Miami Beach Star Island Sunset (Seen from South Beach)

Miami Beach Residents and Homeowners are greatly relieved that Hurricane Irene has passed by SouthEast Florida. The last major hurricane to affect the Greater Miami and Miami Beach area occured was Fall, 2005. The result were rapidly increasing insurance rates, as well as the beginning of a sharp turn towards a Buyer’s Market. In the past year, Miami Beach waterfront homeowners have experienced a reduction in property taxes, homeowner insurance rates, and increased demand for waterfront properties (especially in the luxury island communities of Miami Beach).

Enjoy this evening’s spectacular sunset over Star Island!

I happen to live opposite Star Island, where I was able to witness an incredible night-time movie sequence rumored to be in the new Charlies Angels 3 Movie.  The entire Eastern portion of Biscayne Bay opposite the city of Miami Beach was lit up, for what appeared a night party sequence set amidst the waterfront beauty of Star Island and the City of Miami Beach.

Located at 40 Star Island in Miami Beach’s ultra-luxury Star Island, look for this upcoming summer blockbuster in 2011 at your local movie theatre:

40 STAR ISLAND DR, Miami Beach, FL 33139 (MLS # M1446117)

Majestic main residence & 2 guest houses w/ 9,854 SF repose on lot spanning over 2 acres of guard-gated Star Island; home to stars and business moguls. Its opulent old world charm are abundant w/ sublime architectural details in every room. Endowed with Fine wood, marble, stone floors, fireplace, vaulted ceilings & french doors. Picturesque landscape bestowed w/ unheard of 330' of waterfront, dock, gazebo/entertainment area, resort-style pool & fountains. Truly magnificent for the most demanding client.

Property Type(s): Single Family

Last Updated	2/15/2012	Tract	STAR ISLAND
Year Built	1925	Community	n/a
Garage Spaces	2.0	County	Miami-Dade County
Total Parking	2	Walk Score ®	37

Price History

Additional Details

Features

Location

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Listed with Ocean First Realty

(view all details for MLS #M1446117)

Miami Beach waterfront homes located on Star Island, Palm and Hibiscus Islands, the Venetian Island chain including San Marino island, Fisher Island, and Sunset Islands have drawn the wealthy and famous since the early 1920′s. Starting with such famous (and infamous) celebrities Al Capone, Lou Walters (father of Barbara Walters), Jackie Gleason, and many others- Miami Beach island communities offer the most sought-after waterfront luxury homes and estates in the world.

Miami Beach Palm Island Homes

These exclusive Miami Beach homes and estates are surrounded by the beautiful waters that form Biscayne Bay. As of today, Star Island, Palm, and Fisher Islands are the home (and in some cases the second and third homes) to famous residents and celebrities such as Rosie O’Donnell, Gloria Estefan, Oprah Winfrey, Sean Combs, Shaquille O’Neal, Tommy Mottola, and many of the world’s most elite business and political leaders.

Miami Beach's Elite Homeowners

Famous son, singer, and longtime Miami Beach Palm Island Resident Enrique Iglesias has been a long-time soccer fan.  Spain’s World Cup victory was celebrated this past week with a flash – literally!  Enrique recently declared that if “Spain wins, I’m going to get drunk and ski naked in Biscayne Bay”.  True to his word, many Palm, Star, Hibiscus and many Miami Beach waterfront home residents on Biscayne Bay have been keeping their eyes open.

It is rumored that Mr. Iglesias will be water skiing naked on the East side of Palm Island (between Palm and Downtown Miami) later this week.  By the way, these are considered premium waterfront homes – as everyone loves the view!

I’m often asked when traveling, what makes Miami Beach so special? The answer can be seen in the picture below- it really does speak a thousand words!

As the signs of a national bottom in housing continue to increase (along with expectations of a gradual recovery), Miami Beach’s waterfront housing market is already well on the way to gradual price appreciation.  As the inventory levels of unsold homes decrease, we are witnessing slight price APPRECIATION for select waterfront island communities with luxury homes in Miami Beach. In the coming weeks, I’ll be highlighting specific examples from the nearby island communities for our readers. In the meantime, enjoy the view!

According to University of Florida oceanographic reports over the past few days, the east coast of Florida is at some risk for contamination from the leaking BP oil rig in the Gulf of Mexico.

Based current models, the expanding oil slick could get caught in a loop current which would redirect it to the Florida Straits, up into the Gulf Stream, and ultimately up the east coast of Florida.

The many waterfront Estates and Luxury homes on Key Biscayne and Fisher Island would be especially vulnerable to contamination.  These islands have direct exposure to the Atlantic Ocean and are considered much more vulnerable to potential contamination.

The island communities off of Biscayne Bay, however, such as the Venetian Island chain, as well as Palm Island, Star Island, Hibiscus Island, and Sunset Islands are thought to be much better protected, as they are located inside several protective barriers.  In addition, if oil slicks were to be spotted, several Coast Guard stations have been pre-stocked with rubber barriers that would be deployed helping to stop oil from contaminating the Biscayne Bay island communities.

As a long-time resident of Miami Beach, I’ve witnessed a remarkable transformation in our community.  When I moved to Miami Beach in 1992, the waterfront island communities consisted of mostly aging, smaller winter homes that had long-ago seen their heyday.  For example, Palm Island was where Barbara Walters grew up, and where Al Capone had a winter hideaway.

The most recent evidence of Miami Beach’s resurgence and rise to national prominence can be witnessed in the recent DNC fundraiser that was held at the Glorida Estefan’s house on Star Island, featuring a personal appearance by none other than Barack Obama.

Miami Beach waterfront homes continue to attract celebrities, high net wealth individuals (otherwise known as the rich and famous), and those seeking security and privacy. The architectural uniqueness, beauty, quality of life, and the rich variety of homes in the different island communities is like no other on the planet.

A spectacular winter afternoon in Miami Beach!

Home to celebrities such as Gloria Estefan, Rosie O’Donnell, Shaquille O’Neal, Daniel ‘Tommy’ Mottola, and business leaders such as Phillip Frost and Susan Miller.  Star Island is the most exclusive of the tri-island and homeowner association comprised of Star, Palm and Hibiscus Islands.  Most notably, in the midst of the most severe housing downturn in a generation, high end estate homes such as the one highlighted below sold in just four months.  Also of note is that the discount from the original asking price is relatively small.

Star Island

Star Island Home – Old World Charm

Star Island Luxury Home For Sale

Located on an oversized 48,300 SF lot with over 220 linear ft. of watefront, this classic southern-style home features Old World charm.  Featuring Southern and Eastern exposure towards Miami Beach, Fisher Island, and the cruise ships.  Located only five minutes away from all the excitment of South Beach.  This single family estate offers exclusivity, privacy and is located on a 24 hour guard gated island community. Owners dock their yachts and live among the stars (the next door neighbor is Rosie O’Donell)!
:  Oversized Waterfront Proeperty with 220 ft. on Water, Spectacular location on Star Island, Gated Island Community

:  Orientation towards busy causeway and potential for traffic noise.

Sold Price: $8,100,000 (2008)
Original “For Sale” Price : $9,750,000 (2008)
Bedrooms: 6
Bathrooms: 6
House S.F.: 4,720
Land S.F.: 48,300
Sold Date: September, 2008
Sold Price per S.F.: $1,716/S.F.

Reduced from Original “For Sale” Price: 17% (132 days on market)

Source:  SouthEastFlorida Regional