Posted on 07/29/2009 10:03:20 AM PDT by Lorianne
We've seen lots of wild haircuts in the world of real estate, but nothing like this.
Condovultures: A South Florida private equity group purchased 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex at $63 per square foot, a discount of 94 percent off of the $1,100 per square foot average recorded sales price, according to a new report from Condo Vultures® LLC.
Elcom Condominium LLC with Jorge E. Arevalo and Thomas D. Sullivan in South Miami paid $2.6 million for 41,047 square feet of saleable space in the 124-unit Regent Hotel tower located on the west side of the 26-story, trophy complex in exclusive Bal Harbour.
(Excerpt) Read more at businessinsider.com ...
wow...that’s a good deal given the risk/return.
That’s almost low enough to actually run a reasonable hotel there.
Your stimulus dollars at work.
“wow...that’s a good deal given the risk/return”
Not necessarily. A lot of these “deals” require the existing tenants to share all the condo fees which in a low occupancy complex can be astronomical.
Condos are just another word for apartments... I always considered them like military barracks, with a civilian facade. Civilian worker barracks you will.
In Miami they should wrap them in Pink plastic, pass them off as Cristo’s sculpture.
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