Ricky Martin’s Miami Beach Mansion Deal Proves Real Estate is 'Livin La Vida Loca' in the City
May 17, 2012 May 17, 2012
The sun is shining bright upon Miami Beach folk and the same goes for its real estate market with stars cashing out on their properties in the area. First it was NFL’s star duo, the Sharper brothers who sold their Continuum South Beach condos, and now it’s the Grammy Award winner, Ricky Martin with his bay-front mansion.
While speculations will always surround the idea that a star sells out only when there is trouble, we’d like to think of it as a wise decision that comes in the wake of a market brimming with opportunity. Though this star property had been on and off the Miami Beach real estate market for the past five years, the Puerto Rican singer couldn’t have gone for better timing. With a bunch of new properties under development and a bustling Miami Beach with no signs of recession, median prices have been slowly, but surely soaring towards the sky. However, the eminent singer’s spokesman mentioned that it was his eight shows a week schedule at the Marquis Theatre in Times Square that was the real reason behind the sale.
Talking about the Miami Beach property that is fresh off the market, this is a seven bedroom, 10,000 square foot property, facing the gorgeous bay from the North Bay Road. It is also a short drive from Barry Gibb’s humble abode, as well as Miami Heat stars Chris Bosh and Dwayne Wade’s properties. The property that was sold earlier last fall by the Puerto Rican star was a beachfront abode in Golden Beach.
This is not the first time a celebrity such as Ricky Martin has taken advantage of the Miami Beach real estate scenario, as Miami condos have been called home by many A-listers in the past including Lil Wayne, Drake, Mike Piazza, Jennifer Lopez and Marc Anthony.
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What do you think about all the stars selling their homes in Miami Beach? Good sign for the market or not?