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

Everyone keeps asking – how long until the market recovers? Particularly if you are a seller today, a better question to ask is how the Miami Beach Real Estate market has actually performed over the past two months. I’m not going to mince words here, the reality is that the mortgage and real estate crisis is having a strong downward pressure on prices (yes, even in South Beach).  The strongest pressure, however, is occurring on the lower and middle range of the Miami Beach homes market.    The high end of the residential market, particularly for completely remodeled and turnkey waterfront island homes, continues to experience strong demand and remains relatively insulated from the current financial crisis.

If you are a potential seller, all is not lost and now is when when savvy buyers are purchasing spectacular waterfront properties in Miami Beach (such as Palm, Star, Hibiscus, Sunset, and the Venetian Islands).

As a reality check, let’s take a look at the latest closed sales of single family waterfront homes and non-waterfront foreclosure homes in Miami Beach:

The Venetian Islands

Venetian Islands Home - Kitchen

This completely updated 3,500 sq ft 3 bed/3.5 bath home features: Downtown Miami & sunset views on open water bay view on a 11,375 sq ft lot has 65 ft water frontage
Asking Price:  $4,495,000
Sold: $3,700,000 ($1,057/SF house)  ($325/SF land)
Closing Date:  12/30/08

Palm Island

Palm Island

This private Mediterranean estate boasts spectacular bay & downtown Miami skyline views, resort-style pool and 4-car gar. Lavished w/exquisite Old World details, the interiors have soaring ceilings, fine inlaid marble, hardwood flrs, exquisite moldings, custom blt-ins, columns, arched windows. Dockage for the yacht of your dreams with water frontage of 100ft.
Asking Price:  $10,900,000
Sold: $9,750,000 ($1,227/SF house)  ($325/SF land)
Closing Date:  9/11/08

Sunset Island I

Sunset Island Home

165 feet of open bay frontage and direct access to the Atlantic Ocean and 37,578 sq ft of property, this home offers expansive views, resort-like pool deck and spa, and oversized master bedroom & bath.
Asking Price: $8,900,000
Sold: $6,250,000 ($945/SF house)  ($166/SF land)
Closing Date: 12/23/08

Miami Beach

Miami Beach Home

Remodeled with updated kitchen and granite counter tops & stainless steel appliances, arched doorways and terracotta tiles.  New roof and windows with lush tropical landscaping with privacy for homeowners.
Orginal Asking Price:  $1,175,000
Foreclosure Sold Price: $350,000 ($179/SF house)  ($46/SF land)
Closing Date:  12/24/08

As the last example above illustrates, in a market that’s still in decline, the market reality between the upper and lower end of the residential real estate market is significant!