The big payoff for condo owners

Developers are on the hunt for older units that can be bought all at once

TRD MIAMI /
Apr.April 18, 2016 09:45 AM

8995 Collins Avenue

From the April issueChristmas came early for 36 condominium owners in a Surfside 1960s-era building located on the same cul-de-sac where the Surf Club Four Seasons Hotel & Private Residences is being built.

Between Oct. 27 and Oct. 30 of last year, Manhattan developer Jason Halpern’s JMH Development plunked down a combined $55 million for a bulk acquisition of the seven-floor Shore House tower at 8995 Collins Avenue, paying between $890,000 and $1.5 million for units that barely broke the $300,000 range in fair market value, according to Miami-Dade County’s property appraiser.

Halpern isn’t the only builder playing the role of Santa Claus. Across South Florida, developers are on a buying binge for condo buildings on or near the water that were built during or before the Richard Nixon era. And some condo owners are receiving up to five times the fair market value for their properties. The transactions signal a shift in South Florida’s bulk condo-buying submarket, which played a major role in the real estate industry’s recovery following the 2008 crash, real estate experts told The Real Deal. [more]


Related Articles

arrow_forward_ios
Vlad Doronin, a rendering of 830 Brickell, and Michael Dell

Michael Dell’s firm lends $300M to Brickell office tower project

Vlad Doronin and a rendering of 888 Brickell Plaza

Three big projects, including 50-story Brickell office tower, breeze through Miami design board

Vlad Doronin and a rendering of 888 Brickell Plaza

OKO Group’s Brickell office tower and other projects seek Miami approval

Waterfront apartment building in Edgewater hits market for $5M

WeWork inks big lease at OKO Group’s 830 Brickell project

On the scene: AquaBlu in Fort Lauderdale opens & more

On the scene: East End Capital, Swire and OKO Group host events

JMH Development must turn over remaining interest in 300 Collins: judge

arrow_forward_ios