Silver Bluffs Townhouses – $515,000

December 4, 2007 by Lucas Lechuga

Silver Bluffs Townhouse

The developer of 2 townhouse units near Coconut Grove in the subdivision of Silver Bluffs contacted me about a month ago. Both units were almost finished being built and he wanted to know if I could help him and his partners find a buyer for each unit.

I scheduled an appointment with him so I could view each townhouse. I must say that I was very impressed when touring each of the units. We discussed pricing and what I discovered is that the developers were actually very realistic about pricing. They each realized that the market has taken a big turn since they acquired the land and began development. They’ll be satisfied to just break even on this venture.

Silver Bluffs Townhouse

Each 3 bedroom/2.5 bath townhouse has 2,136 square feet of living space, a patio in the back, two balconies off the master and second bedrooms and a 240 square foot garage. The units also come equipped with Whirlpool stainless steel appliances, stackable washer/dryer, granite countertops, white cabinets, 20×20 white porcelain tile floors on the first story and wood floors on the second story. The master bath includes double sinks, a walk-in shower and a separate Jacuzzi tub. The master bedroom is very spacious and has a large walk-in closet.

Silver Bluffs Townhouse

Each townhouse is offered at $515,000.

The address of the two townhouses are 2780 and 2782 SW 33 Avenue. They are located on the west side of US-1.

The picture slideshow below will show you other pictures that I took of one of the townhouse units.

Below you can view a video of one of the townhouse units:

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25 Comments on "Silver Bluffs Townhouses – $515,000"


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Anonymous
Brad
8 years 9 months ago

Still overpriced.
Exterior appears generic and little (if any) yard…$515K isn’t in line with that neighborhood (esp. for a townhouse). Maybe if it was a 1/2 mile west in Coral Gables or south in the Grove it would be more marketable, but not there.

Anonymous
8 years 9 months ago

I really like these townhouses but the developers just bought the land and built at the wrong time, and in addition they opened up a Home Depot on 32nd and Bird which has killed all the values of the townhouses around the area. From the pictures and what I have seen from the outside they look very nice though

Anonymous
8 years 9 months ago

In Bloomfield Hills Michigan (one of the most wealthy area’s in USA) this place would go for 250K tops.

Miami Real estate bubble still has a long way to deflate.

Anonymous
8 years 9 months ago

Just to give you guys an idea how overpriced and bubble-Icious Miami is compared to the rest of America.

Check out what this place goes for in Exclusive Rocherster Hills, Mi.

$228,000
3 Bed, 2.5 Bath
1,932 Sq. Ft.

http://homes.realtor.com/search/listingdetail.aspx?ctid=91291&ncs=31537%2c16889&ml=3&mnp=21&mxp=22&bd=4&bth=4&typ=2&sid=07fd3641fbe14c4daddd263fbfac17ff&pg=4&lid=1088012645&lsn=40&srcnt=60#Detail

Before the real estate bubble, when I lived in Miami in 1999-2000, condo’s in Miami were actually CHEAPER than Michigan. This is what prices in Miami will fall back to, this is the mean that we are regressing back to.

Its a long way down.

Anonymous
8 years 9 months ago

To elaborate on my last post.

Check out this place in exclusive Rochester Hills, Mi.

$228,000
3 Bed, 2.5 Bath
1,932 Sq. Ft.

http://tinyurl.com/33gyo6

When I lived in Miami in 2000, condo’s actually cost less than they did in Michigan at that time. Now they are 2x as much money.

This is the mean that Miami is slowly regressing too as the bubble deflates.

Get ready boys, The housing crash is just getting started and this is what prices will look like by 2010.

Anonymous
Joe DiA
8 years 9 months ago

yeah but who wanna live in a cold michigan. not me.

Anonymous
8 years 9 months ago

Yeah but you wont see any celebrities, Enzos every week, and hot girls in Bikinis in Michigan, i we are going to compare top residential areas in the US why not use Greenwich, CT or Wellesley, MA not Michigan as a reference point for on of the wealthiest areas of the US

Anonymous
Brian
8 years 9 months ago

People pay half a million dollars for that? Price it at $350k and it will move.

Anonymous
Bill
8 years 9 months ago

I don’t think that this would go for $515,000 in Wellesley, and I’m from Wellesley!

Anonymous
allen gillespie
8 years 9 months ago

I’m not so sure about these cold weather comparisons with warm weather RE. In much of west Los Angeles, these are $1 mil units.

Anonymous
Bill
8 years 9 months ago

Yes, but in LA there is greater likelihood of a good paying job than in Florida.

The only point we are making is that this is an aggressive price for this location. Some of us feel that the developer may be expecting too much to get his money out of the project with better options available for buyers.

Anonymous
Jose Laya
8 years 9 months ago

Lucas,

Your blog is great, very informative and your research is right on. But an average 3/2 house, not townhouse, on a 6,000 sqft lot in that area is worth around $300 – $350,000. I know it is New Construction… but way overpriced.

Brad – you are right on. If the townhome were in Coral Gables might be more marketable, but even at $515,000 still overpriced.

Lucas – Good Luck!

Anonymous
8 years 9 months ago

I guess we’ll all see within the coming months what the market dictates.

Anonymous
Syed
8 years 9 months ago
Why would someone want to pay $500,000 for a townhome whose neighbors can’t afford the upkeep of their own run-down homes. The majority of homeowners in that area do a terrible job of maintaining their homes, and on top of that they have tons of illegal additions they use as rentals. Even if you paid $400,000 for those units, you would still be living next door to a guy that has a 6 bedroom & 5 bath home on 6000 SF, with some renter living in the back in one of the extra bedrooms. And don’t forget about the 7… Read more »
Anonymous
Brad
8 years 9 months ago

So much of the new development in that area (west of U.S. 1, south of Coral Way) is out of place and awkwardly inconsistent with the current neighborhoods.

It reminds me of the $600,000 “villas” that are a component of the Gateway to the Grove condo on 27 Ave just west of U.S. 1…some are about 10′ from a 4-unit sh*t-box apartment built in 1972, with aforementioned 7 cars out front. No matter how nice your 600K home is on the interior, who wants to look outside and see that?

Anonymous
Frank
8 years 9 months ago

You guys are forgetting the classic “up and coming” neighborhoods. This neighborhood may not be a ritzy part of town but it is very close to the Grove and the Gables, for less money. Maybe the developer doesn’t get 515k but somewhere in the mid to upper 400’s would be fairly priced in my opinion. I live out west and the traffic to downtown is horrible.

Anonymous
8 years 9 months ago

It is hysterical to read these comments. The sad part is that someone from outside of Miami might actually take them as fact. While all of you are criticizing the price of these units, I challenge you to find a new 3 bedroom 2.5 bath with 2200 sqaure feet and a garage with less than a one hour commute to most of the areas in Miami where somebody might work. And it’s all upside. You’re a bunch of hacks.

Anonymous
HH
8 years 9 months ago

Looks like the builder got upset

Anonymous
8 years 9 months ago

The builder is not upset. He is simply selling.
LOL.

Anonymous
Chris
8 years 9 months ago
Thomas, Although you may not be able to find a unit for cheaper now, just wait until interest rates reset, and thousands of more condos come into the market in the coming year. Sure the government may be lowering interest rates this coming Tuesday, and sure they are going to freeze teaser rates for 5 years, but that freeze is only for people who occupy the residence to which they owe the mortgage. This doesn’t include the thousands of spec. buyers who have set up shop in Miami, flipping condos to each other, artificially inflating the price of property with… Read more »
Anonymous
Juan
8 years 9 months ago
HI Agree with Chris. But who “foreigner” will like to live in these condos? right in the middle of nowhere (to put it mildly) Anyway according to the prop. info they bought the land in 6/2005 for 340000. Talk about bad timing If we do a little math they had a cost of 161 $/SF ( 515K*2-340K)/2136*2 Of course the above is just retorical, they simply did a VERY bad investment. For further prove the above, take a look at the adjacent property 2786 SW 33 AVE. It has the same SF ( 6250 ) the same zoning (5700 TWO… Read more »
Anonymous
8 years 9 months ago

Well if we take the Lennar’s bulk sales from this week the prices could rollback as much as 50%.

This is indeed good news

Anonymous
a
8 years 9 months ago

Beautiful interiors. Very well done.

But price is still too high. It’s a townhouse, not a house. Not waterfront.

Anonymous
8 years 9 months ago

Very nice home but seems somewhat overpriced.

Juan, good research… truly helps to put things into proportion.

Anonymous
mtrader
8 years 9 months ago

Just FYI….. the 2786 property next door was for sale at 360k and I had it under contract, I decided not to buy it and I am almost 100% sure that the owner must have taken a private mtg or taken cash outside of the sales price. She was moving back to Costa Rica and was getting desperate. I am almost certain it did not sell at that price.

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