Interested in owning a piece of celebrity real estate? The Miami Beach mansion that belongs to New York Yankee third baseman Alex Rodriguez, or “A-Rod”, is on the market for a cool $38 million. The price tag made Joseph Castañeda, CEO of Home Appraisals Inc., curious. He wanted to find out if A-Rod’s celebrity home is really worth the asking price when compared to the similarly-equipped home of a non-celeb.
A-Rod bought the house and an adjoining lot for $24 million in 2010.Those were the Cameron Diaz days when he was rumored to be purchasing their love nest. The couple has since split and A-Rod now wants to unload the home.
The 20,000 square foot mega-casa located on North Bay Road is listed with a home movie theater, a 3,000 square foot gym with a steam room, nine bedrooms, 11 full baths, a four-car garage, an infinity pool, a view of the pristine Biscayne Bay, and a gourmet open kitchen that would put even the trendiest Miami bistros to shame. (picture below source Sotheby’s International Realty)
It’s waterfront property as well, with 275 feet of water-frontage and two boat docks. Oh, and to protect any foul balls from hitting the property – or flying out at unsuspecting neighbors; it features 12-inch walls of impact glass, which might also come in handy during hurricane season.
In terms of Miami celebrity homes for sale, A-Rod is not the only superstar who can expect a premium for its celebrity status. The home of notorious gangster Al Capone received the same star treatment when it came on the market this week.
Investment banker Peter L. Corsell bought the 1922 seven bedroom home with 100 feet of waterfront, a massive swimming pool, guesthouse and a pool house last year for $5.7 million. It is now listed for $9.5 million. Clearly, Corsell is betting that the added celebrity value is a good investment.
New York Real estate agent Barbara Corcoran was recently on the Today show and was asked if buyers will pay a premium for homes owned by celebrities? “They always do, they just can’t resist it. It depends on who the celebrity is as to how much of a premium they’ll pay,” said Corcoran.
Homes owned by the rich and famous can sell at a premium of up to 20 percent more than homes that belong to just regular millionaires.
“According to public tax records, A-Rod’s lot at 22,062-square feet is much smaller than two other competing homes which are on the market for lower asking prices. They are located on nearby Star Island, which I consider a more prestigious address. They both have 40,000 square foot lots, which is almost double the size of A-Rod’s. One of the home’s interior is 17,000-square feet of new modern design construction” said Castañeda.
Thus, according to some home appraisal experts, the reputation of the homeowner can indeed warrant a premium.
“The bank may not qualify A-Rod’s house to appraise at a premium rate, but a buyer who likes the fact that it was owned by a New York Yankee baseball legend might,” conceded Castañeda.
About Joseph Castañeda
Joseph Castañeda (St. Cert. Res. FLRD4035), Chief Executive Officer of Home Appraisals Inc.
As CEO of Home Appraisals Inc., Joseph oversees the overall direction and management of the company. He has over 12 years of Real Estate Appraising experience, is a State Certified Real Estate Appraiser and holds a Bachelor of Science Degree in Finance from the University of Florida.
Joseph has personally completed thousands of real estate appraisals over his career and has supervised the completion and management of tens of thousands appraisals. It is only through this vast experience that Home Appraisals, Inc. is able to utilize the latest technology and appraising techniques to successfully provide exceptional customer service and accurate appraisals.