The Real Deal Miami

Developers brace for bulk sales

July 29, 2009 01:29PM

Huge price cuts and multi-unit sales may be the only way South Florida developers emerge from their pummeled projects. Gary Barnett, president of the Extell Development Company, the New York-based developer of 1060 Brickell, a 570-unit, two-tower project that is now selling for about $200 a square foot, lost all his money, but was able to repay the project’s first mortgage. Peter Zalewski, the owner of Condo Vultures Realty, a brokerage linked to his consulting firm Condo Vultures, estimates 9,400 units remain unsold, but that the inventory is slowly starting to move through the system.