beach home he purchased at 194 South Island Drive for $6.3 million in November.
Klinger had also commissioned CLAD and Fanny Haim for a project at a waterfront Golden Beach home at 610 North Island Road that he sold for a non-oceanfront record of $14.1 million in May of last year.
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