A large construction site next to a home for sale can sometimes hurt property values.

But that’s not the case for a waterfront property owned by former “Real Housewives of Miami” star Lea Black in Miami Beach, FL. The place is listed for $37.5 million.

“Next door, you have a home that’s being built that is going to be about $100 million,” says listing agent Saddy Abaunza Delgado, with ONE Sotheby’s International Realty. “I love the fact there is going to be a $100 million home next to us, which is just going to add a lot of value.”

Aerial view

LuxHunters for ONE Sotheby’s International Realty

Star Island

LuxHunters for ONE Sotheby’s International Realty

Exterior

LuxHunters for ONE Sotheby’s International Realty

Black’s home sits on a 1.07-acre lot on desirable Star Island.

“The profile of a buyer on Star is somebody special,” Delgado says. “Whoever wants Star—wants to be on Star, and there’s no option other than Star.”

It’s the only home currently for sale on the exclusive island, and it’s bounced on and off for the market over the past few years. The price has fluctuated from $26.9 million in 2021 to $28.9 million in 2022 to the current ask.

Delgado says a comparable lot with less waterfrontage recently sold for $33 million, and another sale in the area was $67 million—data that was used to help price this property.

“What is happening on Star Island is crаzy,” Delgado says. “It’s probably the most unique location in all of Miami.”

Aerial view

LuxHunters for ONE Sotheby’s International Realty

Driveway

LuxHunters for ONE Sotheby’s International Realty

Lea and her husband, Roy Black, bought the house in 2011 and have used it as an investment rental property.

“Not only do we have comparables to justify the price, but there is no inventory,” Delgado says. Black is “very motivated to sell now. She’s very firm on her price, and she knows the market. We are right on the ball, with the price with the recent sales, and all of the craziness that is happening on Star Island.”