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$1,200,000 Cabana Sale in Continuum South Beach


January 3, 2013

Cabana No. 1 in the Continuum North Tower just sold for $1,200,000.  It featured a loft bedroom, a small kitchen, full bathroom, marble floors and countertops, an ocean view and a deck jutting out over a beautiful lagoon.  Measuring only 656 square feet, this tiny oceanfront cabana is more expensive on a per square foot basis than nearly all of the condos in the Continuum South Beach and all of the other luxury condos in nearby buildings.

Cabanas at the Continuum South Beach are limited common elements, which means that: (a) buyers need to own a condo in the Continuum in order to buy one; (b) they do not have a folio number or a legal description; and (c) the sale prices are not tracked by the Miami-Dade County Property appraiser.  The upside of this system is that cabanas are not subject to real estate taxes and the identity of each owner is kept private.  The downside is a lack of sales data showing when and how much these oceanfront cabanas sell for (prices are only discoverable when they sell on the MLS or through word of mouth).

After spending $1,200,000 on a cabana, the new owner won’t get a deed confirming their ownership.  Instead, they will get an assignment of the previous owner’s exclusive right to use the cabana and confirmation by the North Tower condo association that they have updated their records to recognize the transferee.

Interested in acquiring a cabana at the Continuum South Tower or Continuum North Tower?  Call me.