Miami's condo boom may be slightly slowing down, but the real estate rush to snap up any remaining primo property is still in full swing.
The owners of a building in the Design District have basically won the real estate lottery. Hardor Corp. bought up a building at 1 NE 40th St. for the sweet price of $300,000 just 11 years ago in 2004. It recently sold it for the eye-popping price of $29.25 million. Yes, that's basically a 10,000 percent increase.
The property, currently a gray building with accents of bright green, is home to several retail tenants, but none quite of the luxury status seen just down the street where stores like Christian Louboutin and Louis Vuitton stand.
According to Miami-Dade property records, Hardor Corp. bought it from the estate of the previous owner for $300,000, but apparently that was a sweet deal. The property had previously sold for $1,667,500 back in 1984.
The lot and building were appraised last year as having a market value of $6,272,570.
But according to both the Real Deal and the Daily Business Review, an affiliate of Brooklyn-based RedSky Capital and London-based JZ Capital Management joined together to plop down the $29.25 million for the property. They secured a $16.88 million mortgage to do so.
RedSky also owns other property in nearby Wynwood.
The selling price works out to about $1,505 per square foot, by the way.
There's not tons of property for sale currently in the Design District, but a much larger building near the area sold for $10 million last year. Other investors bought up two small office buildings at 75 and 81 NE 39th Street in October for $15 million. A church in the district also sold for $15 million in July.
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