I really love Miami Condos! I especially have a passion for these modern, boutique buildings popping up here in there on streets you only here about from the locals. Almost like discovering a new restaurant that you would never find a single tourist in.
This is a 2 bedroom, 1.5 bath, loft in the heart of the Grove. The building was completed in 2008 but the units virtually sat vacant as the market crashed later that year.
Basically a great building to build but the wrong time to build it
South 27 Lofts Coconut Grove FHA Approved Building
When the investor bought the remaining units all cash at the end of 2009, he spent almost 2 years paying off the back taxes, cleaning up the note, and bringing the prices down to market level. As soon as we got FHA approved it has been a floodgate of leads bringing their clients to this building before all others.
It’s the ONLY newer FHA-approved condos in Miami where you can get a lot of bang for your buck!
A few short weeks after we staged the unit with furniture that we had a contract on it. It was the sold for the highest price paid since the new investor stepped in! 247/sq ft