The Real Deal Miami

New marketer claims most Wind condos sold

February 17, 2010 04:08PM

When Fortune International started working with the court-appointed
monitor for Wind, a bankrupt 41-story, 489-unit condo development
overlooking the Miami River, it had 150 units to sell. Two months
later, it says 95 percent of those units have been nabbed. Fortune said the
split is roughly even between foreign buyers and domestic purchasers.
In agreement with monitor Atlantic and Pacific, Fortune set prices
from $160,000 to $450,000, a 15 to 30 percent discount from earlier asking
prices. Those prices are for corner-view units ranging in size from 765 to 1,617
square feet. Edgardo Defortuna, president and CEO of Fortune, said
Miami real estate offers political and currency valuation stability
for buyers from South America, particularly Venezuela and Argentina.
Wind was developed by Neo Epoch two years ago and Wachovia Bank, now
part of Wells Fargo, foreclosed in November 2008 on a $115-million
mortgage. [GlobeSt]