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The Real Deal Miami

Fisher Island site sells for discount

October 07, 2011 11:11AM

A site on Fisher Island has sold for a 40 percent discount off of its
foreclosed mortgage. The empty lot at 6903 Valencia Drive on the tony
island off of Miami Beach sold for $2.4 million to Coastal Homes of
South Florida, which is based in Miami. Last month, another vacant site
on Fisher Island saw its own foreclosure action withdrawn, after
Jersey-based FI Properties purchased its $32.5 million mortgage. [SFBJ]