The Real Deal Miami

Goldman sells off Miami condos

November 13, 2009 10:16AM

Even the biggest winner of the subprime crisis has to take the occasional loss. Goldman Sachs has sold its remaining 165,000 square feet of new, vacant condos in the troubled suburban Miami project Downtown Dadeland for an average of $109 per square foot, according to consultancy Condo Vultures. That’s a 57 percent discount off of the average transaction price of $255 per square foot recorded on more than 50 units that were purchased by individual investors in 2008 and 2009. Goldman Sachs Mortgage Co. had provided more than $224 million in financing to construct the mixed-use project consisting of seven mid-rise buildings with 416 condominium units and more than 128,000 square feet of ground floor retail space. [Condo Vultures]