Miami Beach Real Estate Market Report for 2009 – Palm Island, Hibiscus Island and Star Island Luxury Homes

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.

**UPDATE** Only one sale in the month of December for Star Island, Palm Island and Hibiscus Island – for the dry-lot property located at 242 Palm Avenue, selling for $890,000 ($319 per square foot). This Palm Island home had been listed since August 2007 starting at $1,449,000….that’s a 39% discount.

Miami Beach Luxury Real Estate

Search Hibiscus Island Homes, Palm Island Homes and Star Island Homes currently listed for sale above $1,000,000

1 thought on “Miami Beach Real Estate Market Report for 2009 – Palm Island, Hibiscus Island and Star Island Luxury Homes

  1. Nice post, Ines. I’m amazed at your market. We, too, work in an oceanfront market but most of our properties are much smaller and selling around $300/ ft. What a difference the air temp makes, eh?

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