UPDATED, Oct. 1, 4:40 p.m.: Is it a sign of the times? The owner of a vacant lot on Miami Beach’s Star Island is again slashing the price of his waterfront property, as asking prices drop in the ritzy enclave.
Shay Kostiner reduced the asking price of the 50,000-square-foot lot at 44 Star Island Drive to $16.4 million, down from the original $24 million it was listed for nearly three years ago. Brett Harris of Douglas Elliman, at least the third agent to take on the listing since 2016, is representing the seller.
Harris said Kostiner is “motivated to sell” and “getting realistic about where the market is.” After listing for $24 million in November 2016, the price was adjusted at least six times, according to Realtor.com.
Kostiner, who paid $7.25 million for the lot in 2007, bought a home in Colorado and is now dividing his time between Miami Beach and Colorado.
Domo Architecture + Design designed plans for a nearly 17,000-square-foot home, which are included in the listing. They replace earlier plans for a 25,000-square-foot home.
“It needed a fresh look. The other house was too big,” Harris said. “The sweet spot is [between] 15,000 to 20,000 square feet.”
With the exception of the $65 million whisper listing of Stuart Miller’s spec mansion at 22 Star Island, a number of sellers on the exclusive island have reduced their asking prices in recent years.
In March, the home of late Lennar Corp. founder Leonard Miller and his wife Susan Miller, at 23 Star Island Drive, sold for $25 million, two years after hitting the market for $49 million.
Also in March, Gloria and Emilio Estefan relisted their guest home at 1 Star Island Drive for $32 million, a 20 percent reduction from when it first hit the market in 2015 for $40 million.
Rally Manufacturing founder Marco Iacovelli first listed his mansion at 46 Star Island Drive for $65 million, then announced in late 2017 that he would sell it auction without a reserve. Records show Iacovelli still owns the property.
In an off-market deal in July, Lennar Corp. Executive Chairman Stuart Miller sold 10 Star Island Drive for $17.5 million.
This week, the Kirsner family listed 34 Star Island Drive for $15.3 million.