Bulk buyers have purchased nearly 600 new condo units in South Florida in the last year, shelling out about $125 million in cash for more than 630,000 square feet of livable space, according to a new report from Condo Vultures® LLC.
Since July 2008, nine bulk purchases - including four deals in the last month - have been recorded in South Florida at an average price of $198 per square foot.
The bulk deal with the highest price paid is $246 per square foot for 146 units in 50 Biscayne condominium in Downtown Miami back in July 2008.
The lowest price paid is $63 per square foot for 51 condo-hotel units in the One Bal Harbour project that just closed within the last month. It is worth noting that the One Bal Harbour deal was contingent upon the buyer also acquiring the common areas and land of the condo-hotel tower from the seller for $12 million in a separate transaction recorded by a different entity.
"Bulk buyers are purchasing new condo units that average 1,060 square feet in South Florida for about $210,000 per door," said Peter Zalewski, a principal in the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "The common denominator present in every one of these transactions - besides poor timing by the developers - has been the buyers' focus on overall quality. Every deal has occurred in a project that is well designed and/or located."
The latest deal to close involved a South Beach investor who purchased 15 units for $4.2 million in the Marina Blue condominium tower on Biscayne Boulevard in Greater Downtown Miami across from the American Airlines Arena, according to the Condo Vultures® Bulk Deals Database.
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Interested in buying multiple units from developers or banks? Be sure to visit the Condo Vultures® Bulk Deals Database. Our new books, the Official Condo Buyers Guide to Miami™ and Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Showing posts with label 50 biscayne. Show all posts
Showing posts with label 50 biscayne. Show all posts
Thursday, July 30, 2009
Tuesday, July 7, 2009
4th Bulk Condo Deal Closes In Downtown Miami
A Miami Beach company headed by Jorge Mattos has purchased 21 units in the Marina Blue condominium tower in Downtown Miami for $5.69 million in an all-cash deal involving the project's former mezzanine lender, according to a new report from Condo Vultures® LLC.
A newly formed Florida corporation called 21 Marina Blue LLC with Mattos as the manager purchased 13 two bedroom units, seven one-bedroom units, and a three-bedroom penthouse for a blended price of $196 per square foot on a deal that was recorded on June 23, according to Condo Vultures® research.
Mattos is a business partner of Carlos Mattos who purchased 31 units for $6.1 million in mid-June at the 1060 Brickell condominium tower in Miami's Brickell Avenue financial district, according to a recent Condo Vultures® report.
Carlos Mattos' 1060 Brickell Apartments LLC paid $203 per square foot for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space, according to Condo Vultures®.
"This is the second bulk deal to close in the Greater Downtown Miami area in the last month," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "Once again, the buyer is a private equity group with roots and investments in South Florida. "
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Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
A newly formed Florida corporation called 21 Marina Blue LLC with Mattos as the manager purchased 13 two bedroom units, seven one-bedroom units, and a three-bedroom penthouse for a blended price of $196 per square foot on a deal that was recorded on June 23, according to Condo Vultures® research.
Mattos is a business partner of Carlos Mattos who purchased 31 units for $6.1 million in mid-June at the 1060 Brickell condominium tower in Miami's Brickell Avenue financial district, according to a recent Condo Vultures® report.
Carlos Mattos' 1060 Brickell Apartments LLC paid $203 per square foot for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space, according to Condo Vultures®.
"This is the second bulk deal to close in the Greater Downtown Miami area in the last month," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures. "Once again, the buyer is a private equity group with roots and investments in South Florida. "
Read More
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Monday, June 22, 2009
Bulk Condo Deal Closes In Greater Downtown Miami
A Miami entity headed by Carlos Mattos paid $203 per square foot for 31 units at the 1060 Brickell condominium in Miami's financial district, according to Condo Vultures® LLC.
Mattos' newly created 1060 Brickell Apartments LLC paid nearly $6.1 million without financing for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space, according to Condo Vultures® LLC.
"We have reason to believe that 1060 Brickell has about 200 units under contract and/or closing as we speak," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "In the last week, 1060 has closed 58 units including the 31 from this bulk deal. It will be interesting to see what our second quarter closing rate report for new condos in Greater Downtown Miami will show."
read more>>
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
Mattos' newly created 1060 Brickell Apartments LLC paid nearly $6.1 million without financing for four studio units, 22 one-bedroom units, and five two-bedroom units with a combined 29,913 square feet of livable space, according to Condo Vultures® LLC.
"We have reason to believe that 1060 Brickell has about 200 units under contract and/or closing as we speak," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "In the last week, 1060 has closed 58 units including the 31 from this bulk deal. It will be interesting to see what our second quarter closing rate report for new condos in Greater Downtown Miami will show."
read more>>
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com. Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports. Looking for a property at a deep discount? You are encouraged to take a peek at the Vultures Database™ or our Video Gallery. Our new books, the Official Condo Buyers Guide to Miami™ , Miami's Great Condo Crash: A Chronicle of the Boom and Bust™ , and First-Time Home Buyers Guide To South Florida™ are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
Copyright © 2009, Condo Vultures® LLC
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