Miami Condos 94% Off

north miami

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 per cent 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.

Bankrupt residential development company WCI Communities, Inc., based in Bonita Springs, Fla., was the seller of the condo-hotel with 106,051 saleable square feet. WCI’s chief restructuring officer Jonathan Pertchik signed the deed.

(via Square Feet)

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