South Beach Developer Withdraws Oceanfront Condos From Retail Market Published on 7/25/2011 6:18:00 AM 
Less than 50 days after launching a new sales campaign, the unsold condos in an oceanfront South Beach project with 259 units on Collins Avenue have been "withdrawn" from the retail market, according to a new report from CondoVultures.com.
It is unclear why the units were officially removed from the retail market. A review of Miami-Dade County records shows a series of actions by the owner of record - Sandy Lane Residential LLC in care of the New York City-based Chetrit Group LLC - in 2011, including filing notices to conduct interior renovations of at least two units and obtaining city of Miami Beach approval to construct an eight-foot gate and implement landscaping upgrades, according to government records.
On June 27, 2011, a dozen units that had previously been available for purchase at an average asking price of $706 per square foot at the Paradiso condominium conversion were taken off the retail market after less than seven weeks, according to an analysis by the licensed Florida real estate broker CVR Realty™.
The properties – being marketed under the name “The Residences above the Gansevoort” or "24th & Collins" - were originally listed for sale on the retail market on May 12, 2011 with units ranging in asking price from $578 per square foot to $804 per square foot, according to Florida Realtors association data.
The change in retail strategy comes despite the project having 255 unsold units as of June 30, 2011, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To South Beach™.
The 1960s project was converted into the Paradiso condominium in May 2008, according to Miami-Dade County Property Appraiser's Office.
CondoVultures.com is scheduled to profile the latest condo trends in the second quarter of 2011 in the seven largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties.
As of the week of July 21, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part weekly series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
The Paradiso condo is located in the block-long structure that also houses the popular Gansevoort Miami Beach Hotel and the Roney Palace condominium in the 2300 block of Collins Avenue.
The ultra-luxury W South Beach condo-hotel and the Setai Resort & Residences are located to the south of the Paradiso project on the east side of Collins Avenue fronting the Atlantic Ocean.
A pair of other new condo projects - the Boulan South Beach and the Artecity - with unsold inventory are located to the south of Paradiso condo on the west side of Collins Avenue, according to a recent CondoVultures.com report.
South Beach is a 24-block long neighborhood in the barrier island city of Miami Beach that stretches from South Pointe Drive north to 24th Street, the Atlantic Ocean west to the Venetian Islands, according to the Condo Vultures® Official Condo Buyers Guide To South Beach™.
Developers created 37 projects with nearly 5,600 units in the South Beach neighborhood during the South Florida real estate boom beginning in 2003.
Prior to the real estate boom, South Beach - a historical district with a large number of Art Deco, low-rise structures - had 110 condo projects with 10,800 units.
As of June 30, 2011, South Beach has sold 79 percent of the condo units created during the real estate boom, according to a new CondoVultures.com report.
It is important to note there are various stages to a residential real estate transaction in South Florida.
A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government.
As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale. Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.
Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™, Official Condo Buyers Guide To South Beach™, Official Condo Buyers Guide to Sunny Isles Beach™, Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™, Official Condo Buyers Guide to Hollywood / Hallandale Beach™, Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.
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