Yesterday Rosie O'Donnell placed her Star Island home for sale on the Miami MLS for $19,500,000. The 11,104 square feet mansion was built in 1923, and boasts 12 bedrooms and 11.5 bathrooms on well over an acre of land.
Although the price may seem a bit steep, even for Star Island, all of the homes for sale on the island have been climbing in asking price, as the perception of homeowners in this exclusive Miami Beach community has recently changed. Everyone seems to think that luxury homes are once again going up in price. Although that may be true in theory, it has not become a reality.
For example, just last month two vacant lots, 35 Star Island and 36 Star Island closed for $8,500,000 each. That is an increase in price, as some see it, because just one year ago the same two lots sold for $6,125,000 each. As the Miami real estate market continues to improve, one can expect the attending rise in prices.
Although the price may seem a bit steep, even for Star Island, all of the homes for sale on the island have been climbing in asking price, as the perception of homeowners in this exclusive Miami Beach community has recently changed. Everyone seems to think that luxury homes are once again going up in price. Although that may be true in theory, it has not become a reality.
For example, just last month two vacant lots, 35 Star Island and 36 Star Island closed for $8,500,000 each. That is an increase in price, as some see it, because just one year ago the same two lots sold for $6,125,000 each. As the Miami real estate market continues to improve, one can expect the attending rise in prices.
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