Midtown Miami and Ronald Krongold, managing partner, Gold Krown FinancialMiami’s massive inventory of condos, abandoned by the busted housing market, has nearly vanished and the Midtown Miami complex is now one of the last large blocks of boom-era housing yet to be absorbed. But Midtown is starting to see new life, according to the Miami Herald. An investment group led by Miami investor Ronald Krongold and including former Governor Jeb Bush, has begun marketing nearly 500 condos is the complex.
Last year, the investment group purchased 538 condos in the complex, which is located at the NW 36th Street and Miami Avenue, for $110 million from HSBC. According to study by Goodkin Consulting cited by the Herald, only an estimated 2,200 of the 22,000 new condos built in the Miami area during the boom remain unsold. Meaning that Krongold’s group, Gold -Krown Financial, controls approximately one in five boom-era units.
“We bought right,” Krongold said. “We’re able to sell at a good profit, but less than anyone else.” Prices in the Midtown complex start at $232,000 and run to $2.4 million, giving an average of about $350 a square foot. [Miami Herald] – Christopher Cameron