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The Real Deal Miami

Developer slashes prices by 43 percent on Treasure Coast condo

September 22, 2010 04:45PM

The developers of the Oceanique condominium, located on an island near Vero Beach on the Treasure Coast, have lobbed 43 percent off the asking prices of the remaining 100 apartments in the 144-unit, two-tower complex, according to a new report from Condo Vultures. Some of the units have recently sold below $200 per square foot, down from an average of $336 in 2007, when the complex first hit the market. Listing prices for the units, which are complete and ready for move-ins, now start at $209 per square foot. The developers are Maurice, Michael and Robert Kodsi, relatives of Daniel Kodsi, developer of the foreclosed downtown Miami condo Paramount Bay. The Kodsis, said Condo Vultures president Peter Zalewski, have “finally come to grips with the new world order of pricing for Florida condos, even for oceanfront projects.” TRD