Star Island Real Estate
Star Island, Miami FL. is one of the most prized real estate areas in
South Florida. Current residents include Shaquille O'Neal, Julio Inglesias,
Sean Combs, Rosie O'Donnel and Gloria Estafan. Past residents were Al
Capone, Harvey Firestone, Madonna and Sylvester Stallone, among others.
Rosie O’Donnell Star Island Home For Sale
Yesterday Rosie O'Donnell placed her Star Island home for sale on the Miami MLS for $19,500,000. The 11,104 square feet mansion was built in 1923, and boasts 12 bedrooms and 11.5 bathrooms on well over an acre of land.
Although the price may seem a bit steep, even for Star Island, all of the homes for sale on the island have been climbing in asking price, as the perception of homeowners in this exclusive Miami Beach community has recently changed. Everyone seems to think that luxury homes are once again going up in price. Although that may be true in theory, it has not become a reality.
For example, just last month two vacant lots, 35 Star Island and 36 Star Island closed for $8,500,000 each. That is an increase in price, as some see it, because just one year ago the same two lots sold for $6,125,000 each. As the Miami real estate market continues to improve, one can expect the attending rise in prices.
The Star Island property was once home to the marijuana smoking Coptics. See the video below.
Star Island Amazing Real Estate Sale
Star Island, Miami Beach’s most sought after real estate, is once again in the news, as one of Star Island’s most amazing sales took place just a couple of weeks ago, when Rosie Hallbaur, the previous owner of 22 Star Island Drive, sold the 58,906 square feet lot, along with a structure which will surely be torn down at some point in the near future, for just $7,500,000, less than the tax assessed value of the property.
The buyer was 22 Star Island LLC, a corporation which, according to Florida State corporate filings, seems to be attached to Brian Bilzin, the owner of another very large Star Island property. The property is one of Miami Beach’s most prestigious lots, in that it is situated on the very tip of the Island facing north-northeast, and boasts incredibly beautiful views of Biscayne Bay. Mr Bilzin must be congratulated as one of Florida’s most savvy buyers of real estate.
Star Island Home Sold At Auction for $12,720,000
The property located at 15 Star Island Drive in Miami Beach is a 9 bedrooms home with approximately 8,700 square feet of interior living space, situated on a 40,000 square feet lot, with 100 feet of water frontage. The house, although contemporary in design, is in need of total renovation.
Three other Star Island properties have sold this year for prices ranging between $10,750,000 and $25,500,000. At this time 5 properties are for sale on the island, including a vacant lot at 30 Star Island.
The best deal on the island right now is an 8,100 square feet home, with 205 linear feet of water frontage lining a 48,266 square feet lot. The property located at 42 Star Island is in need of total renovation, but seems like a bargain compared to the sale that took place on Thursday.
Star Island Home for Sale $10,500,000
Star Island, as many Miami Beach residents know, is home to the rich
and famous, including Sean Combs, Gloria and Emilio Estafan, Rosie O'Donnel,
and Naomi Campbell and her billionaire boyfriend. In March of this year
10 of the 34 properties on Star Island were for sale. Five of those properties
sold in the past 4 months, and just this weekend, another home was listed
for sale on this exclusive island, a virtual gated enclave, accessible
by just one bridge.
There are 3 other homes for sale on the island at the present time, including 5 Star Island Drive ($49,995,000), 40 Star Island Drive (29,500,000), and 29 Star Island Drive($21,000,000).
Star Island Real Estate Update
Star Island real estate Miami Beach Florida
Star Island homes have suddenly become readily available to the rich and famous. Star Island, long considered the most exclusive community in all of Miami, is composed of 34 waterfront properties.
Some of the most famous people who live in this very pricey community
are Sean Combs (P Diddy), Gloria and Emilio Estafan, Rosie O’Donnel, and
Naomi Campbell and her billionaire boyfriend (who bought the mansion previously
owned by Shaquille O’Neal). The largest property on Star Island is a 28,000
square feet mansion situated on a 6 acre parcel of land, owned by Phillip
Frost and his wife. Frost used to run a large American drug company called
IVAX, which was sold several years ago, to TEVA, an Israeli drug company.
13StarIsland Drive $32,000,000
40 Star Island Drive $27,000,000
29 Star Island Drive $24,000,000
27 Star Island Drive $12,950,000
45 Star Island Drive $9,875,000
30 Star Island Drive $8,900,000
35 Star Island Drive $8,725,000
36 Star Island Drive $8,725,000
28 Star Island Drive $7,900,000
Whether or not any of these ultra-luxury Star Island homes are sold this
year, is left to be seen, but if some of them are sold, it should come
as no surprise, in light of a report published yesterday by the Miami
Association of Realtors. The report states that pending sales of homes
and condos, an accurate indicator of future market conditions, rose 22
percent in Dade County last month, year over year to 11,182 from 9,164
in February 2010.
Star Island - Miami's Most Prized Real Estate
Star Island home of Phillip Frost
Perhaps the single most prized property on Star Island is a 6 acre parcel of land located on the northwest tip of the island, owned by billionaire Phillip Frost and his wife. Mr Frost was the chairman of a large drug company, Ivax, which was sold several years ago. Situated on this amazing waterfront lot, is a 28,000 square feet mansion which was built in 2001. According to the Dade County property records, the property is assessed at a value of slightly more than $58,000,000, and the annual property taxes in 2008 were $730,000. Below is a video tour of the property taken from Biscayne Bay.
Shaq's Star Island Sale May Set Price Floor
The following is a reprint of an article published today quoting Alex Shay's view of Star Island real estate.
July 10, 2009
The recent revelation that basketball star Shaquille O’Neal finally sold his mega-manse on swanky Star Island for $16 million — a substantial discount from the $35 million he once sought — might not thrill his neighbors.
They include Rosie O’Donnell, Gloria Estefan, Sean “P. Diddy” Combs, Lenny Kravitz and billionaire Phillip Frost, and it’s a safe bet none would welcome being added to the list of celebrity poster children for the luxury housing crunch.
The sale price of $16 million is a mind-numbing drop of 54 percent from his original list price in 2005 of $35 million.
It was a great deal for the buyer, Vladislav Doronin, the Russian billionaire boyfriend of supermodel Naomi Campbell, but what does that mean for the market value of neighboring houses?
Some real estate experts say that the sale of Shaq’s house and an $8.1 million August 2008 transaction for the mansion next door to Rosie are the latest comparable sales figures for the ultra-luxury enclave, and as such have established a new, drastically dropped floor in pricing for the exclusive man-made island.
“Star Island is down at least 50 percent from two years ago,” said Carlos Justo, a real estate broker to the stars who sold Rosie, Diddy and Estefan their homes. Justo ran into his own troubles investing in high-end homes, and made headlines last spring when he declared bankruptcy and said he was $20 million in debt.
But others dismiss the theory Shaq’s house will sink sales, saying there are only 35 homes on the hyper-exclusive island in Biscayne Bay. Only the very wealthy can afford the rarified luxury of Star Island and there are never more than a few homes on the block at a time.
“It’s simple supply and demand,” said Alex Shay, who sells luxury homes in Miami Beach. “There is only one Star Island; nothing else compares to it.”
Star Island is an oval-shaped, man-made island created in 1922 by Carl Fisher, an automotive parts pioneer and the co-founder of Miami Beach. The U.S Army Corps of Engineers dredged sand to build Star Island and several neighboring islets, including Fisher Island, where homeowners include Julia Roberts, Oprah Winfrey and Mel Brooks.
Although Shay doesn’t think that Shaq’s sale alone will drive prices down, he says Star Island and most of Miami Beach have not seen property values increase since 2003 or 2004, the peak of the market.
Shay and Justo agreed that sellers still insist on asking more than their homes are worth and buyers are just as stubbornly offering at least 20 to 30 percent less than the asking price.
“Greed hasn’t gone anywhere and foolishness is everywhere,” said Shay.
Last August, Dr. Cem Kinay, a physician, luxury resort developer and owner of a 560-acre island in the Turks and Caicos chain, bought 44 Star Island in an estate sale for $8.1 million, a discount of 17 percent from the asking price of $9.75 million.
“Dr. Kinay’s home and Shaq’s will establish a new level,” said Justo in an April interview.
The biggest sale on the island, which also set a record for Miami Beach, was in 2006 when Stuart Miller paid $27 million for three one-acre lots and 300 feet of waterfront. Miller is the president of Miami-based Lennar Homes, which has suffered enormously in the housing bust, with its stock price sinking 80 percent in the past three years. On an island where waterfront is precious currency, Kinay, only two years later, paid $8.1 million for 250 feet of waterfront and a one-acre lot.
Kinay’s next-door neighbor, Rosie, put her Star Island home on the market for $16.7 million in 2003, but changed her mind and didn’t sell. Rosie paid $6.75 million in 1999 for the estate.
In 2008, Shaq’s manse was assessed at $26.4 million, but still sold for $10 million less. Rosie’s house was assessed in 2008 at $11.9 million.
“Star Island has come down 50 percent from two years ago and we still
haven’t hit bottom,” said Justo.
Shaquille O'Neal's House On Star Island Sold To Naomi Campbell's Billionaire Boyfriend
Star Island Located in Miami Beach
Star Island is a man-made island located in the city of Miami Beach, Florida. Completed in 1922, Star Island is considered one of the most exclusive areas of Miami Beach, and since 1986 has been home to Gloria Estefan and her record producer husband, Emilio.
The Estefans' multi-million home is actually comprised of two homes, boasting six bedrooms, eleven bathrooms, a swimming pool, tennis court, and 15,547 square feet.
Star Island also falls within The Key Biscayne Aquatic Preserve which is approximately 75,000 acres of state-protected land.
Miami Beach Star Island Areal Views
Miami Heat center Shaquille O'Neal is looking to sell his Miami Beach home for $35 million -- $3 million more than when he first listed it in 2005. (NOTE): As of April 2009, Shaquille's house is listed on the market for sale for $22,500,000.
The eight-bedroom, nearly 20,000-square-foot home is on Star Island, a private, artificial island in Biscayne Bay. The Mediterranean-style home, on a 2.5-acre waterfront lot, has an indoor basketball court, gym, steam and sauna room and a two-bedroom guest house, according to the property listing. An outdoor Jacuzzi, swimming pool, tennis court and dock are also on the property.
The home was built in 1992 by another Heat center, Rony Seikaly, who sold it in 1995. Mr. O'Neal, who owns the home through a trust, bought the property for $18.8 million in 2004, shortly after being traded to the Heat by the Los Angeles Lakers. He listed the home for $32 million in 2005, less than a year after he bought it, and reportedly looked at properties in Fort Lauderdale before pulling the Star Island house off the market.
In addition to leading the Heat to their first-ever NBA championship
last season, Mr. O'Neal, 34 years old, has also won three championships
with the Lakers and an Olympic gold medal in 1996.