Miami Ranks Third on Knight Frank’s Q1 2013 Prime Global Cities Index

It is no secret that the Miami luxury real estate market has performed remarkably over the past twelve months.  The latest report from Knight Frank confirms this.  The Miami luxury real estate market ranked third behind Jakarta and Bangkok on Knight Frank’s Q1 2013 Prime Global Cities Index.  Year-over-year, eight cities recorded double digit price growth for luxury homes but Jakarta, Bangkok and Miami led the way, recording annual price growth of 38.1%, 26.1% and 21.1% respectively.  Surprisingly, prices for prime property in New York City declined 7.1% in the same time period, according to the same report.

Alex Rodgriguez Lists Miami Beach Mansion for $38M

After moving into the property less than a year ago, Alex Rodriguez looks to part ways with his ultra-chic Miami Beach mansion.  The New York Yankees All-Star recently listed the 20,000 square foot, waterfront home for $39M.  The modern North Bay Road estate is situated on a 1.07-acre lot and has 9 bedrooms, 11 full baths and 2 half baths.  The completely-gated property features 275 feet of water frontage, 2 boat docks, a 3,000 square foot sports room with batting cage, commercial-sized elevator, heated pool, gourmet open kitchen, home theater, outdoor kitchen area, guest house, Crestron lighting, 16 security cameras, surround sound system throughout, seamless indoor/outdoor living spaces, rooftop deck, separate gym building with steam room, covered terraces and a 2,200 square foot Master Suite with atrium, sitting area, his and hers baths and over-sized closets.

Alex Rodriguez purchased the property for a reported $24M in 2010 while it was still under construction.

$47M Sale of 3 Indian Creek Drive Shatters Previous Record Set in March

Records were made to be broken.  Sometimes, however, records are shattered.  The recent sale of 3 Indian Creek Island for $47M shatters the previous record-breaking sale for single-family homes in Miami-Dade County set earlier this year by 22%.  Edward Lampert, Sears Holdings Corp.’s chairman and hedge fund billionaire, purchased a waterfront estate, also located on Indian Creek Island, in March for $38.4M.

3 Indian Creek Drive is paradise-living at its finest.  The 30,000 square foot, waterfront home is situated on an 80,000 square foot lot and has 10 bedrooms, 10 full baths, 4 half baths, a 100-foot resort-style pool, a full catering kitchen, certified greenhouse, rooftop lawn and Jacuzzi, panic room, wine cellar, servant room, chromotherapy spa and massage room, library, elevator and a 7-limo-sized car garage.

Al Capone’s Former Palm Island House Hits the Market for $9.95M

There is no sure thing but death and taxes – so the saying goes.  As it turned out in the end, the two certainties brought about the demise of legendary American gangster, Al Capone – a person who at one time seemed untouchable.  When nothing else would stick, the U.S. government finally nabbed the Chicago kingpin on tax evasion charges.  He was later tried in court and sentenced to federal prison.  Many people erroneously believe that Capone spent his final days locked-up behind bars .  The truth, however, is that the mobster was paroled on November 16, 1939 and returned to his home on Palm Island in Miami Beach, Florida where he ultimately died from a series of health issues.

Al Capone purchased the Palm Island estate in 1928 – three years before his prison conviction – for $40,000.  He used the waterfront home as an escape from Chicago when the authorities started breathing down his neck.  Over the years, the property has had many owners.  The current owner acquired the estate in November 2011 for $5.65M and since that time has fully restored it.  Yesterday, the Palm Island waterfront mansion hit the market once again with an asking price of $9.95M. That’s gangsta!

Miami Beach Mansion Bequeathed to Pet Chihuahua Sells For $8.4M

Gail Posner, daughter of billionaire business magnate Victor Posner, made national headlines in 2010 when it was discovered that her Miami Beach mansion was bequeathed to her pet Chihuahua Conchita and two of her other dogs along with a $3M trust fund.  According to her will, the dogs were to be taken care of by her staff which was to receive a grand total of $27M upon her death.  Conchita, who was considered to be the “world’s most pampered dog” by Gail’s own accord, had her own bedroom and bathroom in the waterfront mansion, a $15,000 Cartier necklace and weekly spa treatments.  Posner’s son Bret Carr was left only $1M. To no one’s surprise, Carr quickly contested the will. The hotly debated Miami Beach home sold last Friday for $8.4M.  The 7 bedroom, 8 bath, 2 half bath waterfront estate had 9,700 interior square feet and featured a center courtyard, elevator, 2 fireplaces, enormous master suite, separate gym and staff quarters resting on 156 square feet of waterfront.  According to public records, Gail Posner purchased the luxury home for $8.3M in September 2005.  No word on where Conchita and the other two poochies will now reside.

Billy Joel’s Miami Beach Mansion on the Market for $14.75M

According to several sources, Billy Joel listed for sale his Miami Beach mansion this past Monday for $14.75M.  The 8,881 square foot home offers 7 bedrooms, 8.5 baths, a luxurious bar with wine cellar, gourmet chef kitchen, a formal living and dining room, outdoor summer kitchen and expansive views of Biscayne Bay with over 150 feet of waterfront.  The Mediterranean-style estate resides on La Gorce Island, an exclusive neighborhood that has seen its fair share of celebrity-residents such as Shakira and Lil Wayne.

Joel purchased the property in 2006 for $13.5M, according to public record.  Below are the photos of his former palatial pad.

Ricky Martin Sells Miami Beach Home; Jay-Z and Beyonce Possible Buyers

Pop singer Ricky Martin has sold his Miami Beach luxury home for $10.6M, as reported this morning by The Miami Herald. The 9,491 square foot waterfront mansion features 7 bedrooms, adjoining guest quarters, 8 full baths, 2 half baths, a fully wired media room, Jacuzzi, pool and elevator.  The Mediterranean home resides on 150 feet of waterfrontage along the prominent, star-studded neighborhood of North Bay Road.

The property was purchased by Ricky Martin for $10M in May 2005. No definitive word on who the buyer might be but the Herald article states that Jay-Z and Beyonce took a long, hard look at the home in December.

Exceptional North Bay Road homes currently on the market include:

• 3114 N Bay Rd – asking $17.95M
• 2040 N Bay Rd – asking $16.5M
• 2156 N Bay Rd – asking $8.95M

Pat Riley Sells Miami Mansion for $16.75M

Pat Riley, president of the Miami Heat, and his wife, Christine, have sold their waterfront mansion located at 180 Arvida Parkway in the posh subdivision of Coral Gables called Gables Estates for $16.75M.  The 5 bedroom/8 bath estate sits on approximately 2 acres with 900 linear feet of watefrontage.  The sales price represents a discount of over 25% from its $23M asking price.  Pat and Christine Riley purchased the home for $6.3M in 1996.  The couple will likely now reside in their penthouse at Apogee South Beach.

For other star-studded real estate in Miami and Miami Beach, be sure to check out our collection of Miami luxury homes in areas such as Star Island, Fisher Island, Gables Estates, North Bay Road, and more.

Miami Luxury Real Estate Prices Post 3rd Largest Percentage Increase in the World in 2011

The luxury real estate market in Miami had a remarkable year in 2011 and now, thanks to an annual report released by real estate consultants Knight Frank, we know how it compared to other international markets.  The Wealth Report 2012 showed that Miami luxury real estate prices in 2011 increased 19.1 percent from the year before.  The increase was the third largest when compared to other international luxury real estate markets, well ahead of London and Vancouver. Luxury properties in Miami are finally on the radar of the world’s elite!