The Real Deal Miami

Artech condo package sells at discount

December 09, 2009 03:26PM

Miami investment fund Aventek has purchased 20 units comprising 28,400 square feet in the 232-unit Artech Residences at Aventura at Northeast 188th Street for a discounted price of $6.3 million, or $223 per square foot. Prices are dropping in the building. Just six months ago, a South American group paid $7.5 million, or $324 per square foot, for only 15 units in the waterfront development, comprising 23,300 square feet. The overall average price for the 153 closed sales in the building is $306 per square foot, according to a report by Condo Vultures.