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Rosie O'Donnell's Iconic Star Island Estate Finds a Buyer
Rosie O'Donnell's spectacular former estate on Star Island has captured attention once more, as it entered into contract last week with a listing price of $48 million. This notable property is part of a growing trend in the luxury real estate market of Miami-Dade County, where buyers are showing strong interest in high-end homes and condos.
The Luxury Market's Momentum in Miami
During the week of June 16 to June 22, buyers demonstrated their willingness to invest in luxury properties, signing contracts for 17 homes and condos valued at $201.7 million. The high demand is evident given the average asking price for single-family homes reached $14.7 million, with properties spending about 109 days on the market. This trend indicates a lucrative climate for sellers and a competitive landscape for buyers seeking luxury residences.
Historic Charm Meets Modern Luxury
The estate in question is not just a luxury listing; it is steeped in history. Previously owned by the late Dr. David Frankel and his widow, Linda, the 11,104-square-foot mansion was purchased by them from O'Donnell in 2013 for $16.5 million and showcases eight bedrooms and a stunning pool. Built in 1923, the home is a blend of historical aesthetics and modern amenities, making it a desirable asset in today's market.
Comparative Insights from the Market
The recent surge in luxury property sales parallels trends observed in other metropolitan markets like New York, where contract activity remains robust despite economic uncertainties. In New York, 26 homes were under contract during the same week, showcasing the resilience of the real estate sector in urban centers.
Take Advantage of the Florida Luxury Market
As the luxury real estate market in Florida continues to thrive, existing homeowners looking to sell or upgrade their properties should consider leveraging this momentum. The increasing interest could mean favorable conditions for sellers. Whether you are contemplating a sale or simply curious about the market dynamics, now is a pivotal time to engage with real estate professionals and explore your options.
For homeowners in Florida, understanding and capitalizing on the current luxury trends can significantly impact financial decisions and investments. Stay informed, as the landscape continues to evolve and opportunities abound in the exquisite Miami-Dade area.
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