Condominiums, like homes, are selling at a healthy pace in Southwest Florida, but the median sales price continues to give ground — the result of more realistic sellers and a greater mix of units at the low end of the market and distressed properties.
Sales during November rose 7 percent in Sarasota-Bradenton and 19 percent in Charlotte County-North Port.
Meanwhile prices fell 16 percent to $110,000 in Sarasota-Bradenton from a year ago and 7.6 percent from just the previous month.
Netscape founder Jim Clark just scored big in real restate.
He sold last week his penthouse in Miami Beach for what is believed to be a record for a condo south of Manhattan: $21.5 million!
While the sale has yet to show up in public records, SouthBeachCondoBlog.com reports the deal for the 5,803-square-foot, 40th-floor penthouse was consummated last week. The buyer, a U.S. businessman, is not a household name, according to the blog.
via Netscape Founder Jim Clark Makes a Mint on Miami Beach Condo Sale.
A lender-owned beachfront property in Jupiter just sold to a foreign investor for $9.75 million, or $812,500 per unit. 3000 Ocean Dr., a 12-unit condo, was completed in 2010 at a cost of $18 million.CBRE marketed the property for sale on behalf of the lender, West Suburban Bank, after it foreclosed on the property in April 2011.
The buyer, a private investor out of Bahrain, purchased the asset under the capital group MHS Real Estate Capital, LLC. CBRE senior vice president Richard Tarquinio, vice chairman Robert Given and director of operations Calum Weaver, worked together to broker the deal.“We’ve done more than 30 of these fractured deals,” Weaver tells GlobeSt.com. “This one really was different because of the quality, the location and the large-sized units. From a price per unit standpoint, 3000 Ocean Dr. has to be among the highest that we’ve seen out there.”
A crown jewel of Tampa’s skyline has sold as part of a 14-building deal.
The SunTrust Financial Centre went for $82 million — $32.5 million less than it sold for in 2007.
Beacon Capital Partners, a Boston-based real estate investment trust, bought the 36-story skyscraper and 13 other buildings last month in a $1.71 billion deal with Australia-based Charter Hall. The sale also included the SunTrust tower in Orlando.
When a 62-year-old financial advisor bought a two-bedroom Manhattan co-op recently, he showed up at the closing with a check for the full $970,000 purchase price. No mortgage? “The money I had in cash was sitting getting 0% interest,’’ explains the man, who asked not to be named. “It made absolutely no sense to borrow.”There were other benefits as well to buying for cash, he says. He figures he got a “liquidity discount” for being able to close quickly—the asking price had been $1.05 million. And he avoided the hassles and paperwork that come with getting a mortgage these days. At the closing, he gloats, “they spent more time making photocopies than anything, so we sat discussing Broadway plays.”
The market for luxury goods is in full-fledged revival mode, and that includes high-end city real estate — apartments and townhouses in the $5 million-plus range. After plunging 30% from peak to trough, luxury-home prices in many big urban markets are back on the rise. Unit sales in Manhattan, Miami and San Francisco are up as much as 50% since 2009, as new buyers have come into the market from China, India, Russia and Brazil. Prices are up 15% or more.
"Buyers at every price point smell value and, at the high end, they are in a position to do something about it," says Brian K. Lewis, executive vice president of Halstead Properties in New York.
Some sellers are even making money. Scott Bommer, founder of the hedge fund SAB Capital, couldn’t have bought his $28.5 million 5,800 square-foot apartment on the 29th floor New York’s Ritz-Carlton Tower on New York’s Central Park South at a less propitious time: July 2008. He relisted the apartment four months later at $35 million, but not surprisingly found no takers. In late August, he finally closed a sale for $30 million, according to Leighton Candler, senior vice president at the Corcoran Group. Bommer declined to comment.
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