One Unit Has Closed At Centro So Far

The first condo unit at Centro has been deeded over to a new owner.

Apartment 2502, a 2-bedroom condo with 920 square feet, sold for $335,000 on July 7.

No other units have been recorded since then.

Parking was not included in the building. The developer had once said that the building was 90% sold. Later a guaranteed leaseback program was offered in an effort to boost sales.

 

 

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Marc305
5 years ago

We had a total of 6 clients interested in this building, they all walked away once they found out it had no parking. I don’t doubt that 90% is sold but I also know that the majority of the owners are investors who will rent them out on a short term basis. Some people like that transient feel and some don’t. Different strokes for different folks.

aceraroja
5 years ago

I still am not sure who the person is who wants to live downtown and work outside of downtown and come home and be stuck for 15 minutes trying to park in a line around the block, which is exactly how many other buildings are. SW 1 St. isn’t exactly a thoroughfare either so there wouldn’t be much room for queueing cars anyhow.

Another thing to keep in mind is as the first building like this, it’s a test case. As people move in and figure out their way around town without a car (or simply without a dedicated spot in their own building, there’s tons of parking lots downtown), it will become less of a shock to have no parking in condo products. I mean, that’s my thinking. Time will tell. Most buildings in Miami Beach have no parking at all. It doesn’t deter sales.

Mike04
5 years ago

Loft 1 and 2 have no onsite parking either. Built in 2007.

Marc305
5 years ago

Lofts 1 and 2 do have assigned parking spots. Their garage is across the street from Lofts 2 and a block away from Lofts 1. Centro has no parking period.

Anonymous
5 years ago

Yes and look at how those buildings are struggling to keep tenants. I almost bought there last year. Instead choose a unit at the riverfront because of the parking.

aceraroja
5 years ago

What percentage of the units are struggling to find tenants?

Marc305
5 years ago

Having worked in Real Estate since 2001 I can tell you the feedback that we get from the thousands, yes thousands, of people we have helped with rentals in this area. When a building does not have parking at all, it creates a bit of a life change for most people. Even if you do use public transportation for everything during the week, most people want to drive to go to movies, the beach, different malls, visit relatives and so on and so forth. Not being able to have a car period is a deterrent.

Furthermore, many people are quite social and they want their friends to come visit them. Once again not having a parking garage at all for them can be a deterrent. I understand that many people who write on this site champion buildings with no parking, so I am assuming all of them do not drive and don’t even own a car. It obviously works great for them but for the rest of the population it is not that easy.

Someone
5 years ago

Well said. People want a place to park their cars. The simple fact is the kind of person that can afford to buy one of these also has a car because south Florida, although improving, hasn’t become Manhattan with respect to transit or walkabality.

Anonymous
5 years ago

I can see out of towners not having a car if they are working downtown and don’t have a reason to drive.. but for locals with friends and family spread across Miami-Dade, a car is a necessity.

aceraroja
5 years ago

I guess I’m still confused about how, at full theoretical buildout of downtown with tens of thousands of units, all with one or two parking spots, plus guest parking, where the hell all those cars will fit on the surfaces of downtown streets? Forget rush hour. ANY hour. You can have density and less parking or less density and more parking, but you can’t have density and more parking. It’s just a mathematical fact.

aceraroja
5 years ago

I appreciate your experience and there’s nothing to disagree with, I’m just saying it only takes a few hundred people in a city of millions to fill these places, especially since they’re less expensive. It’s definitely a life change. But some people elect to do it. Hopefully that gets the ball rolling. These places will probably be less vacant than half the parking-replete condos downtown already are. The older converted office buildings have absolutely no parking at all and are fully occupied.

“Not being able to have a car period is a deterrent.”

There are garages EVERYWHERE downtown. You CAN have a car if you live in a building without parking. And your visitors can park there just like the many thousands of residents of South Beach with no parking at their apartments, except downtown the garages are better distributed all over.

Anonymous
5 years ago

How is this any more transient than the other 300+ unit buildings downtown/brickell?

Marc305
5 years ago

Most buildings in the Brickell area have a one year minimum lease option, this attracts locals who more than likely will live in the building for a number of years. Short term leasing allows terms as short as 30 days and it makes a building feel like a hotel or more precise like an “Extended Stay America” that is the difference.

Anonymous
5 years ago

Interesting to hear, but are those rules actually enforced? I have my doubts.

aceraroja
5 years ago

I know for a fact they’re not in most buildings. I have friends that airbnb their units all over Brickell despite the 6-month or year lease requirements.

Mike04
5 years ago

We need more building like this. Nice design and decently priced. The only thing like other mentioned would be to get rid of the stucco and put some kind of metal sideing.

Anonymous
5 years ago

im fairly positive that stucco is the preferred exterior finish because of floridas weather…

Alpina
5 years ago

sorry, but what does stucco have to do with weather?

Anonymous
5 years ago

its what weather does to outside of structure…..

Anonymous
5 years ago

If tenant has a scooter, where do you park it?

Anonymous
5 years ago

Love the trend of parking-less buildings. Look how affordable they are.

Though a 2 bedroom 920 square foot apartment sounds tight.

Anonymous
5 years ago

that is definetely a mistake ! building doesn’t have TCO yet !

Miami Broker
5 years ago

They will have Valet…Just like W Hotel, Setai, St Regis, Epic Residence.

CH
5 years ago

Love the design but they did a very bad job with the stucco finish…typical in Miami!!

Anonymous
5 years ago

Difficulty selling units.. Hmm I wonder why?

Anonymous
5 years ago

there doesnt seem to be any difficulty….i believe nearly 80% are under contract…..they are now releasing advertising for last remaining……this is far from a failure…..and when retail opens ground level will add to street experience…..

Anonymous
5 years ago

I did see it the other night and it looks nice with the exterior lighting

Anonymous
5 years ago

Who is going in the ground floor retail?

Anonymous
5 years ago

CVS and a bank.

Anonymous
5 years ago

Lol is that a joke? Downtown is already saturated with cvs and banks

Anonymous
5 years ago

I love the look of the building, but the stucco has got to go. No more stucco on condos/skyscrapers. This isn’t 1940s Miami Beach anymore.

Laz
5 years ago

That’s what you get for a parking-less building; a building designed for the record few that work and live in downtown.