WORLD PROPERTY CHANNEL ®

• Bulk Condo Buyer Pays Record $291M for 336 Units at Canyon Ranch Miami Beach or $671 per SF

• 50 Units at New Edgewater Lofts Go for $4M or $99 Per SF

• 100 Condos at Flamingo South Beach Slip into Foreclosure

• Condo Vultures Lists 25 South Florida Properties at Deep Discounts

Canyon Ranch Miami Beach

(MIAMI BEACH, FL) -- The 18-month-old,  three-tower Canyon Ranch Miami Beach has been sold for $291 million, the highest price paid to date for a bulk purchase of 336 Miami Beach luxury condominium homes.

A New York City-based investment fund paid $671 per square foot for the 17-story ocean-front property at 6801 Collins Ave.  Listed individual retail condo prices on the Web range from $700,000 to $4 million.

The buyer consists of two newly created Florida entities with the same principals. They  purchased the units in a series of independent transactions, according to the Condo Vultures report based on Miami-Dade County records.

Peter Zalewski

One of the entities, FL 6801 Collins North LLC, bought 178 units with 295,000 square feet in the Canyon Ranch North Tower for $174 million, or $591 per square foot.

The other entity, FL 6801 Collins South LLC , paid $117 million for 158 units with 139,000 square feet located in the project's Center and South Towers at an average price of $842 per square.

"This is the highest price paid to date for a bulk deal in South Florida," says Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures.

Edgewater Lofts condos

"Industry watchers will undoubtedly conclude that the buyer paid a premium for this landmark project on the (Atlantic) ocean that features one of the most exclusive names in the spa circuit today."

In a separate unrelated transaction, a South Florida investment fund paid  $4 million or $99 per square foot for the remaining 72 percent of the units at Edgewater Lofts,  a new condo tower in Greater Downtown Miami's Biscayne Boulevard Corridor, according to a recent CondoVultures.com report. The price equates to a 68 percent discount.

The buyers were an Aventura-based entity, 2200 NE 4th Avenue LLC with David Garfinkle and Adam N. Pollock, purchased 50 units with nearly 40,500 square feet.

Flamingo South Beach condos

Meanwhile, more than 100 Miami Beach residences with outstanding loans of more than $36 million slipped into foreclosure in the first 26 days of November,  including eight units in the popular Flamingo South Beach complex, according to a recent report from CondoVultures.com.

Lenders have filed foreclosure actions-- the first step in the repossession process -- against 93 condos, 11 houses, and one waterfront lot in Miami Beach, an 87-block-long city located on a barrier island some four miles from Miami's mainland.

The highest concentration of foreclosures in a single project occurred at the Flamingo South Beach at 1500 Bay Road where eight actions have been filed totaling $2.9 million, according to the Condo Vultures Foreclosure Database™.

In its weekly update on distressed waterfront  condo prices, Condo Vultures lists 25  properties in Miami-Dade, Broward, and Palm Beach counties:
 
Miami-Dade County:

• Aventura: Distressed condo on a lagoon discounted 68 percent.
• Bal Harbour: Distressed oceanfront condo discounted 36 percent.
• Bay Harbor Islands: Distressed condo on a canal reduced 69 percent.
• Coconut Grove: Bank-owned, luxury condo on the bay reduced 49 percent.
• Coral Gables: Distressed condo on a canal discounted 20 percent.
• Eastern Shores: Bank-owned condo on a canal discounted 45 percent.
• Fisher Island: Distressed condo on the bay reduced 65 percent.
• Key Biscayne: Distressed condo on the ocean reduced 21 percent.
• Miami: Bank-owned condo on the bay discounted 80 percent.
• Miami Beach: Distressed condo on the bay discounted 72 percent.
• Miami Shores: Distressed condo on the intracoastal reduced 47 percent.
• N. Bay Village: Bank-owned condo on the bay reduced 71 percent.
• N. Miami: Distressed condo on a canal discounted 72 percent.
• N. Miami Beach: Distressed condo on a lake discounted 73 percent.
• Sunny Isles: Distressed oceanfront luxury condo reduced 69 percent.
• Surfside: Distressed oceanfront condo reduced 60 percent.

Broward County:

• Ft. Lauderdale: Distressed, oceanfront condo discounted 78 percent.
• Hallandale Beach: Distressed condo on the intracoastal reduced 71 percent.
• Hollywood Beach: Distressed condo on the ocean discounted 69 percent.
• Pompano Beach: Distressed condo on a canal reduced 64 percent.

Palm Beach County:

• Boca Raton: Distressed condo on a canal discounted 37 percent.
• Boynton Beach: Distressed condo on the intracoastal discounted 61 percent.
• Highland Beach: Distressed condo on the intracoastal reduced 45 percent.
• Palm Beach: Distressed condo on the intracoastal reduced 40 percent.
• West Palm Beach: Distressed condo on the intracoastal discounted 72 percent.

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