The 1925 highly visible and iconic Miami Beach mansion designed by Walter DeGarmo at the tip of exclusive Star Island will soon make way for a massive 20,000 square foot estate complete with 6 bedrooms, a home theater, wine cellar, 5 car garage, and guest house. Purchased by plastic surgeon Leonard Hochstein and his wife Lisa from the Real Housewives of Miami at a foreclosure auction in 2013 for 8 million, the current value of the land lot alone, 42 Star Island is merely one more in a chain of tear downs to build new sprawling estates. The all out fight to preserve the original structure by the Miami Design Preservation League finally threw in the towel to the Hochstein's according to the Miami Herald. The pending loss of the historic home is rallying Miami residents to push for stronger preservation laws.

The South Florida tri-county region had 3,700 foreclosures during the first 2 months of 2014 versus 8,825 at the same period of 2013. The market is healthy and strong.