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Pre-foreclosure @ Flamingo South Beach

May 23, 2007 by Lucas Lechuga

Flamingo South Beach towers

A 1 bedroom pre-foreclosure unit at Flamingo South Beach has recently been listed in the MLS. I think this is going to be the first of many pre-foreclosures and foreclosures that we’ll be seeing at Flamingo South Beach in the next 12 months. In my opinion, Flamingo South Beach will turn out to be a solid investment in the long-term, but with 1,688 total units in the three towers that comprise Flaming South Beach and current real estate market conditions, it is going to take a long while for the demand to catch up with the supply.

The Flamingo South Beach is the largest condo-conversion ever to occur in the United States. MCZ Development Corp has completed the conversion of the south tower, which total 562 units, and has recently begun the sale of the 614 units in the north tower. MCZ Development Corp will likely begin the sale of the remaining 512 units in the center tower early next year, if they choose to exercise their option to purchase that tower.

Unfortunately, the recently listed 1 bedroom pre-foreclosure at Flaming South Beach is grossly overpriced. At a list price of $369,000, and an average price per square foot of over $500, it isn’t even close to being the best priced resale in the south tower. With minimal views from the third floor facing the open courtyard, I think we’ll see this unit move once the owner becomes truly motivated to avoid foreclosure.

Prediction…a list price of under $300K will get it sold.  View all South Beach condos.

The video below will show you a typical 2 bedroom at Flamingo South Beach to give you an idea of how the interior of the units look. This is NOT the pre-foreclosure unit. The unit in the video is much larger and has fantastic views of Biscayne Bay, Star Island and the Miami skyline from a much higher floor.

One of best amenities at Flamingo South Beach is the 15,000 square foot, state-of-the-art fitness center. It has recently become the newest addition to the David Barton Gym chain and has been renamed accordingly. The video below will show you the fitness before the transition was made from being called the Flamingo Athletic Club to David Barton Gym.

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15 Comments on "Pre-foreclosure @ Flamingo South Beach"

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travis
Anonymous
travis
10 years 18 days ago

how can I get out of my north tower contract, the contracts states that the closing will take place on or about october 2, 2007. It is now november 5, 2007. Can I use this as a vantage point. I am sure that there are many individuals that are having seconds thoughts about this particular investment.
Please respond.

Eddie
Anonymous
Eddie
9 years 8 months ago

I am looking to purchase a unit @ the beautiful flamingo south Twr .1 bd room for about $250k.Any one walking away or has a unit to offer…

Brad
Anonymous
9 years 8 months ago

What is this unit going for? What is the square footage? and do you have any other units that are right on the beach in foreclosure from 250-350k?

Mr Flamingo South Beach
Anonymous
9 years 8 months ago

I just got another Foreclosure there 1 Bed for 217K

Kees
Anonymous
9 years 7 months ago

We are looking for a 2 or bd/2bth condo, light, great balconies and good view, not needed to be in Sth Beach, waterviews preferable. Have cash in hand, if the price is right. No more than $350k. Can you help?

Kees
Anonymous
9 years 7 months ago

We are looking for a 2 or 3 bd/2bth condo, light, great balconies and good view, not needed to be in Sth Beach, waterviews preferable. Have cash in hand, if the price is right. No more than $350k. Can you help?

Joe
Anonymous
Joe
9 years 6 months ago

I am looking for a 2 bedroom 2 bath in a high end hi rise like the flamingo. of course not looking to spend much. $200-$250. Please get in touch with me. thank you

AJ
Anonymous
AJ
9 years 6 months ago

Hi Kees,
Check with Samir Patel. He is an expert in Quantum and 1800 Club, which fir your description. There is a fabulous 2 bed unit on the 29th floor he has for sale in the J line in Quantum for about 386K(negotiable). I saw the unit and it is gorgeous and so is the building.
His number is 305-213-0336
good luck

Cash Buyer
Anonymous
Cash Buyer
9 years 4 months ago

Looking to purchase a studio facing the bay for no more then 199K in the Flamingo I know the complex itself is selling them for 275k which are not in foreclosure if anyone has something like this available please contact me immediately. Will close in 7 Business days. opened to 1 Bedroom if view is nice also opened to other buildings at the end of the day looking for a steal! 9732770318

Yana
Anonymous
Yana
9 years 1 month ago

If anyone has a 1-2 bedroom apartment pre-forclosure listings 150k-200k in these towers or any waterfront towers? Apartment must face the bay or ocean.

I am only looking for an apartment that can also be subleased?

Thanks

harry
Anonymous
harry
9 years 1 month ago
If any of you folks are interested, we are currently in negotiations with several off these complexes trying to help them off load units. If you would allow us to negotiate your purchase through the unit holder or the bank, I feel pretty confident we can get your deal below what the market is asking. Our fee for our services are negotiated up front, with a percentage being paid in the beginning and the balance being paid once you acquire the property. If there’s an interest, contact me via email with your price, your time frame, and the area with… Read more »
harry
Anonymous
harry
9 years 1 month ago
rich
Anonymous
rich
9 years 29 days ago

Looking for a studio with water views

Hugo Orozco
Anonymous
Hugo Orozco
9 years 18 days ago

Planning on buying a 1 bedroom , not looking to spend much 150 – 200 k, right on cash any suggestions ?

Facing the bay,

write me to hugo.midsa@prodigy.net.mx

Thank you

Robert F Quintero
Anonymous
8 years 9 months ago

Any foreclosure, pre-foreclosure, REO, and our bulk deal with a discount. Please email me as we have an interest in acquiring well priced units.

Thank You.

rfquintero@mac.com

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