A South Beach Mediterranean mansion.

Playing house in an opulent private estate or penthouse instead of staying in an exclusive hotel is a popular option for high-profile celebrities, business moguls, high-flying executive-types and the just plain rich. A number of properties are available for short-term rental in the Miami area as some owners sit out the sales slowdown and others just snag whatever rewards come from owning a zillion-dollar property. (As for zoning issues, we won’t even go there!)

Some pluses to renting: privacy — even secrecy — to come and go as you want; only selected people to keep you company; a more laid-back lifestyle — topless sunning or skinny-dipping included; plus a full kitchen for casual eating; and, if you want to be sociable, meeting neighbors jogging or walking their dogs.

Typically a 5,000- to 10,000-square-foot home with four to six bedrooms rents for about $1,200 to $7,000 per night, with a one-week minimum (prices quoted per night sound like a better deal, says one agent). But regardless of square feet, renters are usually limited to two people per bedroom, which puts a damper on inviting a gaggle of sleepover pals.

John Greer is the king of upscale rentals — his company Unusual Villa and Island Rentals is ranked in the top 25 rental companies worldwide. He says 90 percent of Miami requests are for properties within 15 minutes of South Beach. High on the wanted list are the Biscayne Bay Islands — Star, Hibiscus and Palm. A Palm Island villa — six bedrooms, five baths, a full gymnasium, movie theater, regulation beach volleyball court, heated pool and large dock on the bay — goes for $300,000 monthly. Greer also has a fab $10,000-a-night house for rent with only a three-night minimum.

North Bay Road and La Gorce area mansions rate high with the movie location set, and Fisher Island, accessible only by ferry, boat or chopper, is sought after by the publicity-shy. Expect to pay around $12,000 a week for a luxe Fisher Island condo through Sol Sotheby’s, which also has a couple of waterfront mansions to rent on exclusive Indian Creek Island just north of South Beach, for $45,000 and $55,000 a week.

You can’t get more heart of South Beach than Collins Avenue, and The South Beach Mediterranean Mansion at Collins and 13th Street offers secluded European-style VIP accommodations in a “soulful clandestine hideaway” dating back to 1931. Wallace Tutt, a maven of design elegance (credits include Casa Casuarina on Ocean Drive and Cher’s home) put his signature touch on the estate, retaining the historical character and integrity while updating it and making it more multifunctional. The mansion has 8,800 square feet of living space with a total of five bedrooms (three queen and two king suites) split among the main house, guesthouse and center tower. There’s a fully equipped kitchen, luxury bathrooms, billiards room and home theater, as well as a covered heated swimming pool, etc., etc. Nightly rates start at $2,500 plus resort taxes (technically it’s a hotel), with weekly and monthly rates available upon request.

Renting a villa or penthouse may cost more than staying in a luxury suite in a deluxe hotel as the expenses add up. Even though pool man and gardener come with the house, and often maid service, paying for a butler, personal chef, nanny, chauffeur-driven car, yacht rentals and in-suite spa treatments can put many more thousands on the bill. But, weighed against the cost of eating out every meal and the amenities available, the numbers make more sense. What price lifestyle?

 

Rich Survey

Housing prices dropping? Who cares? While ordinary people may be worried, more than half of affluent homeowners expect their property value to appreciate at least somewhat during the next year, according to the Coldwell Banker Previews International Luxury Survey, conducted online in April 2007.

The study polled 301 homeowners with million-dollar homes ($2 million in California) and more than a million dollars in liquid assets. There were 15 respondents from Florida, about 5 percent of the total.

The luxury homeowners surveyed are also so positive about the real estate market that 40 percent are considering purchasing a home in the next year as a secondary residence for family use, with 38 percent interested in purchasing as an investment and 22 percent as a retirement property. Could it be that wealthy people have a basic contrarian investing impulse that the best time to buy is when others are selling?

The survey also revealed that affluent women are even more optimistic than men. Sixty-one percent of female respondents expect the value of their home to increase somewhat over the next 12 months compared to 50 percent of male. Approximately 10 percent of both men and women respondents expect their homes’ value to increase significantly in the next year. Women continue to comprise a significant segment of the home-buying public; in fact, 22 percent of all homes sold last year were to single women. That statistic, together with affluent women’s confidence in real estate, suggests women may, in fact, be the driving force that ultimately helps the market turn the corner.

A quick roundup of “the next big thing” shows that three-quarters of the respondents already have designer kitchens, formal landscaping, home entertainment centers and wine cellars. The list of next “must haves” includes boat dock, bedroom kitchen, indoor pool, tennis court and golf course/putting green.

 

Taking the Miami Vibe to Raleigh

Entrepreneur Peter Loftin knows a thing or two about luxury. The Casa Casuarina owner runs the former Versace mansion as an exclusive, invitation-only and celebrity-studded membership club where fees start at $50,000. Now, Loftin plans to convert the 50 acres surrounding his palatial 17,600-square-foot home on Falls Lake near Raleigh, N.C., into a multimillion-dollar gated community with a clubhouse, walking trails and recreational facilities. Reports are that the Still Creek community will have up to 25 lots averaging 2.4 acres and expected to sell for more than $300,000 each. Homes will start at $2.5 million and go up past $10 million.

 

Buzz

St. Regis Resort & Residences are making the most of their location opposite Bal Harbour Shops with the Wind Down Wednesdays series, which brings a group of buyers to the sales gallery each week for a cocktail event and a taste of the five-star lifestyle. Last week, Christofle, which has a boutique across the street in the Shops, partnered with project developers Starwood and The Related Group to show off its famed lines of dishes and table accessories. Each buyer at St. Regis will be presented with a housewarming gift by Christofle. The set includes candlesticks and a glass flower vase from the Radius Collection; and a stunning centerpiece, three-part cocktail server, knife rest/napkin ring set, and salt and pepper shakers from the Vertigo Collection. Now that’s gracious living on a tabletop!

Helen Hill is a freelance writer specializing in real estate and lifestyle topics.

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