This 5-year old high-rise luxury condo in Miami, where REO fever has hit strong, is now listed for just $129,900 --- more than 60% lower than the price the foreclosee paid just two years ago (7/13/2006). Zillow.com estimates that this unit is currently worth $309,500.This REO, in the amenity-laden Blue Lagoon Condominiums, could be rented for $1,100 to $1,200 per month, so it could be a good opportunity for an investor who is seeking long-term gain but may be willing to deal with no cash flow or slightly negative cash flow for a while. Alternately, it could be a great opportunity for a first-time buyer to get into a wonderful 1-bedroom condo in a great building while the getting is good – this price is lower than what a developer could sell a new unit of this size and quality for nowadays.
The basics...
Address: 5077 NW 7th Street, Unit 405, Miami, FL 33126
Current Listing Price: $129,900
PREVIOUS Sale Price: $330,000 (7/13/2006)
Size: 1 Bedroom, 1 Bathroom; 685 square feet
http://www.realtor.com/realestate/miami-fl-33126-1101144764/
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