In yet another sign that the Miami real estate market
is well on its way to making a comeback, famous, former driver for Formula 1, Eddie Irvine, recently sold his Venetian Islands home for approximately $7 million. Irvine is well-known for his successes during his 4 year stint as a driver for Ferrari. His home was sold to a local developer, who preferred to remain anonymous.
The impeccable property featured 5 bedrooms and 5 ½ bathrooms. It was designed by well-known architect Luis Bosch. According to data found in public records, Irvine purchased the home in June of 2010 for $1.95 million. When asked, the Miami Dade County Property Appraiser’s Office stated that the home had an appraised value of $1.83 million. As aforementioned, similar sales are also being seen in the Sunset Islands as well as other South Beach homes for sale. Another luxury home recently sold for the sum of $20 million. This particular home boasted 7,200 square feet in size, and it featured four bedrooms and four bathrooms. The home was closed on in December of 2012. The owner who sold the home originally purchased it for the sum of $2.15 million in 1991. The home has appreciated, obviously, fairly significantly in value. The sale is one of the single most valuable ones through all of 2012. Another home, also located on Sunset Island, recently sold for $12.9 million.
Sales like these are beginning to occur with more frequency, and if the trend continues, the economic benefits will be seen all over Miami. There is currently hope that other single family home and condo sales will continue to follow suit.