Sabal Development, an award-winning Miami-based builder and developer who specializes in luxury custom homes, has sold a newly constructed 5,243-square-foot waterfront spec home on a 0.24-acre lot located at 79 N Hibiscus Drive, Miami Beach, FL 33139 for $16 million.

“We are pleased to sell this impressive waterfront property in Miami Beach’s exclusive Hibiscus Island for $16 million,” said Pascal Nicolai, CEO and Founder of Sabal Development. “Miami continues to be a hot real estate market, and we take pride in creating homes that offer modern, luxury living.

Located within the exclusive Hibiscus Island, this stunning waterfront home was built in 2022 and overlooks the pristine Biscayne Bay. Built by Sabal Luxury Builder with interior design by TOGU Design, the home includes five bedrooms, five full bathrooms and one powder room. The home’s impressive elements include an open dining area with a spacious chef’s kitchen, a full suite of Miele appliances, solid oak wood furnishings, Cotto d'Este tile throughout and Toto and Kohler fixtures in each bathroom.

Lourdes Alatriste of Douglas Elliman represented the seller, Pascal Nicolai, founder and CEO of Sabal Development and Sabal Luxury Builder. Marko Gojanovic and Reid Heidenry of ONE Sotheby’s International Realty represented the buyer, Alejandro Montealgre.