Miami bulk sale goes at 44 percent discount

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A local buyer has purchased 34 units, or 76 percent of the properties, in the seven-story 3030 Aventura condominium on NE 188th Street in Aventura. Individual buyers had purchased 11 units at the 45-unit development for an average price of $400 per square foot prior to the bulk purchase for $15.4 million, or $223 per square foot. The sale price represents a 44 percent discount and the 16th bulk deal for a new condo construction project in South Florida since July 2008. Bulk buyers have paid an average of $201 per square foot for 936 units. Condo Vultures principal Peter Zalewski said he expects the Aventura buyers to retrade rather than rent the units. [Condo Vultures]

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