Florida Co-Op Sells for Over $20 Million
A co-op in Pembroke Pines, FL sells for $20.3 million at $2,086 per square foot.
The co-op located at 201 Southwest 172nd Avenue in Pembroke Pines, FL has sold for 20.3 million, according to public records. The property spans 9,745 square feet and sold for 2,086 per square foot. The sale was completed on October 14, 2021.
The buyer and seller have not been disclosed, but the property was listed by brokers from XYZ Real Estate. The co-op is located in a desirable area of Pembroke Pines, with easy access to major highways and shopping centers. The property features high-end finishes and amenities, including a pool, fitness center, and 24-hour security.
The sale price of 20.3 million is a significant increase from the previous sale of the property in 2015, when it sold for 12.5 million. This represents a 62% increase in value over the past six years. The price per square foot has also increased significantly, from 1,284 in 2015 to 2,086 in 2021, a 62% increase.
This sale is indicative of the strong demand for high-end co-op properties in desirable locations. Despite the challenges posed by the COVID-19 pandemic, the commercial real estate market has remained resilient, with many investors seeking out safe and stable investments. The sale of this co-op in Pembroke Pines is a testament to the strength of the market and the continued demand for high-quality properties in prime locations.
Overall, this sale is a positive sign for the commercial real estate market, particularly in the co-op sector. With interest rates remaining low and demand for high-end properties remaining strong, we can expect to see continued growth and activity in this market segment.