The Real Deal Miami

Developer to auction 62 units starting at $63 psf

March 17, 2010 10:51AM

Beta Credit Management, the developer of the San Lorenzo condo in
Little Havana, will auction 62 units on April 10 — at a starting price
of $63 per square foot. Just three blocks from the site of the future
Florida Marlins stadium, the building’s units will have an average
asking price of $50,000. This is a steep reduction from typical closing
prices in the building, which have hovered around $220,000. Up until
now, 24 percent of the building’s units have closed. According to
research by Bal Harbour-based Condo Vultures, the average closing price
in 40 deals for more than 3,200 condos in Miami-Dade, Palm Beach and
Broward counties in the last year and a half has been $242 per square
foot. TRD