Miami Condo Market and Lifestyle Updates
Edgewater Property Flipped for $7.3 Million Profit in Three Months

Edgewater Property Flipped for $7.3 Million Profit in Three Months

by Sep Niakan | June 10, 2014

JLB Partners, a Dallas-based development firm, has proven yet again that land values in the Edgewater neighborhood are only going up. JLB flipped a property for a $7.3 million profit only three months after purchasing it.

JLB sold the 71,650 square-foot commercial plot, located at 212 Northeast 23rd Street, for $14.5 million in May, according to Miami-Dade County records. The company initially purchased the property from the United Teachers of Dade for around $7.2 million in February. Between February and May, the price per square-foot rose from about $100 to over $200 in just a few months.

Northeast Twenty-Third Street of Miami is the new buyer of the property. State records identify J and R Managers of New York as the purchasing company's manager. No financing was obtained for the purchase.

In August of 2005, the property sold for around $9.6 million to the United Teachers of Dade.

The price boom in Edgewater is caused by many investors and developers, such as Oleg Baybakov, the Russian mining Oligarch, aggressively purchasing property. Baybakov has already purchased four properties for a total for $40 million between February and May in the Edgewater neighborhood. Over 10 condo projects have been planned for in Edgewater, and some are even under construction right now.

 

Source: therealdeal.com

Photo credit: 212 Northeast 23rd Street (Credit: J. Albert Diaz) therealdeal.comMap - Google 

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