Blue Condominium – 1 Bedroom/1.5 Bath Foreclosure – $229,000
I was stunned when I saw this foreclosure listing at Blue Condominium. $229,000 for a 1 bedroom at Blue Condominium!!! This condo would have probably been listed for around $380,000 in 2006. The MLS listing shows it to be a 1 bedroom/2 bath condo but I don’t think that information is accurate, unless the owner added a second full bathroom. It is most likely a 1 bedroom/1.5 bath condo. The listing also makes no mention of it being a foreclosure but I looked it up and it is owned by Deutsche Bank.
This is a great buy for someone who is looking to purchase a 1 bedroom condo in a high-end waterfront condo building in Miami. The location may not be that great but that is already reflected in the price, in my opinion. If this condo sells for around $200,000 then we’re now talking break-even cash flow with 20 percent down. I haven’t heard the term “break-even cash flow” for quite some time. Is that where prices are headed? I think we all know the answer.
Take a look at the Blue Condominium rental listings to get an idea of the type of monthly rent that this condo would bring. Feel free to export the listings to Microsoft Excel by clicking the “Export” link at the top of the grid.
By the way, for those of you not local to Miami, the highway in the picture above takes you right into Miami Beach.