In the Bal Harbour neighborhood of Miami
is located the Majestic Tower condominium development. A penthouse suite, which has regularly been featured on the Real Housewives of New York, has recently sold for the sum of $4.9 million. It was bought by an anonymous buyer from Argentina. Previously, the home had been owned by the father of “Housewives” alum, Aviva Drescher. Drescher’s father had bought the home in 1999, paying $927,000 for it at the time. The unit features four bedrooms and four bathrooms.
The prices in the Bal Harbour neighborhood have begun to increase dramatically. From this time last year, prices in the Majestic Towers development have increased approximately 20%. A number of Miami real estate buyers have been showing interest in the Bel Harbour neighborhood, which is located in northern Miami Dade County. As the area becomes more desirable, housing prices are surging.
Appearances on a television show or associations with a famous name are not a guarantee that a house will sell, but it does assist in the marketing aspect. In particular, homes that have been associated with icons of another era have had these connections exploited, as sellers hope that the storied histories will separate buyers from their wallets. The childhood home of Katherine Hepburn, located in Old Saybrook, Connecticut, has been marketed in this manner. The listing for the $30 million property details the site where the actress’s supposed relationship with Howard Hughes took place. Mention is made of the fact that he used to “landed his seaplane directly in front of the home.”
However, even these famous connections do not guarantee a sale. The “Housewives” Miami penthouse is the exception of the rule, but one only has to consider the story of rapper 50 Cent and his Farmington, Connecticut mansion. It has been on the market since 2007. Originally listed for $18.5 million, it has been discounted over the years until the current asking price is only $10 million. Situated on 19 acres, the home boasts 19 bedrooms, 25 bathrooms, a number of kitchens, outdoor and indoor pools, a shooting range, and its own private, 3,500 square foot nightclub.
A similar story is that of Joe Montana’s 500 acre Napa Valley estate. When it first went on the market in 2009, the property was listed for $49 million. In January 2013, he dropped the price to $35 million. The main home offers 9,700 square feet of living space, and the property’s many amenities include equestrian facilities, an olive farm, and a shooting range. Montana himself has described his home as a “true artistic expression of architecture”. As of yet, it has not sold.
There are many other celebrity associated luxury properties in Miami. Pharrell Williams recently listed his 40th floor penthouse suite for sale at $16.8 million. It will be interesting to see if the famous name association assists with its selling.