Canyon Ranch, a three-tower luxury condominium complex in Miami Beach, sold 336 units to a pair of buying entities created by the project’s lender, Lehman Brothers, in order to take ownership of the property using a “deed in lieu of foreclosure” method. The purchasers paid $291 million, or $672 a square foot, setting a bulk sales record for the area, according to Condo Vultures, the real estate consulting group. Peter Zalewski, a principal with Bal Harbour-based Condo Vultures, said the luxury spa and oceanfront location demanded a premium price, even at deeply discounted rates. The deal will be closely watched as a possible indicator of a bulk sales floor establishing itself within the highest end of the market. [Condo Vultures]
Miami Beach’s Canyon Ranch fetches $291 million
November 30, 2009 03:16PM
December 06, 2009 at 7:12 pm, Anonymous said:
Good math Draker
December 05, 2009 at 8:03 am, Anonymous said:
They are the lenders, they paid nothing. Instead of foreclosing they accepted the deed. The amount of the ouststanding mortgage (purchase price) is what is being calculated and divided by the square footage.
December 04, 2009 at 4:43 pm, Anonymous said:
Anonymous
This was a deed in lieu to the existing lender (Lehman)….Get your stories right
Comment #1 Posted By: Anonymous 12/04/09
January 04, 2010 at 2:48 pm, Anonymous said:
yes, $300 is the max anyone should pay for S/F
The bank was stupid to lent all that money in the first place, now pretend that the price is right. No one will pay more than the real value of $ 300 per s/f on that location. Retail. Bulk should be abt $ 150.00
January 04, 2010 at 2:48 pm, Anonymous said:
yes, $300 is the max anyone should pay for S/F
The bank was stupid to lent all that money in the first place, now pretend that the price is right. No one will pay more than the real value of $ 300 per s/f on that location. Retail. Bulk should be abt $ 150.00
December 04, 2009 at 5:47 pm, Anonymous said:
Idiots.. This was a deed in lieu. Where do you get your info?
December 07, 2009 at 10:48 am, Anonymous said:
“it set a bulk purchase sales record for the area” what bs, it is a foreclosure wrapped in a red ribbon pretending to be a sale – lately 90% of what I read is BS
December 07, 2009 at 10:48 am, Anonymous said:
“it set a bulk purchase sales record for the area” what bs, it is a foreclosure wrapped in a red ribbon pretending to be a sale – lately 90% of what I read is BS
December 04, 2009 at 10:35 pm, Anonymous said:
The buyers are really the lenders. They are trying to establish an artificially high base price for condos. this is I guess indicative of the shenanigans of the Lehman bankruptcy and the “extend and pretend” mentality that is out there…
December 09, 2009 at 10:15 am, Anonymous said:
Mr, Madoff, Mr Sheppard and Mr Wolman .Only one of these criminals went to jail. The other 2 must have gotten a free get out of jail pass from donating to the right politicians. Different faces but thesame mo.
December 02, 2009 at 11:26 am, draker said:
These investors are morons. Canyon Ranch Miami Beach is a loser condo development in the only depressed part of Miami Beach.
(near 71 St.) At $200.00 per sq. ft. it is a bad deal at $672.00 per sq. ft. these investors must be on crack.