A Miami Seaside couple be a part of a rush of luxurious consumers to the realm’s Venetian islands

By Marlan McCarthy Last updated Dec 13, 2021

Miami Beach has been on a wild ride for the past two decades. Dina Goldentayer was there.

Ms. Goldentayer, 39, bought her first home in the city’s Art Deco neighborhood in 2004 shortly after moving from Maryland after college. It was a $ 323,000, 890 square foot condominium that was paid for by her job as a cocktail waitress at the celebrity Mynt lounge.

Now, Ms. Goldentayer, a real estate agent, and her husband, Ilya Panchernikov, general manager of his family’s Caviar Russe business, own two homes in the Venetian Islands section of Miami Beach. In 2019, they bought a 4,500-square-foot, four-bedroom, five-bathroom home with a pool on Di Lido Island for $ 1.925 million and spent about $ 1 million on the renovation. Then, in September, they paid $ 8.9 million for a 5,000-square-foot, six-bedroom, 5½-bathroom Mediterranean-style home on the island of San Marino and are planning a $ 2 million renovation.

Ms. Goldentayer sits in the living area of the 4,500-square-foot four-bedroom, five-bathroom home that the couple bought for $ 1.925 million in 2019.

Photo:

Alfonso Duran for the Wall Street Journal

“Miami Beach is an example of the American bustle,” says Ms. Goldentayer. “I feel like I do too.”

Miami is currently the second most expensive residential real estate market after New York, according to RealtyHop’s RealtyHop Real Estate Affordability Index dated October 2021. Associated mandates.

The Miami Beach area has been particularly explosive, with an average retail price of $ 550,000, up 47% this year from the same period last year, according to the Miami Association of Realtors. The prices there are now more than three times the average home price a decade ago.

As crime and partying has spread in the South Beach area of Miami Beach, many of the rich have moved out of the Art Deco District, first to the south of the fifth section and then west to the Venetian Islands, a series of man-made islands that are connected by a bridge between Miami Beach and Miami’s mainland.

That was also Frau Goldentayer’s projection. “When I moved to Miami, Lincoln Road was the place,” she says, referring to the mall with shops and restaurants.

When she moved out in 2009, she kept her two-bedroom, two-bathroom Art Deco townhouse and now rents it for $ 2,700 a month. Then she rented a 1,600 square foot one bedroom in a luxury oceanfront condominium called Continuum in the South of Fifth area. “I felt I had made it,” she says. In 2005 she changed her job from cocktail waitress to real estate agent and wanted to live “where the hot real estate happens”.

Mr. Panchernikov and Mrs. Goldentayer at their pool.

Photo:

Alfonso Duran for the Wall Street Journal

She met Mr. Panchernikov, 37, at a St. Barts wedding in 2014. They connected partly through their shared experience of immigrating to the USA as children, she as a 7-year-old from Moldova to Baltimore and he as a 6-year-old from Ukraine to Brooklyn.

When he met Mrs. Goldentayer, Mr. Panchernikov lived in New York, where he grew up. After college, he lived in a row of 10 rentals, from the Financial District to Murray Hill, where he ran his family’s caviar import business and the Caviar Russe restaurant on Madison Avenue in Midtown.

“I thought I was going to spend the rest of my life in New York,” he says. Moving to Miami in 2014 was a difficult adjustment, but it has slowed its “hype” pace and learned to appreciate the light and space, he says.

The couple renovated the exterior of the house.

Photo:

Alfonso Duran for the Wall Street Journal

A landscaping renovation of the home cost about $ 100,000.

Photo:

Alfonso Duran for the Wall Street Journal

In 2015, the couple purchased a 1,600-square-foot, two-bedroom, two-bathroom condominium in a four-unit building in the South of Fifth neighborhood for $ 1.4 million. In 2016, Caviar Russe opened a restaurant in the Four Seasons Miami.

They sold their condo for $ 1.575 million in 2019 and moved to the Venetian Islands to purchase the four bedrooms on Di Lido Island. The $ 1 million renovation was used to make the interior of the home more modern. They built in a modern Italkraft kitchen with black marble and Miele and Wolf appliances for about $ 100,000. They also swapped terrazzo floors for white oak (for about $ 100,000), added louvers to the patio in front of the master bedroom (about $ 50,000), and created a walk-in closet out of an office (about $ 80,000). Outside, a landscaping overhaul on the home cost about $ 100,000.

The furnishings include these Giorgio chairs and the Core dining frame by Artefacto.