2 Bedroom Foreclosure at Murano Grande Sells for $331 Per Square Foot

I was looking through the recently closed sales in South Beach and came across a 2 bedroom/2 bath foreclosure condo at Murano Grande that sold for $475,000, or $331 per square foot on February 9, 2009.  This is by far the lowest that a 2 bedroom condo in the Murano Grande has sold through the MLS.  Grant it, the recently closed condo, unit 609, is on a very low floor but from the looks of the pictures it appears to have been in pretty good shape.

Previously, the lowest sales price for a 2 bedroom condo at Murano Grande was $650,000.  That unit was located directly two floors above unit 609 and closed in April 2008.

Unit 609 appears to have been the victim of mortgage fraud.  It previously sold for $1,100,000 in September 2006.  What’s interesting is that the list price at the time was intially $949,999.  After being listed at that price for about seven months, the list price was increased to $1,100,000 a month before the condo closed and, of course, the listing agent was able to get both sides of the deal.