Drake sells Miami Home in Less Than 24 hours


Spotted: Forbes

Less than two months after Aubrey “Drake” Graham listed two posh Miami, Fla. condos for sale , the celebrity rapper has managed to flip them and turn a nice profit. Listed for $2.5 million, the final sales price for the side-by-side units was $2.4 million, a minor discount of 4%.

Drake, a Canada native valued at $11 million, purchased the units for a combined $1.9 million in January 2011, before re-listing them on the market at a 32% price hike this past January. The sale represents a 26% return on his investment, grossing nearly $500,000 before fees and taxes.

Perhaps the most impressive thing about this sale, however, is just how quickly a buyer came to the table. Less than 24 hours after the Marquis Residences condos hit the sale block, a buyer was lined up and an offer was in.

“We immediately contacted all of our team members and Kriszti Panyi knew she had a buyer whose needs would be satisfied with this property,” said Jill Hertzberg of Coldwell Banker Residential Real Estate‘s “The Jills” team. The Jills team had the listing and as well as the buyer (Panyi is a member of the Coldwell Banker team as well).

The new owner is reportedly Mario Chalmers of the NBA’s Miami Heat basketball team. The apartments were purchased under a third party limited liability company called Team Rio.

Chalmers, 25, has played for the Miami Heat since 2008. His new 49th floor digs are located in downtown’s swank Marquis Residences, a mixed-use high rise towering over Biscayne Bay and mere blocks from the American Airlines Arena where the Heat plays home games.

Combined the neighboring duplex apartments total 5,475 square feet of living space that include four bedrooms, two Viking appliance-fitted kitchens, living rooms with 20 foot ceilings and floor-to-ceiling walls of glass overlooking the bay, six marble bathrooms, a media room, marble staircases and private balconies. During Drake’s ownership tenure, the digs served as the video set for the DJ Khaled track, “I’m On One”, which featured the Canadian hip hop star as well as fellow rappers Rick Ross and Lil Wayne. The luxury high rise touts building amenities like a sky pool deck, a fitness area and spa and valet parking.

Drake is said to have already purchased a new home for himself: a $9 million mansion in Hidden Hills, Calif, according to sources. The Los Angeles-area estate includes a five-stall horse barn, tennis court, volleyball court, 24-seat home theater and a pool area complete with “caves” touting a wet bar.

As for Miami, the luxury real estate market has enjoyed a flurry of buyer activity over the past year and a half. The Elliman Report, a quarterly home sales reportcompiled by Miller Samuel and Douglas Elliman Florida, found that the median sales price for luxury condos in 2011′s fourth quarter were 7.2% higher than they were in the third quarter. And across Biscayne Bay, on ultra exclusive Indian Creek Island, Sears Holdings billionaire Eddie Lampert recently went into contract to buy a $40 million estate — one of the highest home prices ever paid in Miami-Dade County.




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