1 Bedroom Pre-Foreclosure at Mirador 1200 in South Beach
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.