Building facts
- Address
- 245 Michigan Avenue
- Neighborhood
- South of Fifth
- Year built
- 2004
- Floors
- 4
- Residences
- 20
- Status
- Completed
- Pricing
- Starting at $1.3 Million
Verified 25 August 2026Miami-Dade County Property Appraiser1 source
Key Takeaways
- The smallest home in the building is 1,444 square feet — there is no studio, no one-bedroom and nothing under 1,400 sq ft. Eighteen of the nineteen homes on record are two-bedrooms and one is a three-bedroom.
- Twenty homes, and the shares prove the twentieth exists — the common-element shares close at 94.29%. The missing 5.71% is the exact share carried by one existing home — a 1,741 sq ft apartment. It cannot be two smaller homes: the smallest share in the building is 4.73%, so two would need 9.46%.
- Identical apartments sold 20% apart seven weeks apart — in March 2024 a 1,445 sq ft home sold for $1,150,000. In April 2024 a 1,444 sq ft home sold for $1,379,000. Same size, same building, seven weeks.
- And 40% apart in 2025 — $1,050,000 in May, $1,469,400 in December — both on the same floorplate. The December sale is the highest price per foot the building has ever recorded, at $1,017.
- There is no reliable price here, and that is the finding — five qualified sales in four years across twenty homes. The spread between identical apartments is larger than the movement of the market, so any single number quoted for this building is close to meaningless.
- Everything at this address is a home — no commercial folio, no parking folio, no reference folio. Unusual, and it means nothing has to be separated out before reading the figures.
Absolut Lofts, by the numbers
Starting at $1.3 Million. Source: the building record on this site.
245 Michigan Avenue, Miami Beach, Florida 33139 | Neighborhood: South Beach
Absolut Lofts is a twenty-home building in South Beach where the smallest apartment is 1,444 square feet. That alone makes it unusual. What makes it worth reading closely is that identical apartments here have sold 20% apart in the same season, and 40% apart inside a single year — which tells you more about how to buy in a building this small than any average could.
What the county records at 245 Michigan Avenue
The Miami-Dade County Property Appraiser returns nineteen folios at 245 Michigan Avenue, all in one declaration, ABSOLUT CONDO. Every one is a home. There is no commercial folio, no parking folio and no reference folio, which is rare and means nothing needs excluding before the numbers below.
But the building has twenty homes, not nineteen. Under Florida law a condominium’s common-element shares sum to the whole. Here the nineteen folios close at 94.29%. The missing 5.71% is not a rounding artefact — it is the exact share recorded against one of the homes that is in the record, a 1,741 square foot apartment. And it cannot be two smaller homes instead: the smallest share in this declaration is 4.73%, so any two homes together would need at least 9.46%.
So one folio is absent from the county’s public index, and the declaration’s own arithmetic says it is a 1,741 sq ft home. The county returns no record for it, and the folio series confirms a single gap. That is an inference from the shares, not a county record, and it is stated here as such.
The homes run 1,444 to 1,798 square feet, median 1,469, across six floorplates: 1,488 sq ft (six homes), 1,445 (four), 1,444 (four), 1,798 (two), 1,469 (two) and 1,741 (one, plus the absent one). Eighteen are two-bedrooms; one is a three-bedroom.
For 2026 the county assesses the nineteen homes it holds at a median of $810,342, ranging from $512,132 to $1,199,435.
The price record across four years
| Year | Qualified sales | Median price | Median $/sq ft |
|---|---|---|---|
| 2023 | 1 | $1,530,000 | $851 |
| 2024 | 2 | $1,264,500 | $875 |
| 2025 | 2 | $1,259,700 | $872 |
| 2026 to date | 0 | — | — |
Five qualified sales in four years, across twenty homes, and none at all so far in 2026. Those medians are one and two sales each. They are not a price level and should not be read as one.
The building has recorded 62 qualified sales since 2004, so the history is long enough to be useful even though the recent record is thin. The highest price it has achieved is $1,575,000, for a 1,798 sq ft home in November 2022. The highest price per square foot is more recent: $1,017 in December 2025.
Identical apartments, very different prices
The 1,444 and 1,445 square foot plans differ by one square foot. Eight homes carry them — more than a third of the building. Treating them as the same apartment, which they effectively are, the record reads:
| Date | Size | Price | $/sq ft |
|---|---|---|---|
| 13 June 2022 | 1,444 sq ft | $1,300,000 | $900 |
| 27 March 2024 | 1,445 sq ft | $1,150,000 | $796 |
| 26 April 2024 | 1,444 sq ft | $1,379,000 | $955 |
| 21 May 2025 | 1,444 sq ft | $1,050,000 | $727 |
| 8 December 2025 | 1,445 sq ft | $1,469,400 | $1,017 |
Seven weeks separate $1,150,000 from $1,379,000 in 2024 — a 20% gap on the same floorplate. Seven months separate $1,050,000 from $1,469,400 in 2025, a gap of 40%. Over that same period the building’s median barely moved.
The spread between identical apartments is larger than the movement of the market. Floor, outlook, condition and how the sale was run are doing more work here than the calendar is. In a building with five sales in four years, that is the practical fact: there is no market price to look up, only a range, and where you land inside it is decided by the specific apartment and the specific negotiation.
Who this building suits, and who it does not
It suits a buyer who wants genuine space in South Beach. Every home here is at least 1,444 square feet and almost all are two-bedrooms. Buildings in this part of Miami Beach are overwhelmingly studios and one-bedrooms; this one has none of either.
It suits a buyer prepared to wait for the right unit rather than the right moment. With roughly one or two sales a year, timing the market is not available to you. Choosing well among whatever is listed is.
It suits badly anyone who needs a clean comparable. Five sales in four years, on plans that have traded 40% apart within one year, is not enough for a confident valuation — and 2026 has produced nothing at all so far.
And it suits badly a buyer who wants a small, cheap entry point. There isn’t one. The smallest home in the building is larger than the largest home in most lofts nearby.
If you are selling here: the range is wide and it is in your favour to understand why. The two 2025 sales of the same floorplate were $1,050,000 and $1,469,400. That is your evidence, and it says presentation and process are worth more here than a few months of market movement. Do not accept a valuation built on the building’s median — with five sales behind it, the median is an artefact of which two apartments happened to trade.
Absolut Lofts — Frequently Asked Questions
How many units are in Absolut Lofts?
Twenty. The county returns nineteen folios at 245 Michigan Avenue, and the declaration’s common-element shares close at 94.29% — short by exactly the 5.71% share carried by one 1,741 sq ft home. One folio is absent from the county’s public index; the building itself is complete at twenty homes.
How big are the apartments at Absolut Lofts?
1,444 to 1,798 square feet, median 1,469. There is nothing smaller. Eighteen of the nineteen homes on record are two-bedrooms and one is a three-bedroom, across six floorplates.
What have homes sold for recently?
The building has recorded five qualified sales in four years and none so far in 2026. The most recent was $1,469,400 in December 2025, at $1,017 per square foot — the highest per-foot price the building has achieved. Its highest total price was $1,575,000 in November 2022.
Why do prices vary so much between similar apartments?
Because the building is small and sells rarely, so the specific apartment matters more than the market. Two homes on the same 1,444/1,445 sq ft floorplate sold for $1,050,000 in May 2025 and $1,469,400 in December 2025 — a 40% gap in seven months, larger than any move in the building’s median over the same period.
Is there any commercial space in the building?
No. Every folio in the declaration is a residential home — no commercial unit, no parking folio and no reference folio, which is unusual and makes the building’s figures unusually clean to read.
Sources and further reading
Interested in selling at Absolut Lofts?
Learn more about selling your condo at Absolut Lofts with Josh Stein.
Thinking about Absolut Lofts?
I have sold South Florida property since 2002, more than $1 billion of it. Ask me for the recorded declaration, what has genuinely closed, or a straight answer on whether this building fits what you are after.
Josh Stein · Florida real estate sales associate, license SL3057661 · (305) 695-8257 · hello@joshsteinrealtor.com
Absolut Lofts and the truth about Miami lofts
Miami has almost no true converted-warehouse lofts. That single fact explains the whole category, and almost nobody says it plainly. Unlike SoHo, Tribeca or Chicago’s West Loop, Miami’s urban core was never built out as multi-story manufacturing, so there was very little industrial stock to convert. Nearly every building marketed here as a loft is purpose-built new construction in a loft aesthetic — high ceilings, concrete floors, open plans, floor-to-ceiling glass — constructed between roughly 2002 and 2016. Parc Lofts at 1749 NE Miami Court is the notable exception, described in the trade as one of the few genuine industrial-loft buildings in the city, with 15-foot ceilings on floors one to four and 20-foot ceilings above.
Absolut Lofts was built in 2004 in South of Fifth with 20 units across 4 floors. That places it squarely inside the loft-construction window — the pre-crisis condo boom that produced essentially all of Miami’s loft inventory. No meaningful loft product has been added since.
The value case, in numbers
Loft product is the genuine affordability play inside Miami’s urban core. Downtown loft-style condominiums trade at roughly $414 to $451 per square foot — Neo Lofts at $414, Loft Downtown I at $425, Loft Downtown II asking $451 — against a Downtown luxury benchmark of $730 per square foot in Q1 2026. That is 55 to 62 per cent of the going rate for comparable urban-core square footage.
Two further numbers matter. Loft Downtown II’s trailing six-month sold average was $422 per square foot against a $451 asking average, at 129 days on market — sellers are taking less than ask, and taking a while. And Downtown carried 46 months of luxury inventory in Q1 2026, the highest in Greater Downtown. If you are buying, that is as much negotiating leverage as this market offers anywhere.
Carrying cost is the quiet advantage
Loft buildings are small, low-amenity and cheap to run, and it shows in the monthly. Loft Downtown II carries an HOA of about $0.93 per square foot per month and Neo Lofts about $1.15. A South Beach trophy tower runs $4 to $7 per square foot per month — The Setai sits near $4.55. On a 1,000 square foot unit that is a difference of roughly $3,000 to $6,000 every month, before you have paid a mortgage. For investors, it is the entire reason the rental maths works.
Why no more lofts will be built
Land economics closed the category. Edgewater luxury traded at $978 per square foot and Brickell at $950 in Q1 2026, while loft product sits near $420. No developer builds a four to six-storey, 35 to 70-unit loft building on land that pencils for a 40-storey tower. High ceilings make it worse: a 20-foot ceiling consumes the volume of nearly two conventional floors, so under fixed height and FAR limits every foot of ceiling is traded directly against sellable units.
The consequence is a permanently closed supply category with structurally tiny unit counts — Ilona Lofts has 16 units, Wynwood Lofts 35, Montclair 41, Star Lofts 47, Bay Lofts 54, Uptown 66, Parc Lofts 70, Filling Station 81. In buildings that small, one owner deciding not to sell measurably moves availability.
Where Miami’s lofts actually are
- Downtown Miami — Loft Downtown I and II. The walkable core, on the Metromover, and the most accessible luxury submarket in the city.
- Arts & Entertainment District — Parc Lofts and Filling Station Lofts, next to the Adrienne Arsht Center, between Downtown and Wynwood.
- Wynwood — Wynwood Lofts, in the gallery district by Wynwood Walls, with Midline Miami’s 10,000 square foot live-music venue at Arlo Wynwood open since January 2026.
- Edgewater — Star Lofts, Bay Lofts and Uptown Lofts, in the top-performing Miami neighbourhood of Q1 2026 with 120 per cent year-on-year sales growth.
- Miami River and Brickell edge — Neo Lofts, on the riverfront dining corridor. Brickell is Greater Downtown’s fastest-selling submarket at 75 days on market.
Who buys lofts in Miami
Creative professionals first — Parc Lofts is documented as a favourite among photographers, musicians and artists, and Wynwood Lofts is explicitly marketed as a live/work building. Then entry-point urban buyers, because Downtown lofts start around $282,000 to $307,000, well under the $425,000 Miami-Dade condo median. And rental investors, drawn by the low carry: Loft Downtown II listed 17 units for rent against 15 for sale in July 2026.
At the top of the market the buyer is different again. Parc Lofts units run 1,970 to 3,774 square feet with 15 to 20-foot ceilings at $1.3M to $3.0M. That is a fundamentally different proposition from a 700 square foot Brickell tower unit at the same price — and there is nowhere else in Miami to buy it.
Frequently asked questions
Are there real converted-warehouse lofts in Miami?
Very few. Parc Lofts at 1749 NE Miami Court is described in the trade as one of the few true industrial-loft buildings in Miami, with 15-foot ceilings on floors one to four and 20-foot ceilings on floors five and six. Most Miami buildings marketed as lofts, including Neo Lofts, Filling Station Lofts, Wynwood Lofts and Loft Downtown I and II, are purpose-built new construction in a loft aesthetic dating from 2002 to 2016.
How much does a loft cost in Miami?
Downtown loft-style condominiums start around $282,000 to $307,000 and average $414 to $451 per square foot across Neo Lofts, Loft Downtown I and Loft Downtown II, on 2026 data. Large-format industrial lofts sit far higher: Parc Lofts runs roughly $1.3 million to $3.0 million at about $756 per square foot for units of 1,970 to 3,774 square feet.
Are Miami lofts good value compared with condos?
On a per-square-foot basis, clearly. Downtown loft product trades at roughly $414 to $451 per square foot while the Downtown luxury condo segment ran $730 per square foot in Q1 2026. Carrying costs are lower too: Loft Downtown II has an HOA near $0.93 per square foot per month against $4 to $7 in South Beach trophy towers.
Which Miami neighborhoods have lofts?
The concentrations are Downtown Miami with Loft Downtown I and II, the Arts and Entertainment District with Parc Lofts and Filling Station Lofts, Wynwood with Wynwood Lofts, Edgewater with Star, Bay and Uptown Lofts, and the Miami River and Brickell edge with Neo Lofts. South Beach has a small cluster of boutique loft buildings including Ilona Lofts and Montclair Lofts, and Coconut Grove has Lofts at Mayfair.
What are the largest lofts in Miami?
Parc Lofts has the largest floorplates of any loft building in the city, with units from 1,970 to 3,774 square feet. Filling Station Lofts runs 832 to 1,639 square feet with 18-foot ceilings. Most Downtown loft towers top out near 1,150 to 1,185 square feet.
Why does nobody build new lofts in Miami anymore?
Land economics. Edgewater and Brickell luxury condos traded at $978 and $950 per square foot in Q1 2026 while loft product trades near $420. A four to six-storey building with 35 to 70 units cannot compete for the same land as a 40-storey tower, and 20-foot ceilings consume roughly two conventional floors of height under fixed limits. No meaningful loft supply has been added since about 2016.
How long do Miami lofts take to sell?
Loft Downtown II averaged 129 days on market over the six months ending July 2026, with sold prices averaging $422 per square foot against an asking average of $451. Downtown carried 46 months of luxury inventory in Q1 2026, the highest in Greater Downtown, which gives buyers meaningful negotiating room.
Who buys lofts in Miami?
Three groups. Creative professionals, since Parc Lofts is documented as a favourite among photographers, musicians and artists and Wynwood Lofts is marketed as a live/work building. Entry-point urban buyers, because Downtown lofts start below $310,000 against a $425,000 Miami-Dade condo median. And rental investors attracted by the low HOA structure, with Loft Downtown II listing 17 units for rent against 15 for sale in July 2026.
Related coverage
Part of Miami Lofts.