The inside scoop on Star Island Homes g

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The inside scoop on Star Island Homes

Friday, January 08, 2010
Star Island in South Beach is synonymous with luxury waterfront living.
 
Star Island is aptly named as celebrities from the sports and entertainment world have lived on the island since the 1920s.
 
Former residents include Shaq and Elizabeth Taylor. Current residents include two A-list music producers and recording stars, a former talk show host, a well-known fashion designer and a real estate tycoon.
 
Located just north of the MacArthur Causeway (395), Star Island runs north and south. All of the homes are waterfront.
  
Like all of Miami Beach’s residential islands in Biscayne Bay, Star Island was created by dredging sand from the bottom of the bay in the early 1920s.
 
Homes on the west side of the island have desirable views of downtown Miami. Homes on the east side of the island have beautiful wide bay views of South Beach.
 
Passing the guard gate, the first home on the right is 48 Star Island Drive. As you drive north on the island, the numbers descend. After rounding the cul de sac on the north end of the island, and returning to the guard gate, the last home on the right is 1 Star Island Drive.
 
Currently there are 34 Star Island properties in total; there are 24 homes and ten 40,000 square foot plots of vacant land.
 
40,000 square feet is the average lot size, just under one acre.
 
There are 12 lots of exactly 40,000 square feet, one at 60,000 square feet, one at 80,664 square feet and one property of over 268,000 square feet (6.5 acres!)
 
Water frontage varies. The typical 40,000 lot is 400 feet deep with 100 feet of water frontage.
 
As new construction of a 10,000 -15,000 square feet home runs $700-$1000 per square foot for high end finishes, a new home may cost $7,000,000 to $15,000,000.
 
Therefore a new or remodeled could comprise 50% of the value of a Star Island property.
 
Currently, there are three homes for sale on Star Island:
 
40 Star Island Drive is listed at $24,000,000. With 9854 of interior space and 87,120 feet of land, the property is listed at $2435 per square foot for the home and $275 per square foot for the land. 304 feet of water frontage leaves ample room for a mega yacht.
 
44 Star Island Drive is listed for $8,750,000. With 4720 of interior space and 48,266 feet of land, the property is listed at $1853 per square foot for the home and $181 per square foot for the land. This home has been completely gutted and is prepared for a renovation.
 
45 Star Island Drive is listed for $15,500,000. With 10,598 of interior space and 48,374 feet of land, the property is listed at $1462 per square foot for the home and $320 per square foot for the land.
 
Currently, there are two plots of land for sale on Star Island:
 
28 Star Island Drive is listed for $9,000,000 for 40,000 square feet of land at $225 per square foot for the land. This property just came on the market in November 2005. It was listed in 2005 for $17,500,000.
 
30 Star Island Drive is listed for $8,500,000 for 40,000 square feet of land at $212 per square foot for the land.
 
Notable Star Island sales:
 
26 Star Island Drive – in June 2009, Shaq’s former residence sold for $16,000,000. With 106,722 square feet of land and a residence of 19,440 square feet, the home sold for $823 per square foot and the land sold for $149 per square foot.
 
 
6 Star Island – In 2006, this vacant lot sold for $27,000,000 for 80,000 square feet of land; $337.50 per square foot for the land. This double lot has wide bay views of downtown.
 
44 Star Island Drive – sold for $8,100,000 in August of 2008. With 4720 of interior space and 48,266 feet of land, the property sold at $1716 per square foot for the home and $167 per square foot for the land.
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