Flamingo South Beach 1 Bedroom Foreclosure $217,000 – Miami Beach Amazing Deal
Today a One Bedroom One Bath Foreclosure was listed at $217,000 at the Flamingo South Beach condominiums. This unit is located just two blocks from Lincoln Road on 1500 Bay Road in the Flamingo Condos South Tower. For technical reasons this listing was under a pending status at a different price previously. However, the proper status has now been updated in the Miami Beach MLS systems.
The Flamingo South Beach One Bedroom over looks the Courtyard from the Second Floor with a no bay view you will be able to enjoy the beautiful Flamingo South Beach courtyard from the attached Balcony. At such a low sale price this unit is a perfect candidate for a South Beach Vacation Rental Program. VIEW LISTING DETAILS
The only comparable was another Second Floor unit facing the parking lot which sold in April 2007. According to the Miami Beach MLS records it sold for $335,900 directly from the developer. My guess is that after all the smoke and mirrors are pulled away from this transaction, the true sales price would lie somewhere around $300,000.
My prediction is that this unit will sell by the end of this week at or below its listing price. For sales information, contact Juan Leal at (305) 975-7472.
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That is really cheap. Are you sure there is a partial bay view from this unit? What was the original listing price?
You are right, there is no bay view on this unit. I just updated the listing infomation and added some pictures today. The original listing price was in the 272k range.
Thanks for the information. By the way, I think your blog is great and I’m glad I have somewhere to go for south beach information, especially stuff in the Flamingo. So what makes you think that this unit will sell for under the $217k price? I know of another unit that had cash buyers offering the full price around the $229k level with a similar view. However, that property was already under contract when those offers came in. Also, what do you think a realistic rental rate would be on this unit given it’s limited view. Thanks again!
This is a Bank owned property in which we will be dealing directly with the REO department who is a lot more motivated to sell the property. This is in contrast to Lost migration, common of pre-foreclosures or short-sales whose primary job is to make sure they get as much back from their collateral. In this specific situation I found that the offer turn around time should be any where from 24-48 hours.
I agree the other unit you mentioned looks like a bidding war and unless you are a motivated cash buyer it may not make sense. I rather not talk to the hot girl in the Florida Room [a bar] while their are 10 guys waiting in line to impress her, if you know what I mean.
The rental rates should be $1,650 monthly on a long term lease or and up to $1,950 monthly on a short term rental.
I appreciate your feedback and great comments. Knowing that I can provide value to you and my fellow readers is definitely a major reason why I write. So thanks for the compliments, please keep them coming!
Just curious, any movement on this unit? I saw someone advertising it on craigslist, but no one is really making a big deal about it. Do you think the limited view still makes it over priced? I’ve seen 1 bedrooms in old buildings on Michigan Ave for sale at higher than this unit. And those usually have 100 sq/ft less.
I sold this one to a doctor in the building, just got the signed contract back today! It should close by the end of April.
That’s great. Were there multiple offers? Did it go for the asking price?
Yes.. I can’t disclose the price until it closes, but let’s just say my buyer is very satisfied.
Well I’m excited to hear when it does close. I know people think prices are going to crash even further from this point, but honestly, I spent the weekend at the Flamingo pool and lets just say I’m not worried. It’s like being on vacation every day.
Juan, I hear there are quite a bit of unsold parking units. Any word on whether the developer is getting desperate and might give a deal on a spot?