Note Sale For Last Of Unsold Developer Condos In Hollywood, FL

 MIAMI, FL--A private equity group has paid more than $300 per square foot for a construction loan secured by the last of the unsold developer units in South Florida´s Hollywood / Hallandale Beach market, according to a new report from CondoVultures.com.

The note buyer, BH III LLC with members Gregory M. Freedman, Daniel N. Lebensohn, and Charles C. Phelan, paid $160 million for the balance of a $226.6 million construction loan on the remaining unsold condos in the 200-unit Trump Hollywood (top left photo)  oceanfront tower, according to the South Florida Business Journal.

With the Trump Hollywood condo bulk transaction, nearly all of the remaining 228 available developer units in Southeast Broward County´s Hollywood / Hallandale Beach market as of the end of the third quarter of 2010 are now sold, according to the report based on the soon-to-be-published Condo Vultures® Official Condo Buyers Guides To Hollywood / Hallandale Beach™.

"This is a milestone for South Florida´s overbuilt condo market,¨ said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "The Hollywood / Hallandale Beach area has earned the distinction of being the first South Florida market to sell out of more than 99 percent of the total condo inventory built during the boom years.

 Fort Lauderdale is a close second with less than four percent of its new inventory remaining.

"Beyond that, the other five major condo markets in South Florida have double digit percentages of unsold developer units from the boom." 

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

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