2009 Miami Beach Home Sales for Star Island, Hibiscus Island & Palm Island
November 30, 2009 by Ines Hegedus-Garcia
Miami Beach Luxury Real Estate is all about its islands – In this market report I combined Palm Island, Hibiscus Island and Star Island just because of proximity and approach – there have only been 7 sales in the 3 islands combined all year! The highest sale was Shaq’s Star Island Home located at 26 Star Island Drive, which he sold to Vladislav Doronin (Naomi Campbell’s boyfriend) for $16,000,000 back in June. The lowest sale was the dry-lot home located at 286 Palm Avenue, which sold for $660,000.
The price disparity has to do with location and view as well as condition of the home. The pristine and totally updated homes will obviously sell for more than the gutted ones, near a bridge or causeway that are mainly sold for land value.
| Address | Bds | Bths | HBth | sqft | YrBlt | Lot Size | List Price | Sale Price | $/sq.ft. |
| 26 Star Island Dr | 7 | 8 | 2 | 19,440 | 1992 | 87,120 | $22,500,000 | $16,000,000 | $823 |
| 288 S Coconut Ln | 3 | 3 | 0 | 3,180 | 1938 | 14,000 | $3,690,000 | $2,700,000 | $849 |
| 370 S Hibiscus Dr | 3 | 3 | 1 | 3,590 | 1983 | 10,500 | $2,975,000 | $2,500,000 | $696 |
| 433 S Hibiscus Dr | 3 | 2 | 0 | 1,547 | 1947 | 10,387 | $1,350,000 | $960,000 | $621 |
| 333 S Hibiscus Dr | 5 | 3 | 1 | 3,700 | 1961 | 9,500 | $1,095,000 | $900,000 | $243 |
| 233 Palm Av | 5 | 3 | 1 | 2,694 | 1971 | 6,000 | $875,000 | $690,000 | $256 |
| 286 Palm Av | 4 | 3 | 0 | 2,616 | 1926 | 5,775 | $654,750 | $660,000 | $252 |
The good news about these sales is that none of them are distressed sales – bad news is that the expensive inventory is not really moving – other than Shaquille O’Neal’s home (which consequently was first listed for $35 million and ultimately “gave it away” at a mere $823/square foot ** less than what he originally purchased it for)…..but we’re not criticizing here…hoping to see Naomi Campbell lounging by the pool when we go by on our boat rather than the Shaq Bobble Head.
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