MIAMI, FL - 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.
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.
"Nearly 60 percent of the One Bal Harbour condo-hotel project closed at an average price of $1 million per unit before Elcom Condominium stole the remaining 40 percent of this high-end project for $51,000 per unit," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "Condo-hotels are not for everyone but at $63 per square foot one has to think there are buyers for this quality of product at that price."
This is the eighth bulk deal - and second in Bal Harbour - of new or significantly improved residential product to close since July 2008, according to the Condo Vultures® Bulk Deals Database. Four deals have closed in Greater Downtown Miami and an additional two transactions have closed in West Palm Beach.
Source: Condo Vultures, LLC.