 Shaq estate |
2009 was “a really blah year” for the Miami Beach waterfront market, agent Kevin Tomlinson reports in his South Beach blog.
In total, 42 waterfront homes sold in Miami Beach in 2009, compared to 49 in 2008. But the average price dropped from $934 a square foot in 2008 to $702 a square foot, a 24.8 percent drop, Tomlinson reports.
“In other words, if you own a 7,000 square foot waterfront home, in 2008 it was worth $6,538,000--today it would be worth $4,914,000,” Tomlinson notes.
The biggest sale of the year was basketball star Shaquille O’Neal’s Star Island home, which sold in June for $16 million. The 19,000-square-foot mansion with indoor basketball court, steam room and private dock had been on the market for two years, with prices originally starting north of $30 million.
Tomlinson’s full report on the area sales can be found here.
