Madrid Terrace Homes for Sale

Madrid Terrace is a residential community in Miami, Florida. Active listings are currently priced from $185K–$250K.

Pure Equity Realty covers Madrid Terrace and the Miami area. We list for 1%, which includes photography, MLS syndication, and negotiation support. Buyers pay nothing for representation. For current market data, see Florida Realtors' market statistics.

Our MLS feed shows 4 Madrid Terrace Miami homes for sale as of October 2026. The median asking price is $210,000. Asking prices run from $185,000 to $250,000.

That is 67% below the Miami median of $645,000. On a per-foot basis, homes here ask about $295 per square foot, compared with $509 across Miami. So the median price buys roughly 700 square feet of living area.

Listings here have averaged 92 days on the market. That is faster than the Miami average of 144 days. As a result, buyers here should be ready to write an offer soon after a showing.

Homes listed in Madrid Terrace date from 1973, so they are about 53 years old.

All of these homes predate Florida's 2002 statewide building code. So roof age, window protection and the wind mitigation report matter a great deal for insurance.

In addition, most Florida insurers ask for a four-point inspection on homes 30 years or older. It covers the roof, electrical, plumbing and HVAC. Updated systems usually make coverage easier to place.

Condo buyers should also know Florida's 2022 condo safety law. It requires milestone structural inspections for buildings three stories or taller as they age. It also requires a structural integrity reserve study. Before you sign, request both reports and the current reserve balance.

Madrid Terrace is a condo building. Also request the association budget, recent minutes and any special assessments before you sign.

Here is what the median Madrid Terrace price means in Florida closing terms. At $210,000, a 20% down payment comes to about $42,000, leaving a loan near $168,000.

Florida then taxes that loan twice. First, documentary stamp tax on the note runs 35 cents per $100, or about $589. Next, the intangible tax of 0.2% adds about $337. Buyers normally pay both at closing.

On the seller side, Miami-Dade charges deed stamps of 60 cents per $100 on a single-family home, about $1,263 at this price. Condos and other property types pay a higher rate.

Finally, owner-occupants should file for the Florida homestead exemption by March 1. It removes up to $50,000 of assessed value. After that, Save Our Homes caps yearly assessment increases at 3% or inflation, whichever is lower. To see what these numbers mean for your budget, get pre-approved before you tour.

Recent Madrid Terrace listings show assignments to Fairlawn (Miami-Dade) (elementary), West Miami (middle) and South Miami (high). However, boundaries can change each year, so confirm the assignment for a specific address with Miami-Dade County Public Schools.