TL;DR: Great location! If you plan to spend your days on the beach or at the pool drinking cocktails, eat out most of the stay, can sleep anywhere and aren't overly concerned with cleanliness, this place will fit the bill. If that doesn't describe you, you can make it work but it won't be particularly dreamy.
Some friends and I stayed in this condo for 5 nights and it met our basic needs. We planned to cook in the kitchen and eat in often, but with 7 people we were ill-equipped. The cookware is limited, there weren't enough utensils when we got there (although the host restocked them within 8 hours). We also had to have the coffee pot replaced (it, along with the cookware, looked as though it had seen much better days). The refrigerator was also leaking water into the fridge. The queen beds were incredibly uncomfortable and sunken in in the middle (we slept long way across the bed because it was so bad). The showers looked like they needed a deep clean. Some of the furniture was totally broken (barstools) and one of the bedroom doors didn't shut because it got caught on a light fixture.
That being said, the bedding and towels seemed clean, it is right on the beach, the pools weren't crowded and the poolside service was adequate. It is in a wonderful location and I don't think we ever paid more than $14 for an uber to South Beach!