On April 10th 2014, this 960 square foot live/work loft at the intersection of Lenox Avenue and 16th Street in South Beach sold for $415,000, making its owner a $35,000 profit in less than two years. Not bad, not bad. It’s in an historic building, a block away from Lincoln Road, etc. Now, almost exactly two years later, the very cool and contemporary loft with tall 11.5 foot ceilings, a spacious floor plan, and a curved wall looking out on a corner frontage, has just walloped back on the market for $1.75 million, over four times as much as they paid for it. Could it be one killer investment in a really cool condo, a sign we’re living in a real estate bubble that will sooner or later pop, or both?
On April 10th 2014, this 960 square foot live/work loft at the intersection of Lenox Avenue and 16th Street in South Beach sold for $415,000, making its owner a $35,000 profit in less than two years. Not bad, not bad. It’s in an historic but restored building called Industry, a block away from Lincoln Road, etc. Now, almost exactly two years later, the very cool and contemporary loft with tall 11.5 foot ceilings, a spacious floor plan, and a curved wall looking out on a corner frontage, has just walloped back on the market for $1.75 million, over four times as much as they paid for it. Could it be one killer investment in a really cool condo, a sign we’re living in a real estate bubble that will sooner or later pop, or both?
