The Real Deal Miami

Miami Beach’s Canyon Ranch fetches $291 million

November 30, 2009 03:16PM

Canyon Ranch, a three-tower luxury condominium complex in Miami Beach, sold 336 units to a pair of buying entities created by the project’s lender, Lehman Brothers, in order to take ownership of the property using a “deed in lieu of foreclosure” method. The purchasers paid $291 million, or $672 a square foot, setting a bulk sales record for the area, according to Condo Vultures, the real estate consulting group. Peter Zalewski, a principal with Bal Harbour-based Condo Vultures, said the luxury spa and oceanfront location demanded a premium price, even at deeply discounted rates. The deal will be closely watched as a possible indicator of a bulk sales floor establishing itself within the highest end of the market. [Condo Vultures]