Original 1990s duplex in Miami sells for $922,000 at auction

The Miami real estate market continues to surprise us with its resilience and strong demand, as evidenced by the recent auction of a 1990s brick-and-tile duplex in Miami. The property, located at 2/29 Nobby Parade, saw a staggering 21 registered bidders vying for the two-bedroom, two-bathroom unit, ultimately selling for $922,000.

What made this auction even more remarkable was the sight of bidders using makeshift cardboard paddles with handwritten numbers, a testament to the intense competition for this property. LJ Hooker Southern Gold Coast agent Mitchell Wynne, who marketed the duplex, expressed his astonishment at the turnout and final result, noting that over 85 groups had inspected the property during the campaign.

The sale price of $922,000 far exceeded Miami’s median unit price of $810,000, showcasing the strong demand for properties in the area. Miami has seen a 47% increase in unit prices over the last three years, making it one of the Gold Coast’s most sought-after suburbs post-pandemic.

Buyers were drawn to the property’s old-world charm and convenient location near trendy cafes, restaurants, and the beach. The successful purchasers, a couple who recently relocated to the Gold Coast, recognized the value and potential of this original property.

As a young real estate agent with a deep understanding of market trends and a passion for helping clients find their dream homes, I am excited to see the continued growth and opportunities in the Miami real estate market. The success of this auction is a clear indicator of the market’s strength and potential for both buyers and sellers.

Spring has arrived early in Miami, and I look forward to assisting more clients in finding their perfect property in this vibrant and dynamic market.

Best regards,

Andres Andrade