News that major developers, including Related Group, are moving into Miami’s Wynwood area made me curious about what’s for sale there when it comes to existing residential.
What I found was a shocking disconnect between what owners are asking and what Zillow thinks the properties are worth. The neighborhood has small dated properties, but that isn’t stopping asking prices of $1 million and up.
Here are some examples:
- 276 NW 31st Avenue: The asking prices is $1.2 million for a 1,591-square-foot duplex that has two two-bedroom, one bath units. Zillow says it’s worth $299,866. It has been listed for 169 days on Zillow.
- 159 NW 31st Street: The asking price is $700,00 for this two-bedroom, one bath. Zillow says it’s worth $320,352. It has been listed for439 days.
- 3411 NW 1st Avenue: The asking price is $1.25 million for a 930-square-foot single family home with 2 bedrooms and 1 bathroom. The asking price is $1.25 million, but the Zillow estimate is $266,362.
- 225 NW 34th Terrace: The 1,634-square-foot property has a single-family home and a smaller separate residence. There’s no description of the number of bedrooms. It’s listed at $950,000 and Zillow estimates it’s worth $324,203. The listing says it won’t last, but it’s been listed for 259 days.