Awesome closing: association buys Hotel Tower + 9 units for only $ 13.4M.

Friday, January 31, 2014

Bal Harbour, Fl. Some condo associations really know how to think big. Is what I like of this awesome deal the One Bal Harbour Association did buying a gorgeous Hotel tower and plus 9 empty units for a

very cheap number: only $ 13.4 M at the bankruptcy Court. According to the Miami Herald, included in the purchase: the hotel tower, common areas and nine unsold condo units. The association plans to sell the hotel portion.
The smallest unit used to sell at $ 1.4M in preconstruction.
Boy, this Association got equity here: if you count the neighboring St. Regis Hotel just sold for $ 213M to the Saudis, they just multiplied their money times 20! Plus nine unsold units! Is like hitting the lottery, baby.
Steve Cronig, is the association’s attorney.

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