A 71,650-square-foot lot in Miami has finally traded hands — but at a big discount after spending years in limbo.
The United Teachers of Dade sold the vacant lot, located at 212 Northeast 23rd Street behind the union’s Edgewater headquarters, to Texas developer JLB Partners for just under $7.2 million, or a bit over $100 per square foot, according to the Daily Business Review. Other recent deals for lots nearby of similar size have seen prices ranging from $130 to $150 per square foot, brokers said.
“The larger lots command a higher price typically, and it can vary depending on need,” Joel Rodriguez, a Miami broker with firm Global Investments Realty, who has recently arranged several deals in the Edgewater neighborhood, told the Review. “Anything over 15,000 square feet trades strong.”
Apparently, the union was obligated to leave so much money on the table because of a contract signed on the property more than a year ago, locking in a price before the Edgewater market picked up, according to Rodriguez.
“It’s been under contract for a long while, so the price is different from other deals we’re seeing,” he said. “The market is more at $140 to $150, with the supply becoming limited going east of Biscayne.” [Daily Business Review] – Christopher Cameron