Miami home furnishers report $7M loss as sales plunge 1
Posted On June 19, 2021
The sale of a renovated Miami home for $7 million has left one owner and several contractors with serious questions about the transaction, which is expected to be finalized next week.
The property at 1401 South Main Street, which was purchased by an unnamed company in March, is one of many that have sold in the past week, leaving dozens of homeowners struggling to come to terms with the loss of a potential source of income.
According to a recent report by the real estate brokerage Zillow, the loss is a whopping $21.3 million, but it isn’t the only loss to befall Miami’s luxury apartment market.
As the Miami Herald previously reported, nearly 20 apartment buildings sold during the same time period, with a total of $25 million in sales, leaving a total loss of $18.5 million for the average Miami-Dade condo.
As a result, the owner of the house, who asked not to be identified, is now wondering what happened to the $7.5-million purchase price.
“I can’t even imagine the stress that we went through,” the man said.
“The property was built for a single person, and I never expected to have a house built in it.”
The man, who has lived in the property for three years, said that he didn’t know how much he could get paid and is currently struggling to pay the mortgage.
“We lost everything, and it was a very nice house,” he said.
The man said that the property is not worth more than $10 million.
While many of the houses sold during this period were renovated, some still look much like the original, with holes in the floor, old windows and windows that were never replaced.
The owner of a $3.9 million home on North Second Street in Miami Beach, which has a pool, was forced to sell it when the owner decided to move on after the house sold for $3 million in January.
The homeowner said that they were forced to give up on buying a second home after a previous home had sold for almost the same price.
According the owner, he bought the home in 2007, and he plans to renovate it into an upscale home, which would allow him to make a lot more money.
The man said the property has been in the family for almost 50 years, and said that if the sale goes through, he would be willing to pay upwards of $100,000 to move into the home.
“You’re talking about thousands of dollars a month, and if you can move into it, that’s just too much for me,” he explained.
Miami Beach, Florida is in the middle of a luxury apartment boom.
The average price of a Miami condo is currently $4.2 million, according to Zillows data.
But the sale of the property, which includes a two-bedroom apartment, could make the price even more expensive, since the home is not listed on ZillOWs listings database, but is instead listed on Conde Nast Real Estate.
“There’s nothing wrong with this property, but I don’t know if we can afford it,” the owner said.
The other homes sold during these sales have been vacant for several years.
The Miami Beach property has already been sold to a private developer for $4 million, and the property in the South Miami neighborhood of Miami Beach has been sold for a cool $3,600,000.