Miami Beach luxury home sales are still dismal, although there is a feeling among those in the real estate business, that things will pick up somewhat this year. One of the reasons that home sales are likely to improve, is that people interested in buying a home or a condo, who have been waiting for the market to improve before taking any investment risks, are slowly entering the market place, looking for great deals on luxury properties.One great deal was made last week on a property on Palm Island, known as Villa Ferrari, recently owned by music producer Scott Storch. According to the Miami Dade County public records, the property consists of a house with more than 20,000 square feet of living space, on a 30,000 square feet lot, and is located at 70 Palm Ave.
Storch bought the home in 2006 for $10,500,000, but subsequently fell on hard times, and the property was foreclosed by Suntrust Bank in June 2009. Last week, Suntrust sold it to Weiner Russell Trust for $6,750,000, a great price for a 20,000 square feet Palm Island house, if you are a buyer.
The house was not in good shape, and upon entering through the massive front doors of the home, one could see that extensive renovation is needed. Immediately before the sale, a crew of painters and carpenters could be seen doing cosmetic touch up work to make the property appear more presentable. Notwithstanding, the sale of the Miami Beach mansion was a great buy for the new owner.
Weiner Russell Trust, the buyer, is actually Russ Weiner, founder and CEO of Rockstar Energy Drink, a company that produces a beverage touted as the world's most powerful energy drink.
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