Tuesday, March 8, 2011
Miami-based OBH Investment Properties Inc., with Adam D. Cohen as the authorized signatory, purchased 39 units with more than 30,700 square feet of space for nearly $12.1 million, or $393 per square foot, in a deal that transacted on Feb. 24, according to the report based on an analysis of Miami-Dade County records.
"The One Bal Harbour condo-hotel bulk deal caught the attention of a lot of people in the summer of 2009 when it originally traded for $63 per square foot given the price and quality," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.
"We are expecting a similar response given the resale price achieved. There is no question that a five-fold premium on the retrading of bulk product is going to create a lot of anxiety among those bulk buyers who had a chance to buy but flinched."
In June 2009, the original bulk buyer, Elcom Condominium LLC with Jorge Arevalo and Thomas Sullivan, paid $2.6 million, or $63 per square foot, for nearly 41,050 square feet of condo-hotel space in the 2008 project overlooking Baker's Haulover Inlet connecting the Atlantic Ocean to the Intracoastal Waterway in exclusive Bal Harbour, located between Miami Beach and Sunny Isles Beach.
Arevalo and Sullivan were able to pick up the units from WCI Communities, which was unloading luxury product along the South Florida coast in an effort to emerge out of bankruptcy.
At the time of the original bulk purchase in June 2009, Arevalo and Sullivan - the same principals of Elcom Condominium LLC - completed a second transaction where they purchased the common areas of the One Bal Harbour condo-hotel complex for an additional $12 million under the Florida entity Elcom Hotel & Spa LLC, according to a Condo Vultures® Market Intelligence Report™.
Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at firstname.lastname@example.org