The Real Deal Miami

Related’s Hallandale project nearly sold out

August 19, 2010 03:45PM

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