“South Florida by the numbers” is a web feature that catalogues the most notable, quirky and surprising real estate statistics.
Exactly one year ago, this column highlighted the trend of developer condo buyouts propelled in part by condo safety legislation. The uptick in developers bulk purchasing condos from burdened owners in outdated buildings produced more of a ripple than a wave at the time.
But twelve months later, the swell is rising into something substantial.
Some of the region’s most prominent developers are acquiring older condominium buildings across South Florida at an accelerating pace — and cost — clearing the way for a new generation of luxury towers.
Fueled by post-pandemic economics, stricter reserve requirements, aging waterfront inventory, and an increasing scarcity of redevelopment sites, condo terminations are a powerful force reshaping the region’s coastal housing landscape.
Take a closer look at the growing condo buyout bonanza in this edition of South Florida by the Numbers.
$430 million
Proposed offer from Immocorp Capital and Hong Kong-based O.D. Kobo to purchase West Palm Beach’s 140-unit Portofino South Condominium and 39-unit Flagler Yacht Club. If accepted, the buyout would break down to $2.4 million per unit, making it one of the most expensive buyout offers in West Palm Beach.
Two
Number of acres, buildings and industry titans involved in the $100 million buyout of the 61-unit Harbor Towers in West Palm Beach. Nadim Ashi’s Fort Partners is ultimately closing the buyout, but his initial move was temporarily blocked last year by competing developer Steve Ross. The property sits across the Intracoastal from President Donald Trump’s Mar-a-Lago Club.
$985,700
Average price paid to seven holdouts at Coconut Grove’s Bayshore Park condominium, which was almost $324,000 more than 32 of their neighbors who agreed to a $661,800 average price last summer. BH Group and Mast Capital completed the buyout in March for $28 million, but that sharp price increase demonstrates the competitiveness of the bulk condo buying.
1951
Year the Miami Beach Club was constructed, making the 108-unit, two-story Sunny Isles Beach property a prime candidate for buyout by The Related Group, Dezer Development and BH Group in 2025.The developers and a fourth partner filed plans in January to build a 145-unit oceanfront condo tower rising 62 stories on the 2-acre site.
80
Percentage of unit owners at the 134-unit St. Louis on Brickell Key that agreed to negotiate a buyout (the minimum required by the association’s declaration), making a potential termination much easier than buildings with higher thresholds. Local developers Terra Group and The Related Group are working together on the buyout, which would likely be close to $1.5 million per unit, marking the first redevelopment of a condo on Brickell Key since the island was developed
This column is produced by the Master Brokers Forum, a network of South Florida’s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.