Despite the Chicken Littles crying out that the sky is falling, the glass is half-full for some in South Florida. Take, for example, recent reports that hotel occupancy rates in Miami are on the rise. Or yesterday’s news from One Sotheby’s Realty that high-end real estate is making a comeback, proven by recession-proof celebrity mansions. Need an example? Cher’s former Miami mansion, which was purchased back in 2006 by a member of our Haute 100 circle, Sean Wolfington, sold this week for $10.45 million. The sale price is notable because it is close to $2 million more than what it originally sold for during the heyday of real estate prosperity.
“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.”
“A lot of people told me to lower the price by 20 or 30 percent 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 more than $35 million in luxury real estate this year so it looks like the Miami luxury waterfront real estate business has bounced back.
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