Craig Seaward Heads Up W Retreat & Spa Bali-Seminyak as General Manager

 Craig Seaward (top right photo) leads the energetic team of the much-anticipated W Retreat & Spa Bali-Seminyak (bottom left photo) as a General Manager.

 In his role, he heads-up the innovative, design-led hotel category buster, which is set to mark its debut in Seminyak, Bali this 15 December 2010.

Craig’s stint in Bali started in the year of 1991 when he was offered an opportunity as a Director of Food & Beverage in The Laguna Bali Nusa Dua, then expanded the spectrum of his role and spearheaded the operations in The Westin Bali and the Bali International Convention Center.

 A South African national with nearly three decades of experience in the hospitality circuit, Craig has forged an outstanding career across regions covering various locations such as Zimbabwe, South Africa, China, South Korea, Australia and Indonesia. 

Through his career, he has spent 20 years with Starwood Hotels & Resorts as a General Manager for Sheraton in Yogyakarta, Surabaya and Perth, Australia and The Westin Chosun, Busan in South Korea.

 CONTACT:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications – Asia

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Tel : 65 9768.6087

Glodow Nead Communications

1700 Montgomery Street, Suite 203

San Francisco, CA 94111

T: 1 415.394.6500

C : 1 650.892.4769

F:415.403.9060

hweepeng@glodownead.com

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JER Special Servicing Selects Grubb & Ellis to Market Office and Retail Portfolio in Roseville, CA

 WALNUT CREEK, Calif. (Sept. 23, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Steven Golubchik and Nicholas Bicardo, vice presidents, Private Capital Markets, have been selected to market for sale a three-asset office and retail portfolio totaling 210,000 square feet in Roseville. 

The three properties, Stoneview Plaza (top left photo), Eureka Ridge Plaza and Fairway Commons II, will be sold out of receivership on behalf of JER Special Servicing. 

“This portfolio consists of high quality properties that are among the best in the market,” said Golubchik.  “We anticipate tremendous interest and are excited to have the opportunity to sell them on behalf of JER Special Servicing.”

Located at 3001 Lava Ridge Court, Stoneview Plaza is a three-story Class A office building offering 108,300 square feet of space situated on approximately 5.5 acres of land.

The building is approximately 83 percent leased to a variety of tenants, including mortgage, law and realty firms.  Constructed in 2005, Stoneview Plaza is located in downtown Roseville and provides unobstructed views of the Sierra Nevada Mountains.  The property is within close proximity to Interstate 80 and Highway 65.

Eureka Ridge Plaza is an institutional quality 37,000-square-foot retail strip center located at 1470-1490 Eureka Road.

Anchored by Crush 29, a high-end restaurant, the property was constructed in 2005 on 4.2 acres of land.  Eureka Ridge Plaza is situated at the intersection of

Eureka Road and Rocky Ridge Drive, a significant retail hub in Roseville.  The center is within close proximity to Interstate 80. 

Fairway Commons II is a community retail center consisting of 65,000 square feet of space situated on 4.8 acres of land.  Located at 10241 – 10271 Fairway Drive, the property offers a direct exit from Highway 65.  The retail center was formerly anchored by Circuit City. 

For more information, call 925.939.3500, or

contact Golubchik at steven.golubchik@grubb-ellis.com

 or Bicardo at nicholas.bicardo@grubb-ellis.com.

 Media Contact: Julia McCartney, Phone:714.975.2230,  Email:  julia.mccartney@grubb-ellis.com

 

Kevin Holland Joins Grubb & Ellis Company as Vice President, Debt & Equity Finance

HOUSTON, TX (Sept. 23, 2010) – Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm, today announced that Kevin Holland (top right photo) has joined the company as vice president, Debt & Equity Finance. 

 He will work closely with Jeff Majewski, who joined the company in April as executive managing director, Debt & Equity Finance. 

“Kevin is a seasoned professional with an in-depth understanding of the mortgage banking industry.  He is an excellent addition as we grow our Houston office as we expand our both our capabilities and presence in the market,” said Jim Adams, executive vice president and managing director of Grubb & Ellis’ Houston office. 

Holland joins Grubb & Ellis from Rising Sun Resources LLC, a private firm he founded in 2008 that provided clients with risk evaluations of commercial mortgage-backed securities and assisted in the potential acquisition of nonperforming and sub-par loans. 

 Previously, he was a loan officer at Grandbridge Real Estate Capital, where he originated and closed real estate debt valued in excess of $122 million.  Prior to joining Grandbridge in 2006, Holland spent three years as the director of acquisitions for Equity One Inc.  He began his career as a financial analyst in 1998. 

Holland holds a bachelor’s degree from Southern Methodist University.

Contact:          Julia McCartney                                  

Phone:             714.975.2230                                    

Email:              julia.mccartney@grubb-ellis.com     

Stirling Sotheby’s International Realty Named Exclusive Sales, Marketing Agents at Damai, near Disney World

ORLANDO, FL --- Stirling Sotheby’s International Realty (www.StirlingSIR.com) has been named exclusive sales and marketing representatives at Damai (DamaiOrlando.com), a new luxury town home community that recently opened in World Gateway off International Drive next to Disney World.

Roger Soderstrom (lower right photo), founder and owner of Stirling Sotheby’s International Realty, said Damai is under development by World Gateway Parcel B LLC who has spent several years developing the concept for the community which is unique to the Orlando area.

 Damai, with an Asian flair, is surrounded by pathways and gardens that create a tranquil and relaxing atmosphere, and is situated near several golf courses and the attractions.  The community includes a beautiful pool, sun deck, spa and fitness center.

Soderstrom said construction was just completed on the first 12 town homes at Damai. Eighty-five town homes are planned with upgrades that include granite counters, cherrywood cabinets, stainless steel appliances, hardwood floors and double-insulated windows.  Prices start from the $300s

.

 Soderstrom said target homebuyers at Damai will include affluent European, South American, Canadians and Asian families who visit area attractions frequently, American and international investors, active adults from the northeastern and Midwestern states along with area professionals.

The onsite sales center at Damai is open seven days a week from 10 a.m. to 6 p.m. and Sunday’s from noon to 6 p.m.

For more information, contact

Roger Soderstrom, Stirling Sotheby’s International Realty 407-581-7890 rsoderstrom@stirlingsir.com;

Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Arbor Closes $1,089,200 Fannie Mae DUS® Market Rate Coop Loan for Vernon House Cooperative in Philadelphia, PA

Uniondale, NY (Sept. 23, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,089,200 loan under the Fannie Mae DUS^® Market Rate Coop product line for the 48-unit complex known as Vernon House Cooperative (top left photo)  in Philadelphia, PA. The 10-year loan amortizes on a 30-year schedule.

The loan was originated by Edward Petti, Director, in Arbor’s full-service New York, NY, lending office. “We refinanced an existing loan for the cooperative to assist in a capital improvement plan,” Petti said. “This refinancing raised capital for the preservation of affordable rental housing in Philadelphia.”

Contact:  Christopher Ostrowski, costrowski@arbor.com

MBA Analysis: Commercial and Multifamily Mortgage Debt Outstanding Declined $52 Billion or 1.6 Percent in 2Q 2010

 Washington, DC (Sept/ 23, 2010) - The level of commercial/multifamily mortgage debt outstanding decreased in the second quarter, to $3.24 trillion, according to the Mortgage Bankers Association's (MBA) analysis of the Federal Reserve Board Flow of Funds data.

 Declines were driven by drops in commercial and multifamily mortgages held in CMBS and loans held by banks and thrifts.

 The $3.24 trillion in commercial/multifamily mortgage debt outstanding recorded by the Federal Reserve was a decrease of $52 billion or 1.6 percent from the first quarter of 2010.  Multifamily mortgage debt outstanding declined to $843 billion, a decrease of $5.4 billion or 0.6 percent from the first quarter of 2010.

 "Demand for commercial and multifamily mortgages, while increasing, remained weak in the second quarter and contributed to the continuing trend of loans paying down and paying off faster than new ones replace them," said Jamie Woodwell (top right photo), MBA's Vice President of Commercial Real Estate Research.

 "As a result, the balance of mortgage debt outstanding declined for every major investor group with the exception of Fannie Mae's, Freddie Mac's and FHA/Ginnie Mae's multifamily portfolios and MBS."

 Contact: Carolyn Kemp, (202) 557-2727, ckemp@mortgagebankers.org

            

MBA Hails Extension of National Flood Insurance Program

 WASHINGTON, D.C. -- Robert E. Story, Jr., (top right photo)  CMB, Chairman of the Mortgage Bankers Association (MBA) hailed yesterday's passage in the Senate of legislation to extend the National Flood Insurance Program (NFIP) through September 30, 2011. 

 "With the Senate's unanimous bipartisan vote last night, we urge the House to move quickly and pass this one year extension.

 "Flooding is the most common natural disaster in the United States. In fact, more than five million Americans rely on the National Flood Insurance Program as their primary protection against flooding.

“This program has expired regularly in recent times, which has frustrated residential and commercial lenders and borrowers alike.

"I want to thank Senator David Vitter (middle left photo) for sponsoring this bill and the Senate for moving quickly to pass this much needed extension.

“ It is critical that the House passes S. 3814, the National Flood Insurance Program Re-extension Act of 2010, so we can end the uncertainty for lenders and borrowers who rely on this critical program to insure residential and commercial properties." 

 Without House and Senate agreement on an extension, the program will expire on September 30, 2010.

Contact: Sarah Tinsley  (202) 557-2730                      stinsley@mortgagebankers.org

           

Wyndham Hotel Group to Franchise Planet Hollywood Hotels

PARSIPPANY, N.J. – Wyndham Hotel Group, part of the Wyndham Worldwide family of companies (NYSE: WYN) and the world’s largest hotel company with nearly 7,200 hotels announced a license agreement with Planet Hollywood Resorts International, LLC to franchise the Planet Hollywood Hotels® brand and provide management services globally.

The Planet Hollywood brand was founded in 1989 by Robert Earl (top right  photo) , founder and chief executive officer of Planet Hollywood International, Inc., Planet Hollywood Resorts International, LLC and chairman of the Planet Hollywood Resort & Casino in Las Vegas.

Planet Hollywood capitalizes on the global appeal of movies, sports, celebrity and entertainment-based themes. Planet Hollywood International, Inc. will continue to own Planet Hollywood brand trademarks and intellectual property.

“The addition of an entertainment-based hotel offering will complement Wyndham Hotel Group’s strong global portfolio by expanding its appeal to a much wider audience,” said Eric Danziger (lower right photo), Wyndham Hotel Group president and chief executive officer.

 “Planet Hollywood is a world-renowned brand favored by travelers and developers who crave unique experiences, distinctive dining and outstanding service. We are especially proud to work with Robert Earl, a dynamic entrepreneur, as we look to expand the brand in key tourist hotspots around the world.”

Wyndham Hotel Group will offer developers the choice of various levels of entertainment-based concepts for hotel development opportunities based on hotel or resort size and geographic location.

Commenting on the new relationship, Earl said, “We elected to work with Wyndham Hotel Group because of the company’s scale and reputation as a global brand-builder, which will benefit the future of the Planet Hollywood Hotels brand.

"This strategy will create long-term synergies between our companies and take Planet Hollywood development opportunities to a whole new level. Most importantly, I know that our brand is in the best hands with Eric Danziger and Wyndham Hotel Group.”

CONTACT:

Evy Apostolatos

Director, Public Relations

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ 07054

+1 (973) 753-6590

evy.apostolatos@wyn.com

Amy Sadowsky

Vice President, Public Relations

Planet Hollywood International, Inc.

+1 (702) 785-9155

asadowsky@planethollywoodintl.com

Where in the World is W going and growing? – Taipei Lights On!

  TAIPEI, Taiwan  – W Taipei lighted up the skies of Taipei recently as it turned on the skyline W signs and exterior lights, celebrating another milestone in the progress towards its opening at the end of the year. 

Located in the buzzing central business “District of XY-Xinyi”, akin to downtown Manhattan; Central, Hong Kong or Roppingi Hills, Tokyo, W Taipei will introduce the “W lifestyle hotel” concept into one of Asia’s hippest and most cosmopolitan cities, tapping into the pulse of Taipei’s nightlife scene, where the city’s music, fashion and entertainment industries converge.

 Rising 31 floors, W will be the only hotel in Taipei with a panoramic vistas of the hip and happening Xinyi district and within walking distance from the Iconic Taipei 101—one of the world’s tallest buildings — which stretches 508 meters into the sky.

 Back on earth W Taipei will serve as the ultimate city getaway, where a veritable “urban beach” flirts with the senses at every touch point and natural elements combine to complement modern digital accents. W Taipei brings these elements together, forming a stimulating integrated space.

CONTACT:

Hwee Peng Yeo

Director of Asian Markets

Glodow Nead Communications – Asia

Level 21, Centennial Tower

3 Temasek Avenue

Singapore 039190

Tel : 65 9768.6087

Glodow Nead Communications

1700 Montgomery Street, Suite 203

San Francisco, CA 94111

T: 1 415.394.6500

C : 1 650.892.4769

F:415.403.9060

hweepeng@glodownead.com

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McCarthy Building Companies and CHOC Children’s Help Raise $338,000 by Building a Playhouse for HomeAid Orange County’s Project Playhouse® Event

NEWPORT BEACH, CA-– McCarthy Building Companies, Inc., (www.mccarthy.com), in partnership with CHOC Children’s recently built a technologically advanced playhouse for HomeAid Orange County’s 19th Annual Project Playhouse® fundraiser.

This is the second year in a row that McCarthy and CHOC have teamed to build a playhouse for the Project Playhouse® event.

 The playhouse was built with thousands of dollars worth of services and supplies donated by McCarthy Building Companies along with various subcontractors and vendors.

 The McCarthy and CHOC Children’s playhouse is HomeAid’s “opportunity drawing playhouse” which is the only playhouse that could be won by purchasing $2 raffle tickets.

Six additional playhouses were donated by other building teams and sold at a live auction party on September 10.

Approximately $338 thousand was raised for HomeAid Orange County through the Project Playhouse® event.

 All of the playhouses were on display in the Project Playhouse® Village from July 31 to September 10 at the Irvine Spectrum Center ®. (bottom left photo)

 During the event, the McCarthy/CHOC playhouse received two awards given by HomeAid Orange County —

 The Grand Award (First Place) and Secret Garden Award (Best Landscape Design).

 “Historically, Project Playhouse builder teams were residential home builders,” said, Gina Scott, HomeAid Orange County, Director of Development.

 “McCarthy Building Companies was one of our first commercial builders, and they have done an exceptional job of adapting their talents and resources to create innovative playhouses that are popular with children and adults.

“ We deeply appreciate McCarthy’s generous support and the incredible participation from the McCarthy Heart Hats.”

Contact: 

 Laura Mickelson (LM Communications), (949) 453-0851

 Susan Garritano (McCarthy Building Companies, Inc.), (314) 968-3300

NAI Realvest Negotiates New, Renewal and Expansion Leases totaling 9,140 SF of Office Space at University Court in East Orlando

 ORLANDO, FL. --- NAI Realvest recently negotiated three lease agreements totaling 9,140 square feet of office space at University Court located at 3361 Rouse Rd. off University Blvd. in east Orlando.

 Senior Associate Mary Frances West (top right photo), CCIM brokered all three transactions representing the landlord, Interchange Rouse, LLC of Daytona Beach.   

 Orlando-based Cole Engineering Services, Inc., a long-time tenant of University Court, renewed the lease of its current 5,636 square feet and expanded to a total of 6,352 square feet for a three-year term.  .

 Two new tenants at University Court are Vanguard Solutions, Inc. a military contractor that supports Dept. of Defense projects who leased 1,408 square feet on the second floor, and V&N Advanced Automation Systems who leased 1,380 square feet on the first floor.

 For more information,  contact:

Mary Frances West, CCIM, Senior Broker-Associate NAI Realvest, 407-875-9989,  mfwest@realvest.com;

Patrick Mahoney, Chief Operating Officer NAI Realvest, 407-875-9989,  pmahoney@realvest.com

Beth Payan, Larry Vershel Communications, 407-644-4142,  lversehlco@aol.com

HFF closes sale of Class AA multi-housing community in Austin, TX

DALLAS, TX – The Dallas office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of Nalle Woods (top left photo) , a 238-unit, Class AA multi-housing community in Austin, Texas.

The HFF investment sales team was led by senior managing director Bill Miller (middle right photo)  and managing director Roberto Casas (lower left photo)  who represented the seller, Larry Peel & Co. 

 Institutional investors advised by J.P. Morgan Asset Management – Global Real Assets purchased the property for an undisclosed price on an all cash basis. 

Nalle Woods is located at 4700 N. Capital of Texas Highway at the Lake Austin Bridge in Austin. 

Completed in 2004, the property has one- and two-bedroom units that feature condominium-quality finishes including stainless steel appliances, granite countertops and vaulted ceilings. 

 Community amenities include a clubhouse, fitness center, swimming pools with waterfall and water volleyball, business center, billiard room and spa with steam room. 

“Nalle Woods was awarded ‘Austin’s Best Apartment Community’ by the Austin Business Journal and is truly a top-of-the-line apartment community that offers great views of Lake Austin and the Texas Hill Country,” said Miller. 

“Both parties, Larry Peel & Co. and J.P. Morgan, did a great job moving towards a closing in less than 35 days.”

“Bill Miller and Roberto Casas allowed for a professional and smooth experience.  We truly enjoyed working with JP Morgan and HFF on the sale,” added Janaelle Braun of Larry Peel & Co. 

Contacts:                     

William D. Miller, HFF Senior Managing Director, (214) 265-0880,

bmiller@hfflp.com  

                                                                       

Roberto E. Casas, HFF Managing Director, (214) 265-0880,

rcasas@hfflp.com  

                                                                                        

Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com

Marcus & Millichap Sells 171,509-SF Retail Building in Marianna, FL

 MARIANNA, FL, Sept. 22, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Oak Station, a 171,509-square foot retail property located in Marianna, Florida, for an undisclosed sales price according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.

Dorothy Jackman (top right photo), vice president investments and Ron Schultz (middle left photo), investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the Florida-based seller.

 The buyer, a limited liability company based out of Arizona, was also secured and represented by Schultz.

“During the marketing process, we procured a significant number of buyers looking for retail product of this size and class,” says Schultz.

“ We received multiple offers and inquiries despite current market conditions, area of subject property and vacancy issues.

“We narrowed the buyer pool down to the most probable buyer with a valid plan of increasing value. We worked through some difficult issues (deferred maintenance, loan assumption and lease renewals) while in contract.”  

Oak Station was built in 1989 and is located at 4700 Highway 90.  The property presented a true add-value opportunity at a very low price per square foot. 

Press Contact: Bryn D. Merrey

 Regional Manager, Tampa

 (813) 387-4700

Arbor Closes $18 Million Fannie Mae DUS® Loan for Alaris Village in Winston-Salem, NC

Uniondale, NY (Sept. 22, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $18,000,000 loan under the Fannie Mae DUS^® product line for the 284-unit complex known as Alaris Village (top left photo) in Winston-Salem, NC. The 10-year loan amortizes on a 30-year schedule.

The loan was originated by John Edwards,  Vice President, in Arbor’s full-service Boston, MA, lending office.

“It was a pleasure to continue to provide outstanding service and loan terms for this repeat Arbor client,” Edwards said.

Contact: Christopher Ostrowski, costrowski@arbor.com

CBRE Orlando Closes $44.15 Million Apartment Sale

ORLANDO, FL--CB Richard Ellis is pleased to announce the sale of Sun Key apartments in Winter Park. Built in 1987, Sun Key consists of 596 units, and sold for $44,150,000 – the largest multi-housing sale in Orlando thus far in 2010.

 The property was 94% occupied at closing. Shelton Granade (top right photo)  and Luke Wickham (lower left photo)  of CBRE’s Central Florida Multi-Housing Group exclusively represented the seller.

Sun Key is CBRE’s 12th apartment closing in the Orlando area thus far in 2010.

Contact:
Central Florida Multi-Housing Group,
SheltonGranade,SeniorVicePresident,T407.839.3103, shelton.granade@cbre.com  

 Luke Wickham, Director of Operations, T 407.839.3130,  

 luke.wickham@cbre.com

Top investment sales broker Darrell Betts joins Avison Young's U.S. brokerage operations

HOUSTON, TX, Sept. 22 /PRNewswire/ - Rand Stephens, Avison Young Principal and Managing Director of the company's Houston office, announced today that Darrell Betts - one of the Southwest's most prominent commercial real estate investment brokers - has joined Avison Young's brokerage operations in Houston.

Effective immediately, Betts joins Avison Young as a Principal and will lead the company's Capital Markets practice in Texas and the Southwest U.S. He was most recently an Executive Director with the Capital Markets Group of Cushman & Wakefield of Texas, Inc.

"We are indeed honoured to have someone of Darrell's caliber join Avison Young," comments Mark E. Rose, (lower left photo) Chair and CEO of Avison Young.

 "He is extremely effective at relationship-building and his rich experience and successful track record will add significant value to our company and, most importantly, to our clients. We are keenly focused on building our business in the Southwest and Darrell will greatly assist in this effort."

CONTACT: For further info/comment/photos: Sherry Quan, National Director of Communications & Media Relations, Avison Young: (604) 647-5098, cell: (604) 726-0959; Rand Stephens, Principal and Managing Director, Houston, Avison Young: (713) 504-3155; Mark Rose, Chair and CEO, Avison Young: (416) 673-4028; Earl Webb, President, U.S. Operations, Avison Young: (847) 881-2237; Darrell Betts, Principal, Avison Young: (713) 515-5001, http://www.avisonyoung.com/

Web Site: http://www.altair.com/

C&W office brokers negotiate $15 million in deals representing 135,000 sf for August

 Orlando, FL –  Cushman & Wakefield of Florida, Inc. (C&W) Office Brokerage Senior Directors Richard Solik and  Matthew McKeever, (top right photo) SIOR, CCIM, announced $15 million in deals for August. 

Brook Hines

Marketing Associate

Cushman & Wakefield

800 N. Magnolia Avenue, Suite 450

Orlando, Florida 32803

Tel: 407-541-4401

brook.hines@cushwake.com

www.cushwake.com

Matrix Corporate Center in Danbury, CT to Donate $26,000 to Local Charities on Behalf of General Motors

DANBURY, CT /PRNewswire/ -- Matrix Realty Group, a growing, dynamic national real estate investment firm,  announced that it has pledged to donate $26,000 to charity on behalf of General Motors.

This announcement comes directly on the heels of the front-page news that Matrix Realty Group signed a lease with General Motors NE Regional US Sales, Service and Marketing Division for 26,000 S/F of Class A office space at the Matrix Corporate Center, (top left photo) its flagship property in Danbury, Connecticut.

Matrix Realty Group will be donating $1 for every square foot leased to General Motors and other tenants.

"We are very pleased that a division of General Motors -- one of the world's largest automakers -- has chosen to relocate to Matrix Corporate Center," said Glen Nelson (lower right photo), Chairman and CEO of Matrix Realty Group.

"We are also very pleased to donate $26,000 to charity as part of our charitable giving program.

"The City of Danbury has been very welcoming and supportive of our presence and we take pleasure in helping local organizations improve the quality of life for people who live and work here.

"Over the course of our lease-up program, we expect to donate in excess of one-quarter of a million dollars to charity."
CONTACT: Aaron Smiles, Matrix Realty Group, +1-631-979-2777; Ext. 306, asmiles@matrixrealtygrp.com
Web Site: http://www.matrixcorpcenter.com/

Florida Developer Slashes Oceanfront Condos 43% To Spur Sales

MIAMI, FL--A Florida developer has slashed the asking price on the remaining 100 units in a new, oceanfront condo project by 43 percent to ignite sales in the luxury complex located in Florida's Treasure Coast, according to a new report from CondoVultures.com.

Prices have slipped below $200 per square foot on some unsold developer units at the two-tower Oceanique condominium (top left photo) located on the barrier island just south of Vero Beach, according to the licensed Florida buy-side brokerage Condo Vultures® Realty LLC.

When the project first opened in 2007, the average sales price in the 144-unit project was $336 per square foot, according to the report based on St. Lucie County records.

"This veteran developer has finally come to grips with the new world order of pricing for Florida condos, even for oceanfront projects," said Peter Zalewski (middle right photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC.

 "Vero Beach is located about three hours north of Miami Beach and two hours southeast of Orlando.

“The Oceanique does not have a South Beach or Walt Disney World type of location but the new pricing scheme for this oceanfront project may allow the developer to finally overcome that hurdle.

 "The reason being, new oceanfront condo units sell for a minimum of $415 per square foot in Greater Miami and nearly $350 per square foot in Fort Lauderdale." 

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

Florida Developer Slashes Oceanfront Condos 43% To Spur Sales

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MIAMI, FL--A Florida developer has slashed the asking price on the remaining 100 units in a new, oceanfront condo project by 43 percent to ignite sales in the luxury complex located in Florida's Treasure Coast, according to a new report from CondoVultures.com. Prices have slipped below $200 per square foot on some unsold developer units at the two-tower Oceanique condominium (top left photo) located on the barrier island just south of Vero Beach, according to the licensed Florida buy-side brokerage Condo Vultures® Realty LLC. When the project first opened in 2007, the average sales price in the 144-unit project was $336 per square foot, according to the report based on St. Lucie County records. "This veteran developer has finally come to grips with the new world order of pricing for Florida condos, even for oceanfront projects," said Peter Zalewski (middle left photo), a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures® LLC. "Vero Beach is located about three hours north of Miami Beach and two hours southeast of Orlando. The Oceanique does not have a South Beach or Walt Disney World type of location but the new pricing scheme for this oceanfront project may allow the developer to finally overcome that hurdle. "The reason being, new oceanfront condo units sell for a minimum of $415 per square foot in Greater Miami and nearly $350 per square foot in Fort Lauderdale."  Peter Zalewski of Condo Vultures® can be reached at 800-750-0517 or by email at peter@condovultures.com.