According the Herald:Vacant Land Sells for $6M in West Kendall
Location: 15300 SW 88th St.
Seller: Alexandra Property Holdings, represented by Sergio Pino, managing member.
Buyer: Garden Village Shopping Center, represented by Martin Pico, manager.
Price: $6 million or $29.04 per square foot based on 206,642 square feet of building area. A prior sale reported was in March 2006 for $2.6 million.
So In two years the property appreciated by $3.4 million(it is approximately 4.7 acres so it sold for over a million per acre). Well, it actually might be more! Pino's people still retain about an acre, that little square (41,650 sq. ft.) cut-out (see above) which appears to have been a part of the 2006 sale. So I would suppose, if I am correct, you can add at least another million to the profit.
12 comments:
Cute article - and your point is? - to let all of us know that Mr. Pino is a good businessman?
Funny I was going to ask you the same question. What was you point?
I heard Bill Gates made another 5 mil over the weekend - yawn
You really have to take this site with a grain of salt.
Point is there are still profits to be made IN REAL ESTATE in a downturn. If you don't care, I don't care, that you don't care. Read the Herald, or some other blog.
G.o.D.
On the contrary; this site dredges up the most interesting information. The real estate market has been in a tailspin since 2005 ... the only way to realize such a significant gain would be for the sale to satisfy some business obligation or debt in an unrelated transaction. An enterprising reporter or investigator could look at similar land transactions, including the original purchase price, in the same general area, and also examine the principals behind the partnership-- before the original purchase and through to the sale. You can be sure of this: it is simply not possible to generate this kind of profit from a real estate transaction in this time frame, without there being some other business attached. Maybe Pino, his attorneys and lobbyists who troll this site would offer their comment. Or perhaps they already have! ;)
Thanks reader.
What I try to do is throw stuff out there. I don't always know what the implications of a report are but they seem news worthy to me. You have an interesting take on this particular piece of property...it made me think. Maybe I will give it more research. Oh, wait the jaded readers don't care.
Well I saw Sergio eating at the Forge the other night and he ordered a bottle of Grgich Hills, Stone Crabs and the Prime Rib. Can you believe this? In this economy? I think we need a congressional investigation into this. Something is really wrong here.
yuk.
I care!
OK there really was something to be made out of this blog. I just missed it.
Yawn, mensa. Don't be a stuffed shirt.
There is a blog for Sergio, too. I think it is under the label "food".
Hey Mayor Alvarez and Miami-Dade Police Department, check this old post and make some arrest please:
Anonymous said...
Come to 9001 and 9099 SW 77th Avenue and try buying a unit for $200,000 - $300,000. You pay $999 down at Dadeland Place with no closing costs. Hector Hernandez, Esq. and Armando Bravo are part of the Palmetto Towers Group LLC. Unfortunately, they will not disclose to you the condition of the unit and indicate on the contract that it is being sold "as is". These units do not pass inspection and the elevators have failed all of their inspections. Fires have occurred due to old appliances and the fire alarm did not even activate. The inspectors are way behind in their follow-up, as more units are being sold to mostly those from other countries without any background approval from the Condo association that is not meeting. I believe Ocean Bank and Country-Wide Mortgage should be closely questionned as to how they allowed an entire community of Section 8 and low to moderate income individuals to be totally displaced without any monies for relocation while their condo conversion scheme plays out. Let's further check with Tallahassee at the Condominium and Land Sales division and find out who allowed this condo conversion without inspections passing from the County. So far there have been five foreclosures. The building has plumbing leaks, mold and mildew, lead paint issues, bad elevators, and will not pass a 40 year recertification. Is there mortgage fraud? Who is able to investigate this fiasco?
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