The Real Deal New York

The Real Deal New York
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  • 4. Havana Lofts, just west of downtown Miami: foreclosure. Condo Vultures data show that Havana Lofts, a 90-unit project, saw its post-foreclosure units go for $138 per square foot compared to before the bank took over when the units went for $372 per square foot.

  • 5. 900 Hillsboro Mile, Hillsboro Beach foreclosure. Lani Kahn Drody, president and broker of Lowell Realty, helped reposition the 900 Hillsboro Mile project after it went into foreclosure. The developer originally tried to sell the units for about $2 million a piece about three years ago, she said. One sold before the bank foreclosed. Then it sat there for several years, Drody said. The bank brought Lowell onboard, which painted, made repairs, landscaped and marketed the property properly, reaching beyond the South Florida, she said. Lowell listed the property in October. In January, they closed on the last unit. The townhomes went from $990,000 to $2.2 million, Drody said.

  • 3. Trump Towers, Sunny Isles Beach: foreclosure avoided. The Related Group worked out a deal for Dezer Properties, its partner in building Trump Towers in Sunny Isles Beach, to take over the 813-unit oceanside condo project. Dezer plans to sell the remaining 435 unsold units for $350 to $600 per square foot, the Miami Herald reported. During the height of the boom, units went for $720 per square foot to $1,000 per square foot. Peter Zalewski of Condo Vultures called the deal a good example of the lenders and developers taking a proactive approach to save themselves the money and headaches involved in a foreclosure.

  • 2. The Wind, South Miami Avenue in downtown Miami: foreclosure. Recently sold Wind condos went for $201 per square foot after a year-long foreclosure. Prior to that, 240 units out of 489 in the downtown Miami condominium sold for about $370 per square foot, the Condo Vulture data shows.

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