1 Bedroom Pre-Foreclosure at Mirador 1200 in South Beach

May 28, 2007 by Lucas Lechuga

Mirador 1200

There’s an 837 square foot 1 bedroom that is in pre-foreclosure at Mirador 1200 in South Beach. The outstanding mortgage owed is $344,000 and the last payment made to Deutsche Bank was on August 1, 2006. The pending foreclosure notice was posted on February 23, 2007. The current owner paid $340,000 for this unit in March 2006, according to Miami-Dade property tax records. In hopes of avoiding full foreclosure, the unit is listed at $285,000, or $341 per square foot. The unit is located on the 15th floor and faces east with views of the city and ocean. In the past six months, the lowest that a condo unit at Mirador 1200 has sold for was $280,000. That condo was located on the fourth floor with minimal view. All condo units on the 10th floor or higher sold for $313,000 and above.

The Mirador, a bayfront property located on West Avenue, was converted to condos in 2004 and sold out in a matter of hours. In the past year, prices for condo units in both the north and south towers have come down quite a bit. The abundance of condo units that have come to market at the nearby Flamingo South Beach, coupled with a slowing real estate market, are mainly to blame.

The video below will show you a view of the front exterior of Mirador from West Avenue. The pre-foreclosure unit is on the front side of the building.

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17 Comments on "1 Bedroom Pre-Foreclosure at Mirador 1200 in South Beach"


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Anonymous
Perez
9 years 2 months ago

Lucas, I’ve noticed there are quite a few foreclosures in Mirador 1000 and 1200. What’s the deal? It seems being waterfront in South Beach, near Lincoln Road, and with exciting projects like Mondrian next door, these buildings would be “bullet-proof”. You mentioned the Flamingo and slower market, but there’s got to be more going on, esp. if the Flamingo is more expensive.

Anonymous
9 years 2 months ago

I think there’s a lot of factors to consider. For one, I know a lot of people who bought into Mirador who refinanced at the peak of the market in 2005 to pull some equity out. Prices have come down a lot since that time. Adjustable-rate mortgages have also begun to reset. The overall demand for property under $1M has gone down a lot.

Anonymous
Marie
9 years 2 months ago

The man working at 1000 Mirador is abusive. He’s a total a** and brings down the class level of the place.
So maybe these aren’t foreclosures as much as desertions .

Anonymous
Catalino
9 years 1 month ago

I lived at the Mirador for 2 years just before it went condo, and the buildings are old and not well maintain

Anonymous
8 years 11 months ago
To answer your question on how the seemingly bulletproof Mirador is experiencing such a high number of foreclosures, perhaps the following will shed light: I bought two units in the 1000 building when it sold the first time (on that Sunday when it sold out twice within hours) and when I went to close a few months later the mortgage brokers tried everything to get me to take a second mortgage for an amount equal to my deposit (10% of the purchase price, at around a 10% interest rate; the other 90% was lent on a 5.75 interest rate), so… Read more »
Anonymous
Michael Cooper
8 years 9 months ago

Lucas,
Great blog. What can you tell me about current activity at Mirador 1000. Is there any hidden things to know about problems with the condo assn / budget deficits etc? I had a unit that I sold and did well on, but actually always liked the building and have been watching for a cheap opportunity to buy back in. If I’m thinking in a long term way, as a place in the sun and not an investment, what are your thoughts?

Anonymous
8 years 6 months ago

Does anyone know if the foreclosure situation at the Mirador has somewhat stabilized since this was last posted ?

Anonymous
8 years 6 months ago

HS,

No. The situation has worsened. There are currently 24 units at the Mirador that are either short-sales or foreclosures. This is just what is listed in the MLS though.

Anonymous
Stephanie
8 years 6 months ago

I just looked at a place in foreclosure there yesterday.
I’m a firt time buyer, and I’m wondering about the addendum that I received. Is it protocol to have to sign something that says if my bid is accepted I’ll take the place as is-without having an inspector look it over?
Can someone shed some light on this for me?

Anonymous
8 years 6 months ago

Stephanie,

Are they requiring that you take it “as-is” or are they requiring that you take it without inspections? You can submit an “as-is with right to inspect” offer. If you make an offer as such, however, and someone else makes an offer around the same time without inspections then their offer will be considered more favorable, all else being equal. If you suspect that there might be something wrong with the unit then I would submit an “as-is with right to inspect” offer with a short inspection period (maybe 3 days).

Anonymous
8 years 6 months ago

Stephanie,

1. Mirador 1000 just passed a homeowner’s assessment in December 2007: Make sure that your seller paid his share else you may get stuck with it.

2. Keeping that in mind, the building will look even better when the renovations are concluded – new carpets, elevator cabs, painted walls, etc.

3. Never buy a unit that you can’t inspect first! That’s nuts!

Anonymous
Stephanie
8 years 6 months ago

Thank you so much.
Lucas, I clarified with my realtor and yes, it’s “as is with a right to inspection” within a few days.
As far as what Candela is saying with the assessment, what does that mean?
The seller is the bank or rather a place called Intergrated Assest Services.
How do I know or find out if it’s been paid?

Anonymous
8 years 6 months ago

Stephanie,

Speak with the condo association or have your real estate agent call. They should be able to tell you whether or not the special assessment has been approved and for how much it is. If the special assessment has already been billed to condo owners then the current owner should be responsible to pay for it prior to closing. I would definitely stipulate it in the contract however.

Anonymous
AJ
8 years 6 months ago
The last time I looked in Mirador to buy, it looked like a bazaar in some exotic country. Unending streams of total starngers made it feel like a hotel than a place to live. The elevators took years to come. The corridors were filthy, dirty carpets etc. And yes, views were great for 30% of the units. The bedroom windows are a horror. They remind me of some psychiatric hospital windows on shelter Island ( Not that I spent time in one though LOL) If you talk to People who rented in Mirador, they are downright abusive about the management… Read more »
Anonymous
Patri
8 years 3 months ago

Lucas….I have an opportunity to buy a great renovated studio with all new wood floors and ceilings and a balcony overlooking the bay for $190,000….it is a short sale. Do you think that is a good deal?
Thanks….

Anonymous
Patri
8 years 3 months ago

forgot to mention……it is in Mirador South, lol…

Anonymous
Mr. Smith
8 years 3 months ago

Hello all, I’m a first time buyer from the mid-west. I’ve only vacationed in Miami a few times but want to buy while the time is right. Sounds like the Flamingo is the better of the two places. Any other properties in the area I should check out? This is going to be more of an investment property I’ll probanly be renting out part time.

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