Star Island lot gets another price chop amid reduced waterfront asks

Shay Kostiner dropped the price of 44 Star Island Drive to $16M, down from the original $24M listing price

TRD MIAMI /
Oct.October 01, 2019 03:30 PM
Brett Harris and 44 Star Island Drive 

Brett Harris and 44 Star Island Drive

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.

A rendering of 44 Star Island Drive

A rendering of 44 Star Island Drive

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.


Related Articles

arrow_forward_ios
Chad Carroll, Mariana Trentini, and Fabio Lopes, and Christopher Burch with 5050 North Bay Road

Heinz Brasil exec sells waterfront North Bay Road home to Christopher Burch

Jeffrey Soffer and Fontainebleau Miami Beach

Fontainebleau Miami Beach reveals proposed addition

David Martin, Russell Galbut, and a 500 Alton rendering (Credit: The Next Miami)

Miami Beach, Crescent Heights, Terra agree to settle dispute over floor-to-area calculations

Amir Zwickel and a Showfields store

Showfields to bring new retail concept to Lincoln Road

David Arditi of Aria Development Group and 321 Ocean

Condo association alleges construction defects at 321 Ocean: lawsuit

Julian Cohen and a rendering of the project

Felix and Julian Cohen propose waterfront spec mansion on North Bay Road

1452 Washington Avenue (Credit: Google Maps, iStock)

Spanish investor buys mixed-use building near Española Way

Joseph Menaged with his units at Faena House and One57 (Credit: Facebook, Redfin, StreetEasy)

Father of “Property Wars” star pleads guilty to bank fraud

arrow_forward_ios
Loading...