A mansion for sale in Miami Beach has six bedrooms and nine bathrooms, plus a hot tub, spa, resort-size pool, and 158 feet of ocean frontage. It's in the gated community of Lagorce Island, with 24 hour neighborhood security. This house even comes with a brush with celebrity, as Cher owned it some time in the 1990s. Built it in 1995, it may have even been built for her. Take a look through 44 pictures at the real estate listing, and then I will tell you why you don't want to drop $42 million on this property.
First, the small things. It's nice to look at, but will you be able to deal with all that white? The decor is magnificently sterile, and reminds me of nothing so much as a high-end chain hotel. There are an alarming number of rooms designed to watch a huge TV from a comfy couch. You'd want to put a few million aside to give it some personality, or else maintain a crew to keep those white surfaces white.
Take a look at the neighborhood. Sure, it's secure, with an HOA at only $5,300 a year. But for this much money, wouldn't you want more than .68 acre of land? As it is, every home has a huge hedge to separate your spot from the next.
Looking at the sales history, you have to wonder why it's this expensive. The home was last sold in 2021 for $17 million. Why does it cost three times as much two years later? Is there such as thing as a $42 million flip? There are plenty of other places available in Miami Beach for much less.
And finally, there is the location. Miami Beach? There is a chance that the ground floor of this home will be underwater in the next 20 years, long before the mortgage is paid. Coastal homes should be getting less expensive. There, now don't you feel better about the fact that you will never be able to afford a place like this? -via Fark