MIAMI, FL—Predictions that Miami’s discounted condo market would fall even further than it has, price-wise, bore fruit today.The market rang up its lowest per-square-foot-price in at least five years today when international condo investor Rodrigo Nino (middle left photo) of New York purchased 10 units in the Brickell on the River South Tower condominium for $156 per square foot.
That price was a 43 percent discount off of the project's average closed price, according to a new report from Condo Vultures®.
A newly created Miami corporation, Prodigy Capital Investments LLC, paid $1.9 million for five one-bedroom units and five two-bedroom units with 12,081 square feet located on floors three to eight in the 49-story tower situated on the south bank of the Miami River.
Brickell On The River Inc., headed by Michael Bedzow was the seller. Nino is a managing member of Prodigy Capital.
"This is the lowest price paid per square foot by a bulk buyer in Greater Downtown Miami," said Peter Zalewski, (middle right photo) a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®.
"Prior to this transaction, bulk buyers accumulating product in Greater Downtown Miami have paid between $199 and $246 per square foot. A key reason for the discount realized on the Brickell On The River bulk deal is the location of the units."
It is unclear how the Chapter 11 bankruptcy filing on Aug. 18 by the developer of the Everglades On The Bay (bottom left photo) condominium project will impact future pricing, Zalewski says.
Despite being located on Biscayne Boulevard in Greater Downtown Miami, the Everglades On The Bay has closed only 9 percent of its 849 units at an average price of more than $425 as of June 30, according to Condovultures.com.
Despite being located on Biscayne Boulevard in Greater Downtown Miami, the Everglades On The Bay has closed only 9 percent of its 849 units at an average price of more than $425 as of June 30, according to Condovultures.com.
With this latest bulk deal, the Brickell On The River South Tower has now closed 92 percent of the 327 units in the loft-style building, according to the Condo Vultures® Official Condo Buyers Guide to Miami.™
On a transaction basis, this is the sixth bulk deal to close in Greater Downtown Miami and the 11th overall dating back to July 2008. Nine of the 11 transactions have occurred in Miami-Dade County, and two have closed in Palm Beach County, according to a recent Condovultures.com article.
On a transaction basis, this is the sixth bulk deal to close in Greater Downtown Miami and the 11th overall dating back to July 2008. Nine of the 11 transactions have occurred in Miami-Dade County, and two have closed in Palm Beach County, according to a recent Condovultures.com article.
With the Brickell On The River deal, bulk buyers have now acquired 613 units with 650,000 square feet for $129.4 million. This works out to an average price of $199 per square foot or $211,070 per unit, according to the Condo Vultures® Bulk Deals Database.
According to the New York Daily News, Nino controls the biggest international network of real estate salespeople representing some of the top new condominium projects around the world.
“He sells New York to the globe, and recently has diversified, selling the rest of the world to New York,” the newspaper reports.
With a network of 45,000 potential customers and 22,000 global real estate brokers, Prodigy has a history of selling out upscale international projects from Miami to Panama to Mexico. The company's SoHo office opensed in a loft in June of this year.
“There might not be a more knowledgeable person than Nino at understanding the global real estate market and what foreign buyers want,” the paper reports.
"Lifestyle is not just a word to the European or Latin American buyer," says Nino, sitting in the office of the Trump SoHo Condo-Hotel, one of the local projects his company represents.
"Lifestyle is not just a word to the European or Latin American buyer," says Nino, sitting in the office of the Trump SoHo Condo-Hotel, one of the local projects his company represents.
"These buyers are sophisticated, wealthy and spoiled. They are used to the best. Manhattan has the best restaurants, culture, nightlife and shopping. It also has the best condos."A former economist trained in his native Columbia and Switzerland, he's a self-admitted numbers man.
"Sales are the direct conclusion of a well-thought numeric strategy," says Nino, who has four offices worldwide and approximately 120 employees working for Prodigy. "Sales come when everything works exactly right."
"You have to work with people who know their countries. The key for us, though, is selecting the right condos to represent. We only do the best, and that's why they sell so well."
The "best" include 24 developments in more than eight countries.
The "best" include 24 developments in more than eight countries.
In addition to the Balazs and Trump projects in New York, Prodigy represents developments in what Nino calls the three hottest international markets besides New York — Mexico, Panama and Miami.
CHICAGO, IL—The 21-month-old Recession has claimed two major U.S. hotels – the one-year-old, 556-room, 12-story InterContinental Chicago O’Hare (top right photo) and the three-year-old, 580-room Radisson Los Angeles Airport. (middle left photo)
