The Lofts at South Beach

Condominium: The condominium is named The Lofts at South Beach Condominium.

Building type: Mixed-use condominium with residences above ground-floor commercial space

Floors: 5

Unit sizes: About 965 to 2,634 square feet. Some homes are combined from two units, so stated areas do not map cleanly to floor plans.

Unit mix: Mostly one- and two-bedroom residences, with one three-bedroom and one four-bedroom.

Amenities: Heated pool and spa, fitness area, covered garage parking, elevator.

Source: The Roebling Research Desk.

The Lofts stands at the mouth of the Venetian Causeway in Sunset Harbour, a few blocks north of Lincoln Road.

With about 22 homes, one sale reshapes the price record. Retail and office units occupy the base, so the association manages a commercial component as well as the residences; read the budget with that in mind.

Stated areas start at about 965 square feet and reach about 2,634. Two homes are combinations of adjacent units, so the largest plans are one-off layouts.

Sunset Harbour is the northern edge of South Beach on the bay side, between Alton Road and the water. The Sunset Harbour Yacht Club and the harbor orient the streets. The Sunset Islands and the Venetian Causeway sit on the water side.

The Venetian Causeway runs from the foot of the building to Downtown Miami across the bay islands. Lincoln Road is a short walk south. The ocean is about a mile east, across the Alton Road corridor and the Flamingo area, so this is a bay-side address and not a beachfront one.

The building is a mid-rise of five stories with an elevator and covered garage parking. The residences are recorded as eight one-bedrooms, twelve two-bedrooms, one three-bedroom and one four-bedroom. Because two of the homes are combined, check each unit's configuration against the floor plan and the association's schedule of shares.

Homes have walk-in closets, central air and in-unit washers and dryers. Check finishes and equipment unit by unit.

The building has a heated pool and spa, a fitness area and covered parking.

Because the building has commercial units, ask how expenses are split between the residential and commercial components, and whether the commercial owners carry their share of the structure, garage and common systems.

Florida's milestone inspection and structural integrity reserve study rules apply to condominium buildings of three or more stories; ask for the inspection report, the reserve study and any assessment history. For any purchase, ask for the current budget, the reserve study, the inspection report, flood insurance cost and any special assessments. The building is in flood zone AE, so the insurance quote belongs in the offer analysis.

Pet, rental and minimum-lease rules are set by the association; confirm at offer stage. Read the rules and any amendments.

One of two arms-length sales recorded in September 2023, at $899,000. It is one sale, not a building price. Because stated residential areas run from about 965 to about 2,634 square feet, a single price does not describe the building. Price per square foot depends on the plan, the floor and whether the home is a combined unit.

Unit-level transaction history is maintained in The Roebling Research Library and shared with clients during diligence.

Identify the exact unit and area. Combined homes and varying stated areas make price per square foot unreliable. Measure from the floor plan.

Underwrite the commercial component. Ask how commercial and residential costs are allocated and who funds shared systems.

Price flood insurance first. The building is in zone AE. Get a quote before you set a number.

Check the rules. Get the pet and rental rules in writing.

Sell the plan. In a 22-home building your comparable is your line and floor. Show the layout and any combination, and have the budget, reserve study and insurance cost ready.

• Sunset Harbour North and South — the two condominium towers a block away in Sunset Harbour.
• Bentley Bay — a South Beach condominium tower on West Avenue, a larger-scale bay-side peer.