Developer Withdraws Oceanfront Condos From Retail Market

MIAMI, FL--Less than 50 days after launching a new sales campaign, the unsold condos in an oceanfront South Beach project with 259 units on Collins Avenue have been "withdrawn" from the retail market, according to a new report from CondoVultures.com.

It is unclear why the units were officially removed from the retail market. A review of Miami-Dade County records shows a series of actions by the owner of record - Sandy Lane Residential LLC in care of the New York City-based Chetrit Group LLC - in 2011, including filing notices to conduct interior renovations of at least two units and obtaining city of Miami Beach approval to construct an eight-foot gate and implement landscaping upgrades, according to government records. 

On June 27, 2011, a dozen units that had previously been available for purchase at an average asking price of $706 per square foot at the Paradiso condominium conversion were taken off the retail market after less than seven weeks, according to an analysis by the licensed Florida real estate broker CVR Realty™.

The properties – being marketed under the name “The Residences above the Gansevoort South Beach” or "24th & Collins" - were originally listed for sale on the retail market on May 12, 2011 with units ranging in asking price from $578 per square foot to $804 per square foot, according to Florida Realtors association data.

The change in retail strategy comes despite the project having 255 unsold units as of June 30, 2011, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.

 

Peter Zalewski (lower right photo) of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.