13 Star Island Drive Sells for $25.5M – Record Breaking Sale
13 Star Island Drive in Miami Beach recently sold for $25.5M, making it the highest priced sale in Miami-Dade County history. The sale closed late last month but wasn’t updated in the MLS until yesterday afternoon. The 8 bedroom/8 full bath/2 half bath waterfront home resides on a 40,000 square foot lot and has 15,008 square feet of living space, a bayfront infinity edge pool and a fitness center. The Star Island waterfront estate sold in 50 days at a 20.3% discount from its initial asking price of $32M. The property was previously purchased in 2000 for $3.7M.
To put this sale into perspective, let’s compare it to another recent sale on Star Island. As you may recall, 27 Star Island sold earlier this month for $10.75M. That property also sat on a 40,000 square foot lot and had 15,000 square feet of living space. My initial reaction is that there is A LOT that can be done with $14.75M. An argument can be made that the west side of Star Island is preferable over the east side because you get a gorgeous view of the sunset and Downtown Miami skyline but you’d be hard pressed to find someone who would say that justifies the price. Nonetheless, 13 Star Island Drive is a beautiful property. There’s no denying that the luxury real estate market has performed remarkably well this year, especially given the state of the economy. There have now been four home sales this year of $10M or more, two of which have been properties located on Star Island.
Yet Another Luxury Sale! 27 Star Island Drive Sells For $10.75M
This has been quite a week for the luxury real estate market in Miami. Tuesday a condo at Continuum South Beach sold for $6.5M; Wednesday a luxury, waterfront home on Hibiscus Island closed for $9.35M and today I discovered that a waterfront home on Star Island sold for $10.75M. The sale closed Monday but the status in the MLS wasn’t changed until earlier this afternoon. The 12 bedroom/13.5 bath waterfront estate for sale in Miami resides on a 40,000 square foot lot and has 15,000 square feet of living space, a bayfront swimming pool and a boat dock with 100 feet of water frontage. The property sold in 300 days at a 17 percent discount from its initial asking price of $12.95M. The estate was previously purchased in 1999 for $5.9M.
Say It Aint So “O”
Yahoo News! reported earlier today that there are rumors that Shaquille O’Neal will be traded to the Phoenix Suns. I hope these rumors don’t prove to be true but it does sound like the Miami Heat will part ways with Shaq in the near future. I think everyone will agree that Shaquille O’Neal has been a great addition to the Miami community. He will definitely be missed.
Shaquille O’Neal’s Miami luxury home on Star Island, is currently on the market for $32M. There were rumors on November 1, 2007, from the South Beach Real Estate Blog that Alex Rodriguez was looking to buy Shaq’s humble abode. I heard from other sources that the deal fell apart because Alex Rodriguez’s wife wanted to be closer to her family in Coral Gables.
I haven’t fully thought this out yet, but I may, (still need to think about this one), consider stepping outside of my own personal boundaries of only listing condos and consider listing a Star Island luxury home like Shaq’s if his listing agreement expires before his home gets sold. Don’t hold me to this though because I am only contemplating it. I’m a very niche-oriented person so if I don’t return your phone calls Shaq, don’t hold it against me. I need a few days to think this one through.
