The Real Deal Miami

SoBe condo goes to auction for $91M

January 03, 2011 03:40AM

The lender of the South of Fifth condo on Ocean Drive in Miami Beach is
one step away from taking ownership in the remaining 94 percent of the
salable space in the project, according to a report from Condo Vultures.
The lender, iStar FM Loans, obtained a final summary judgment of
foreclosure against the developer, according to an order signed by
Miami-Dade Circuit Court Judge Victoria Sigler. “We expect a number of
groups will bid on the project at auction but it is unclear if the
offers will even come close to the judgment amount of more than $1,100
per square foot,” said Peter Zalewski, founder of Condo Vultures. TRD