Cher House Sale Gives Miami Market Hope
MIAMI, May 6? — While most of the market has been deeply impacted by the recession there are a few homes that have increased in value since the bubble popped. High-end celebrity-owned real estate sales, whether previously or currently held, are surprisingly strong with prices reflecting a steady increase. “There’s a shortage of trophy properties on the market and we are seeing an increasing number of wealthy foreign buyers from Latin America and Europe looking to capitalize on the weak U.S. dollar,” said Daniel De La Vega, Broker of ONE Sotheby’s Realty.
A recent sale suggests that rare waterfront homes increase in value even in a down economy. Cher’s former Miami Mansion, which was purchased back in 2006 by Sean Wolfington, just sold this week for $10.45m – close to $2 million more than its sale price at the peak of the market. This 6 bed, 6 bath home has wide water views and a resort-style back yard and pool. Pictures can be seen at www.510sMashta.com. One-of-a-kind waterfront properties have always held their value and this home’s celebrity cache most definitely helped it stand out in a crowd. “Everyone in Miami knows the home as the ‘Cher House'”, said Jorge Uribe – Senior Vice President at ONE Sotheby’s International Realty, who sold the home to the Wolfingtons in 2006, and recently sold it to the new owners. “The celebrity factor of the house definitely helps, but the nicest properties will always have a demand which makes them partially immune to the recession.”
“The laws of supply and demand will always apply – especially when you are dealing with a unique and exceptional piece of waterfront property. The oldest rule in real estate is Location Location Location and Cher’s former home was built on Mashta Island, just off of Key Biscayne Island,” said Jorge Uribe. “A lot of people told me to lower the price by 20% – 30% because everything was down, but I advised my client to be patient. In the end, the new owners paid a great price for one of the most unique properties in Miami and they will most definitely see similar appreciation that these one-of-a-kind properties always enjoy.”
Despite a slow year in 2009, Uribe has already closed over $35m in luxury real estate this year, so it looks like the Miami Luxury waterfront real estate business has bounced back.
To view pictures of the “Cher House” visit www.510SMashta.com.
To learn more about One Sotheby’s visit www.ONEsothebysrealty.com.
Ana Wolfington bought Cher?s former mansion on the island of Key Biscayne.
View of back yard pool area, facing the Atlantic Ocean. Sean Wolfington and Ana Wolfington bought Cher?s former mansion on the island of Key Biscayne.