1991 NE 123rd St #1991, North Miami, FL 33181

Areta Estates is an unusual pocket of North Miami: a row of fee-simple waterfront townhouses on the canal side of NE 123rd Street. No association, no maintenance fee, no board. The buyer owns the structure and the ground under it.

This one runs 1,482 square feet across two levels, two bedrooms, two full baths and a half, built in 1968 and renovated before it came to market. Marble, tile and wood floors, impact glass throughout, primary bedroom upstairs. On the water side: a deeded dock with a boat lift, electric and water at the dock, canal frontage and ocean access.

Marina Melnikova co-represented the buyer alongside Jelena Grady, Trust Invest Real Estate Corp. On a purchase like this the decisive work is unglamorous: confirming what the dock rights actually are and in whose name they sit, reading the survey against the unit boundary, checking the seawall and the structure against the price, and drafting contract terms that protect the buyer if any of those answers change. Flood zone AE, so insurance is a real line item and it was priced before the inspection period closed, not after.

Listed at $900,000, closed at $840,000 after 74 days on market. Waterfront under a million in Miami-Dade is a shrinking category.