51 units sell in bulk at 94 percent discount

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Price equity group Elcom Condominium has purchased 51 condo-hotel units in the One Bal Harbour complex at $63 per square foot, a 94 percent discount from the average sales price of $1,100 per square foot, according to real estate consultancy Condo Vultures. Elcom, with Jorge Arevalo and Thomas Sullivan, paid $2.6 million total for 41,047 square feet in the Regent Hotel tower, on the west side of the One Bal Harbour complex. Bankrupt development company WCI Communities was the seller. Prior to the sale, the average closing price of a One Bal Harbour unit was $1 million. This is the eighth bulk sale in the area since July 2008.