Related’s Hallandale project nearly sold out

Miami /
Aug.August 19, 2010 03:45 PM

The Beach Club Hallandale

The Related Group’s Beach Club condominium in Hallandale Beach is nearly sold out, according to a new report from real estate brokerage and consultancy Condo Vultures. Just one sponsor unit now remains at the three-tower, 1,300-unit complex, where more than $777 million worth of sales have closed at an average of $393 per square foot. After the project debuted in 2005, Related sold an average of 412 units per year through 2007. In 2006, units commanded $419 per square foot. The remaining 20 units have sold slowly in the years since as prices have dropped, with the most recent sale fetching just $304 per square foot. “The key to success with that project was the delivery date of between 2005 and 2006,” said Condo Vultures principal Peter Zalewski. “Things would have turned out differently if the project came online after 2007, when the market began to tumble.” Indeed, things did turn out differently with Related’s oceanfront Trump Hollywood condo, where only 16 of the project’s 200 units have sold after one year, albeit at an average of $616 per square foot. TRD

 

Related Articles

arrow_forward_ios
From left: AMLI Residential’s Gregory Mutz; Terra’s David Martin; Grand Peaks Properties’ Luke Simpson; Related’s Jorge Perez; and Grand Peaks Properties' Nick Simpson (Getty Images, AMLI, Terra, Grand Peaks Properties, Related, Corwil Architects, Arquitectonica)
Development bonanza: Four Miami projects nab approval
Development bonanza: Four Miami projects nab approval
From left: Isaac Toledano, Teddy Sagi, Jorge Pérez and Michael Masanoff with a rendering of Transit Village (Related, LinkedIn, Rendering via Arquitectonica)
Pérez and Sagi’s Transit Village in WPB advances
Pérez and Sagi’s Transit Village in WPB advances
From left: Jorge and Jon Paul Perez, Larry Krueger, Isaac Toledano and Teddy Sagi with 6 Fisher Island Drive (Getty, Google Maps, Wanxiang America, YizhakToledano.org)
Related Group, partners close on $123M Fisher Island site acquisition
Related Group, partners close on $123M Fisher Island site acquisition
Manor Broken Sound at 5400 Broken Sound Boulevard in Boca Raton, with Rockpoint’s Bill Walton, Related Group's Jon Paul Pérez and Jorge Pérez and Lincoln Property Company CEO Tim Byrne (Cushman & Wakefield, Rockpoint, Related Group, Wikipedia, Lincoln Property Group)
Lincoln Property pays $194M for newly built Boca apartments
Lincoln Property pays $194M for newly built Boca apartments
(Getty)
Here are the resi projects planned for downtown Miami
Here are the resi projects planned for downtown Miami
Yizhak Toledano and a rendering of the project at 2261 Northeast 164th Street in Miami beach (Cohen Freedman, YizhakToledano.org)
BH Group: Big investments, big partners and big mystery
BH Group: Big investments, big partners and big mystery
Related Group's Jorge Pérez and Jon Paul Pérez; rendering of the Gallery at Marti Park project (CMA Architects, Related Group, Getty)
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Jorge Pérez’s Related wants to build apartments in Miami’s Little Havana
Related chairman and CEO Jorge Pérez in front of 4906 North Flagler Drive (Related, Getty Images, Zillow)
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
Standard Oil heiress’ widower sells waterfront West Palm Beach estate to Related Group for $16M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...