It’s been quite a hectic couple of days. Between running around doing showings and appointments and sitting down to do research it’s been quite exhausting. Hectic, however, is a recurring theme to most of my weekends in the city and it’s safe to say that I’ve gotten used to it. That doesn’t mean, however, that I’m still not surprised every now and then with the properties I get to find for sale. One of the units I showed last weekend, a foreclosure unit at One Miami, turned out to be one of those pleasant surprises found once you dig a little deeper in the inventory sheet.
Before stepping foot inside the building, my first thought on this listing was: “meh, just another distressed sale”. It took me an extra hour and a hard look at the same market report I did in One Miami a few days back to realize that this was a great deal.
The unit i’m referring to is #2522 at the West tower. Currently priced at $399,900/$341 sqft, it is the least expensive 2 bedroom in the development, priced $40,000 below its closest competitor. Unlike most foreclosures, who look very similar to a construction site, this property comes with very little work needed. It even features a very nice northern view facing towards Bayfront Park, Bayside, and Biscayne Bay.
At the price listed, this is a perfect unit for a buyer willing to roll their sleeves (just a bit) and close on a sale with instant equity. I apologize once again for the quality of the pictures but I believe the price definitely makes up for it!
After being on the market since February for $442,900, this foreclosure unit was dropped to its current asking price earlier this month. At this rate, we’re now talking about a 2 bedroom unit in the heart of Downtown priced below $340 sqft.
I try to be very careful when I label listings as deals. In the end, in spite of how great it may sound, it always comes down to the numbers in the bottom line. The latest comparable sales in the building support my claim. Two units with the same square footage and on the same line sold very recently for $430,000 and $440,000 respectively. You can view them here. These sales should be a good start to show how well priced the condo is at this time.
For more information on this foreclosure unit please visit the link below or call us today at 305-305-3885 to schedule a private showing.
Full Information: Foreclosure Unit
Listed By MDZ Realty LLC.
Interested in other stories about One Miami? Be sure to visit Our Archives
As local specialists in Downtown Miami, our real estate expertise and superior marketing are sure to give you an advantage over the competition. Message us today or call us at 305-305-3885 to discuss. Thanks for reading The Miami Observer!