The Real Deal Miami

Bulk buy at Fontainebleau III Ocean Club

August 14, 2009 01:43PM

Real estate investment fund Fountain III LLC, based in Kings Point, N.Y., bought 10 units in the new oceanfront Fontainebleau III Ocean Club in a $2.9 million deal. Condo Vultures said that represents a 58 percent discount from comparable closed sales. The bulk purchase price works out to $405 per square foot, which is less than half the $960 per square foot price paid on similar units.