Is Star Island losing its luster?
Celebs renting out homes
Something strange is happening on Star Island, the island off the MacArthur Causeway that’s home to 98 very rich, very famous folks: There are currently four properties up for rent, out of just 32. Singer Gloria Estefan and her husband Emilio are offering one of the guest houses for $30,000 a month. There’s developer Tom Kramer’s foreclosed crib, for rent at $150,000 a month. Other villas are going for $65,000 and $75,000 a month. Rentals tucked between $100 million properties? “It is unusual to have that many rentals there,” says high-end Realtor Ben Moss. “In listings above $10 million, there’s a three-year inventory. Some investors prefer renting out for a while. “But for some sophisticated buyers with $50 million to spend, this could cause the island to lose some of its luster.”
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