Apartments sell of $59 Million on South Beach

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Real Estate Agent with Beachfront Realty 3220434

$59 Million Sale

 

700-euclid-ave-4.jpg

700 Euclid Avenue

If you're a  tenant living in one of the 240 units on South Beach that just got bought by Broadway Properties for $59 million, you might have to find a new home.

The new owner  plans to renovate the 15 older Art Deco apartment buildings and hike the rent by up to 50 percent. It's a record multi-housing deal in South Beach. Naturally they'll shift away from the working-class tenants who currently occupy them towards "people who drive Porsches" and don't want to live in high rises.

South Beach has such an interesting and diverse mix of people it is sad that all of these folks will be forced out with few options in Sobe for them.

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Ambassador
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John Meussner
Mason-McDuffie Mortgage, Conventional Loans, Jumbo Loans, FHA, 203(k), USDA, VA, - Walnut Creek, CA
#MortgageMadeEasy Walnut Creek, CA 484-680-4852

While that really, really stinks for current tenants, it points out another benefit of buying over renting.  When you own the place, no one can make you move.

Feb 04, 2016 06:26 AM #1
Rainmaker
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Women of Westchester Working Together
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I was thinking the exact same thing as John Meussner .  It's good to get the word out.

Feb 04, 2016 06:37 AM #2
Rainmaker
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Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

Hi Marco... it's always sad when the "feel" of a neighborhood changes like this. It sort of sucks the soul out of a community.

Feb 04, 2016 06:59 AM #3
Rainmaker
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Georgie Hunter R(S) 58089
Hawai'i Life Real Estate Brokers - Haiku, HI
Maui Real Estate sales and lifestyle info

Maybe they'll run out of funds before completion and some lucky folks with take advantage of a short sale or two!

Feb 04, 2016 12:38 PM #4
Rainer
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Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Hi Marco.  It is awful for people who grew up there being unable to afford to live there.

Feb 04, 2016 08:25 PM #5
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Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

That does stink for the folks being pushed out for the renovation of that development.

Feb 05, 2016 06:39 AM #6
Rainmaker
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Rob Arnold
Sand Dollar Realty Group, Inc. - Altamonte Springs, FL
Metro Orlando Full Service - Investor Friendly & F

I guess that's the cost of progress.  People will have to relocate.  

Feb 09, 2016 12:15 AM #7
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Marco Giancola

Realtor (305)608-1922, Miami Beach Florida
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