Ever since I sold this home in 2022, I've wanted to write a piece for it, only for the post to keep getting postponed like a baseball game during rainy season. Today, I was able to sit and jot down some of my thoughts on 405 NW 19th St #70, one of the most peculiar listings I sold last year. When I say peculiar, I don't mean it in a bad way. Let me explain.
A Single Family, Detached Condo
Located at the St Agnes Condominium that sits right on the border of Wynwood and Overtown, this is my first and only listing in this complex built in 2006. Despite being a condominium, this 3BD/2BA condo is, by design, a two story detached property that shares no walls with neighboring homes. It also features two assigned parking spaces located at the back of the property, a covered front porch, a storage room, and a metallic roof. Prior to hitting the market, the unit's interior was updated by its owner and featured brand new appliances, a fresh coat of paint, new kitchen cabinets and new light fixtures.
If what I'm describing doesn't sound like a typical Miami condo for sale, I wouldn't disagree. That's because St Agnes may be a condo community but its units share the features of units found at HOA communities more commonly seen in areas such as Broward county. Detached, townhouse style units with no shared walls or roofs.
In real estate, some locations are good, some are terrific, and a few are exceptional. This one is the latter, and it took getting to know the area and meeting some of the owners in the community to understand it better.
Just one block north, Wynwood and its artsy, festive landscape is yours for the taking. Just west of the community is Miami's Hospital District, home to the vast majority of Miami's medical and research facilities as well as Jackson Memorial Hospital, Miami (and Florida's) largest public hospital. St Agnes is also a few minutes north of Downtown's core and features very easy access to I-95 for access to those that need to hit the road.
So there you have it, we've got a single family style condo nestled between some very distinctive parts of Miami and it's time for us to sell it. Easy sale that won't last, right?
Here's the catch.
Strict Rental Restrictions
As Downtown Miami experts, we are used to seeing a wide range of rental policies across the various developments we cover. For the most part, most condos I'm familiar with allow rentals immediately after purchasing. After that, projects then set their own rules regarding the amount of times a unit can be rented on a yearly basis and the minimum length of time required for a lease. St Agnes is different.
Per its condo rules, only 10% of all its units within the development are allowed to be rented at the same time in any given year, notably different to the more relaxed policies we often see in other Miami condos. That means that only one out of 10 units can be rented at any given time. It also does not allow rentals that are less than a year, with no option to do a six month lease or 90 day rentals. Last, but certainly not least, units can only be rented once per year.
When I first got the listing and read the rules, I understood the point: Good luck trying to sell this to an investor.
Finding The Right Buyer
We sold this unit in October 2022 for $398,000, an eye-opening amount when considering that one bedroom units in nearby Edgewater now sell for this price or greater.
Because of the rental restrictions, I knew that the right approach towards selling this listing was finding an end user looking to lay down roots in this community. Most importantly, I reiterated its value for the price. For a price lower than a one bedroom condo in a nearby tower, you could get a home with three bedrooms, two floors, a metal roof, two assigned spaces, a private porch and money to spare for improvements.
Once the thought of renting out the unit is taken out of the picture, this listing started to click in the minds and hearts of the buyers that gave it a chance to call it home.
Thank you for reading out latest post! For more information regarding this property or other Miami real estate, please contact us today! We can be reached at 305.674.4127 or via e-mail at [email protected]