Altos de Miami dominates Little Havana’s top sales

Two of Little Havana’s top sales for the first quarter were in Altos de Miami

A condo in East Little Havana at 1033 SW 9 Court was the area’s highest-priced residential deal for the first quarter of 2010, coming in at $250,000, or about $152.16 per square foot, according to data compiled by Condo Vultures for The Real Deal.

The per-square-foot price is a discount from the $200 per-square-foot average on the 700 units that sold in the first quarter for all of greater downtown Miami.

Some buyers are looking to the neighborhood in advance of the new Florida Marlins stadium that is estimated to be completed by 2012.

Coming in second on the list was a home at 328 SW 15 Avenue, a foreclosed property which sold for $205,000, and third was a home at 1618 NW 8th Street, which sold for $195,000 in February.

Also in the top five were two condos at the 17-story, 131-unit Altos de Miami, located at 22nd Avenue and Flagler.

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“The new owner at Altos de Miami purchased his units [from the developer] at auction a year and a half ago,” said Rey Figueroa, a broker at the Keyes company. “He was pretty successful in renting them out, and now he is successful in selling a few of them, so it was a good venture for them.”

Altos de Miami is now more than 80 percent sold, according to The building is one of several in Little Miami to have recent success, as buyers seek to capitalize on the proximity to the new Marlins stadium.

The 90-unit San Lorenzo condo at 219 NW 12th Avenue, which was completed in 2007, sold its 65 remaining units at an auction in March.

Among the top sales at Altos de Miami were a 1,201-square-foot apartment that sold for $159,000 and an 897-square-foot unit that went for $140,000.

Figueroa said he thought Altos de Miami was one of the properties that could benefit from being near the new Marlins ballpark, although he cautioned that the Orange Bowl which stood in the same area did not do much for property values.

“A lot of property owners think [the ballpark coming to Little Havana] is a positive thing, but the Orange Bowl was there before, and other than being able to sell a parking space during game day, I didn’t see much being generated there.”
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Source: Condo Vultures

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