The Real Deal Miami

Bulk buyer plans resale of Fontainebleau condos at 61 percent hike

July 07, 2010 11:15AM

The Fontainebleau III Ocean Club in Miami Beach

Private equity group FFOC Investors LLC purchased 25 units in the
19-story Fontainebleau III Ocean Club condo hotel for $7.1 million last
month, which works out to an average price of about $429 per square
foot. The assessed value of the units was $10.4 million, according to
Miami-Dade County records. FFOC has already put 18 of the 25 units for
sale at an average asking price of $691 per square foot, a 61 percent
premium over the purchase price, according to a new report by Condo
Vultures Realty. If sold at that number, the 18 units would generate $10.4
million, or a $700,000 profit. TRD