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Prime Small Parcel Sells for $2.6 Mil or 65 Times More than it Went for 22 Years Ago

MIAMI-Meba Inc. and Pine Dade of Miami Inc. sold the .872-acre commercial pad at 7301 to 7331 SW 57th Court in South Miami to the 7300 Investments group. The less-than-an-acre dirt carried a price tag of $40,000 when it was sold in 1978. That would have brought a gross return of 6,500% if the current seller had owned and held on to the dirt 22 years ago.

By Alex Finkelstein | Updated on November 27, 2000

MIAMI-Talk about returns on investments. If the buyer of an .872-acre of commercially-zoned land at 7301 to 7331 SW 57th Court in South Miami had owned the dirt in 1978 and sold it today, the return on the investment would be 6,500%. The less-than-an-acre parcel went for $40,000 then. This week it sold for $2.6 million or $64.04 per sf.

Meba Inc., whose principal is Thomas Spencer Jr., and Pine Dade of Miami Inc., headed by Carlos E. Obregon, sold the land to the 7300 Investments group whose agent is L. Richard Mattaway. The parcel sold for $910,000 in 1984 and $1 million in 1995.

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