Is Star Island losing its luster?

 

Celebs renting out homes

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By Jose Lambiet

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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