Miami Real Estate Market | Monica Posada Miami Real Estate | Real Living Real Estate
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Monica Posada, District Sales Manager Miami Beach
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(305) 551-9400
Mobile Phone:
(305) 785-1688
posadarealty@
gmail.com
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“The more they have, the more they’ll be able to change there,” Parrish said, referring to the West Grove. Parrish, who has built a number of affordable homes in the neighborhood, said land prices there have skyrocketed. Investors and developers have purchased lots and run-down apartment buildings, driving prices up and people out. But little development has come to fruition. Earlier this year, Pinnacle Housing Group opened Gibson Plaza, a senior housing and market-rate complex on Grand Avenue. A handful of development sites have also hit the market. “Prices just got so extreme. We bought our first lot for $2,500 in 1994,” he told TRD. In 2008, a similarly sized lot was priced up to $250,000, he said. In June, 3350 Grand Island LLC, an entity controlled by Alfonso, paid $425,000 for a 4,500-square-foot lot on Grand Avenue. That breaks down about $94 a foot. The property used to house a neighborhood school that collapsed, Parrish said. Here’s a breakdown of some of the Mexican group’s properties in the West Grove:

  • 3386 Douglas Road | Acquired in 2015 for $2M | Seller: Andy Parrish
  • 3600 Grand Avenue | Acquired in 2014 for $1M | Seller: Peter Gardner
  • 3350 Southwest 37th Avenue | Acquired in for June for $425K | Seller: Mette Tommerup
Without heavy subsidies like the tax credits that financed Gibson Plaza, Parrish said “Grand Avenue, unfortunately, is not going to be for the folks who live in the West Grove.” Source: real deal miami