Photo by client of his Greenwich, CT pool

Photo of  The Caribbean South Beach Penthouse pool.  Caribbean is located at 3737 Collins Avenue in Miami Beach

Can you believe Miami Beach is just two hours away from Greenwich?

Check out some sun-soaked Miami Beach real estate here

Caribbean South Beach-3737 Collins Avenue, Miami Beach, FL

Caribbean South Beach has been purchased by a New York entity, Melohn Properties.  Caribbean South Beach is not quite in South Beach, but close enough.

According to the Miami-Dade real estate tax records, only about six units have closed in the 103 unit condo.  The project was ripe for investors because of it’s oceanfront location and low number of closings.

The units themselves are very well done with top-line finishes and appliances.  I hate the master bathrooms, though.

How’s this bathroom for privacy?  Imagine the glass walls with water spots and finger prints.  Arrgh.

Caribbean South Beach-The Penthouses- Madonna Mia

I was showing a buyer the units last week and I think that they were quoting around $1K psf.  I’m guessing that they have to reduce prices to $400-$600 psf.

The project consists of two buildings.  The north tower, or the historic Caribbean Hotel, is six stories, and the newly constructed south tower has 19 stories. 

Ok. So the rush will be on by the new owners to burn through these babies.  If the purchase price is around the rumored $50M, then that would put each unit at about $550k.  My guess is that an oceanfront unit that “once” was $1.7M will be around $1.1M.