The Real Deal Miami

Miami bulk buyer reselling at 52% markup

April 18, 2011 03:16PM

The New York City hedge fund that recently purchased more than 660 units in Miami’s Everglades on the Bay condominium has already resold 11 of them. According to a new report from Condo Vultures, the Bal Habour-based brokerage and consultancy, bulk buyer Rockwood Capital resold two units in December, for around $450,000, and resold an additional nine units in the first three months of 2011, for a combined $3.4 million. The average sale price on the resales was $320 per square foot. Rockwood originally bought the units at the two-tower condo, which is now being renamed the Vizcayne, for an average of $210 per square foot in December after the project filed for bankruptcy protection in August 2009. TRD