Rosie O'Donnell's Ex-Mansion: $48M Star Island Estate Sold!
Colaboradores
Rosie O'Donnell's former waterfront estate on Star Island in Miami Beach is officially under contract! The property, listed for a cool $48 million, led the Eklund-Gomes report last week, signaling continued activity in Miami-Dade's luxury real estate market.
Luxury Market Still Hot in Miami
The Eklund-Gomes report, which tracks homes and condos priced at $4 million and above within the Multiple Listing Service in Miami-Dade, revealed that buyers signed a total of 17 contracts for luxury properties between June 16th and June 22nd. These properties spent an average of 103 days on the market before finding a buyer.
While 41 new luxury listings were added, bringing the total to 1,228, overall luxury inventory has been slightly decreasing week-over-week. Last week saw a decrease of just one listing, indicating a stabilization, albeit at a high level, of available properties.
To put things into perspective, the week prior saw buyers sign contracts for 25 luxury properties with a combined asking price of $274.8 million. This shows a consistent interest in the high-end real estate sector in Miami-Dade County.
Breaking Down the Numbers: Homes vs. Condos
The asking dollar volume for the nine single-family homes and eight condos under contract last week totaled a significant $201.7 million, according to the report compiled by the Douglas Elliman team led by Fredrik Eklund and John Gomes. This highlights the substantial financial activity occurring in this niche market.
Single-Family Home Stats
- Average Asking Price: $14.7 million
- Average Time on Market: 109 days
- Total Asking Dollar Volume: $131.9 million
Condo Stats
- Average Asking Price: $8.7 million
- Average Time on Market: 95 days
- Total Asking Dollar Volume: $69.8 million
- Average Price per Square Foot: $1,983
A Look Back at Rosie's Former Estate
The Star Island property at 43 Star Island Drive, spanning 1.1 acres, boasts a rich history. The late Dr. David Frankel, a renowned dermatologist, and his widow, Linda Frankel, purchased the eight-bedroom, 11,104-square-foot mansion from Rosie O'Donnell in 2013 for $16.5 million. The home, originally built in 1923, features a luxurious pool and private dock. Compass' Liz Hogan currently holds the listing.
Top Condo Sale: Continuum South Beach
The most expensive condo to find a buyer last week was a three-bedroom, four-bathroom unit located at Continuum South Beach, 50 South Pointe Drive. This sale demonstrates the continued appeal of luxury condo living in Miami's vibrant South Beach neighborhood.
This sale signifies not only a major transaction for O'Donnell, but also reveals the sustained vigor of the luxury real estate market in Miami-Dade County. The report from Eklund-Gomes paints a picture of a market where high-end properties are moving, inventory is slowly decreasing, and prices remain competitive.