The Minorca - 2 Bed/2 Bath Foreclosure - $280,000

This bank-owned foreclosure in The Minorca was just reduced from $397,500 to $340,000 ($305/sf) earlier this week. The MLS listing and tax records indicate that the split plan-unit possesses 1,114 square feet of living area. It has approximately 170 square feet of open balcony space.

Note: This property was reduced to $280,000 on 5/9/08.

Why did this particular unit catch my attention?

For starters, the 16 line in The Minorca is 1 of only 4 lines (15, 18 & 19 are the others) in the entire building with a direct eastern exposure. Bordered by an established single-family subdivision (Coral Gate) to the east, the unit offers unobstructed views of the City of Miami and Brickell Financial District skylines.

I also like the fact that it is a mixed-use building with ground floor retail and professional office spaces conveniently located on Douglas Road just 4 blocks north of Miracle Mile.

The previous owner purchased the unit for $415,000 in November 2005. The original owners purchased the unit from the developer for $303,200 in May 2005.

The asset holder (current owner/bank) took title to the unit on October 30, 2007. I’d venture to say that they are willing to listen to offers from prequalified buyers ready to close in 30-45 days.

I wouldn’t be surprised to see this unit sell at a price very close to the original purchase price considering that the bank has held this asset for close to 6 months now.

Anyone interested in seeing this unit should contact me at 305-491-7179 or SalgadoA@gmail.com.