Less than a month after listing a 48,266-square-foot lot at 44 Star Island Drive, Techrin Estates has closed on the property, which has 220 feet of waterfront. It was listed on the firm’s site at $7.25 million. Star Island, part of the City of Miami Beach, is home to a number of celebrities, including Rosie O’Donnell, Gloria Estefan and Sean “Diddy” Combs. Shaquille O’Neal sold his house at 26 Star Island Drive for $16 million in June. That sale made The Real Deal’s top-five residential deals of 2009, when comparable homes had been sold for an average of $6 million. Techrin is also listing a $10 million home at 30 Star Island Drive. TRD
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Posts Tagged ‘shaquille o’neal’
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From left: 1200 S. Ocean Boulevard, the Continuum in Miami, Shaquille O’NealThe historic housing market meltdown continued its ripple effects
through South Florida’s real estate market in 2009, but the waters here
are not yet calmed. Lower prices may be around the corner as the next
wave of foreclosures looms. At the same time, many adjustable-rate
mortgages will have new rates kick in 2010 and credit availability
remains a major concern for prospective buyers. As experts make predictions for 2010, The Real Deal is bringing you its top
five picks for South Florida residential real estate transactions of 2009. From
Palm Beach to South Beach and key cities in between, 2009 proved to be
interesting examples of trend-bucking, celebrity-gazing and foreign
buyers. CommentsProfessional athletes don’t give up on the playing field, and some
won’t quit in South Florida’s brutal real estate arena despite plunging
property values. Regardless of how well these sports legends fare on
court, the market is taking many to the penalty box. The latest entrant in the star athlete real estate scrum is Alex
Rodriguez, who just cut the price of his Coral Gables ranch to $9.9
million, down from a $14.9 million asking price last October. Basketball star Shaquille O’Neal, recently traded to the Cleveland
Cavaliers, sold his Star Island house for $16 million in June, after it
languished for four years. The price dropped like a bad free-throw
percentage — he originally sought $35 million for the manse. Brokers say even the highest of the high end of the market is getting a dose of pricing reality. [more]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? 1 CommentLocal brokers say former Miami Heat basketball star Shaquille O’Neal has finally sold his Miami Beach mansion, listed first in 2005 for $35 million. Shaq’s 20,000-square-foot mansion has been an object of fascination and a high-end symbol of the housing crunch ever since. No details on the sale have been released, though it reportedly closed Wednesday. O’Neal reportedly had arranged a November 2007 sale to baseball star Alex Rodriguez for a price between $25 million and $27 million, but deflation took its toll in both sports and real estate and the deal fell through. A November 2008 report put the manse back on the market for $19 million. At the start of this year, another broker listed it for $25 million, and the listing price was dropped in March to $22.5 million. [more]
