For those unfamiliar with the Canadian actor-turned-music sensation that is Drake, let me fill you in. The rapper, 25, ranked 11th in Forbes’ 2011 Hip Hop Cash Kings list, with $11 million to his name from record sales, tours and endorsement deals with Sprite and Kodak. He also graced our recent 30 Under 30 list. All of this with only one album officially to his name.
Now Drake is adding prospective house flipper to that resume. The celebrity rapper recently listed both of his side-by-side Miami, Fla. condos for sale. The total asking price: $2.5 million. Located in the swank Marquis Residences, a mixed-use high rise towering over Biscayne Bay, the apartments total 5,475 square feet of living space that includes 20 foot ceilings, balconies overlooking the bay and “custom walls” that provide soundproofing for the space. The larger of the two pads, priced at $1.9 million, touts three bedrooms, three and a half baths and a marble staircase between its two floors. A fourth bedroom was converted into a media room. The other pad, priced at $599,000, boasts one bedroom, one and a half baths and a den.
“They are both stunning units with glass walls that open to the bay and provide some of the most beautiful city views anywhere. Everything in both units is state-of-the-art, from the kitchen with oversized Viking appliances, to the two-story, soaring living rooms,” says Jill Hertzberg, a Coldwell Banker Previews International Realtor whose team, The Jills, represents the listings.
Hip hop fans will also relish the fact that the high rise home served asthe video set for the DJ Khaled track, “I’m On One”, that featured Drake as well as fellow hip hop stars Rick Ross and Lil Wayne.
Drake bought the two apartments exactly a year ago, in January of 2011. According to public records, he spent $1,495,000 and $408,000, respectively, on the units, for a total of $1,903,000. It’s the same amount he is currently asking for the larger unit by itself. In fact, the asking prices for the newly listed units are a hefty 27% and 47% higher than what the musician plunked down for them a mere 12 months ago.
Will the rapper-turned-real estate flipper actually get those numbers? That will depend on Miami’s housing market, specifically on whether high-rolling American and foreign second home buyers (including Drake’s fellow Canadians) continue to flock to the Magic City in 2012.
Home values for the city fell 52% from their 2007 peak to their 2010 trough, according to Zillow. Since Drake purchased his swank flats a year ago, prices have inched up a little less than 1%.
The Elliman Report, a quarterly home sales reportcompiled by Miller Samuel and Douglas Elliman Florida, shows that the median sales price for luxury condos in 2011′s fourth quarter were 7.2% higher than they were in the third quarter, though still 1.1% lower than the same time period in 2010.
Let’s see if the successful rapper can sell his real estate the way he’s been able to sell albums.