Ashley Cusack

There’s an age old struggle between the appeal of newer Miami real estate and that of older Miami real estate. New luxury Miami homes can be referred to as pioneering, contemporary and technologically advanced but new homes can also be referred to as being fads, gaudy and even ugly. Older homes can be labeled classic, beautiful and timeless but old homes can also be considered liabilities, decrepit and outdated. While tastes in homes tend to be relative depending on the buyer, there are some calculable qualities to these two different styles of homes that can be explored.

New homes employ modern architectural qualities (especially Miami Beach condos) like superior insulation, weather proof designs, bigger closets, and more bathrooms and media friendly living rooms. Because these homes are new and improved they tend to not cost as much to maintain and their value remains stable for at least ten years. Problems with new homes are that they tend to have higher prices and while their values stay stable, they rarely rise as sharply as existing homes. They can also have clone-like designs with other properties in your neighborhood that reduces their value and roadside appeal.

Older homes or existing homes have many positives and negatives as well. Existing homes tend to be more aesthetically pleasing. Their neighborhoods have many years of improvements and houses in the area normally exude unique personalities. Sometimes existing homes come with perks like appliances, fixtures, patios, pools and gardens. They also may have refurbished many parts of the home or even added on wings or extended rooms. But older homes come with greater risks. Some homes don’t age as well depending on what material and how well they were built. Even though the price for an older home is lower, many existing home buyers find themselves paying even more for repairs.

So the question remains: Which home are better, older homes or newer homes?

South Florida may be famous for its sunny weather, the always stylish South Beach, and its long held vacation appeal but its fame also extends to the Miami real estate market and the several notable names that call the city their home and happen to live in the luxury Miami homes that comprise the market. Here’s a few of the wealthy and noteworthy names that live in Miami and around the area.

Norman Braman and Mickey Arison are two of the wealthiest South Florida residents. The former is known as the owner of several Braman Honda car dealerships while the latter is the CEO of Carnival as well as the owner of the Miami Heat basketball team. If the Braman name sounds familiar, it’s probably because of the recent headlines he’s made due to his opposition against the proposed building of a new stadium designed to honor the Florida Marlins.

Living in one of the several luxury Miami Beach condos, Phillip Frost is a billionaire associated with the major Israeli-based pharmaceutical company of Teva Pharmaceuticals. Fellow billionaire Edmund Asin also lives in one of the homes of Miami Beach and he is best known as the owner of Sunbeam Broadcasting.

Most people will recognize the name of Jorge Perez, the frequent newsmaker and condo developer who spearheads The Related Group, a firm responsible for creating some of the most renowned luxury Miami condos like ICON Brickell. While he barely makes the list of billionaire South Floridians, Jorge Perez currently lives in one of the most amazing luxury Miami homes in the area.

This list is limited to billionaires who live in Miami-Dade County. Besides celebrities like Ricky Martin and Gloria Estefan, are there any other distinguished names who own a piece of Miami real estate that you can think of?

Celebrities are notorious for purchasing high end real estate, Miami Beach oceanfront homes and Miami Beach luxury homes being among the properties preferred by the wealthy. Generally speaking, celebrities often go for multimillion dollar property and when they choose to sell, the asking price is typically higher than what the property was originally purchased for. Let’s take a look at some examples.

Entertainer Cher is known for frequently selling off many of the homes she purchases. Before she made news headlines by auctioning the majority of her possessions in her California villa, Cher owned a multimillion dollar Key Biscayne home here in Florida overlooking Biscayne Bay which she sold off for a cool $8 million dollars. As for the 12,000+ square foot Italian villa, it’s currently on sale for just over $40 million.

Reality TV star Brooke Hogan was living in a Miami Beach penthouse in the Mosaic condo as featured on her television show “Brooke Knows Best”. The property has since gone up sale for just over $15 million and Ms. Hogan is now living at the Flamingo condo located southeast from the Mosaic.

Finally, basketball star Shaquille O’Neal has put his 2.5 acre eight bedroom Miami Beach oceanfront home in celebrity favorite Star Island up for grabs for just under $30 million after having purchased it for the relatively inexpensive price of $19 million back in 2004.

This buying and selling trend raises an interesting question: are celebrities themselves inadvertent real estate investors since they usually sell their properties for twice as much as they originally purchased? They’re arguably in a better position to find buyers since they deal in luxury real estate but at the of the day many of them continue to choose South Florida homes as their preferred market when deciding where to keep a vacation or permanent home.