The Delmore, the 37-unit luxury condo planned for the site of the deadly condo collapse in Surfside, hasn\u2019t sold a unit since sales launched in early 2025.\u00a0<\/p>\n
That\u2019s likely not so much a market problem, but one that\u2019s tied to the history of the oceanfront property.\u00a0<\/p>\n
Ninety-eight people died when Champlain Towers South came crashing down in the middle of the night on June 24, 2021. A year later, the property was sold at a court-ordered auction to Damac Properties, a Dubai-based real estate firm led by its founder and chairman, billionaire Hussain Sajwani. Damac paid $120 million for the property.\u00a0<\/p>\n
Then-Judge Michael Hanzman was clear throughout the litigation that the site would be sold, despite pleas that the site be converted into a memorial. But Damac was the sole bidder. No government agency made an offer \u2014 not Miami-Dade County, the state, or Surfside.\u00a0<\/p>\n
The permanent memorial is planned for the end of 88th Street and Collins Avenue, which abuts the site.<\/p>\n
Damac\u2019s on-the-ground representative, Jeffrey Rossely, was candid about why<\/a> he believes the project has not sold any units yet. Rossely, senior vice president of development at Damac, told me that the initial launch was likely rushed, and that Damac faced delays in completing the sales center. Rossely also said buyers have expressed interest, with contracts once out, but Damac decided not to move forward with a deal for more than $200 million worth of units due to issues with the source of the funding.\u00a0<\/p>\n But buyers in that price point \u2014 $15 million and up \u2014 are in the market. They\u2019re just purchasing units at other projects, like Fort Partners\u2019 Four Seasons at the Surf Club a few blocks away, and Fort\u2019s sister developments next to the Surf Club.\u00a0<\/p>\n Condo sales in Surfside increased 57 percent in the first quarter, according to a Corcoran Group report. Inventory also fell 25 percent. The strength of the high end segment of the market has skewed pricing, pushing the average condo sale up to $6.1 million, an annual increase of 23 percent.\u00a0<\/p>\n Billionaire Howard Schultz, former CEO of Starbucks, paid a whopping $44 million, or nearly $8,000 per square foot, for a penthouse at the Surf Club in March. More recently, a lower-level unit in the south tower traded for $4,400 per square foot, more than some new projects on the sand.\u00a0<\/p>\n Rossely said Damac isn\u2019t going anywhere, although the firm may joint venture with another developer. Damac is resubmitting its master building permit and working on securing insurance and a general contractor to move the project forward. Sales could relaunch by the end of the year.\u00a0<\/p>\n \u201cA number of parties have approached us, and we are having discussions to see whether we go down that route but under no circumstances would we be leaving the project,\u201d he said.\u00a0<\/p>\n What we\u2019re thinking about: We\u2019re hearing that spec home developers are starting to pick up more sites for luxury homes. Do you know of any such deals? Send me a note at kk@therealdeal.com<\/a>.\u00a0<\/p>\n CLOSING TIME<\/p>\n Residential: WeatherTech founder David MacNeil<\/a> sold the 3.6-acre oceanfront assemblage at 1120 South Ocean Boulevard in Manalapan to a trust for $105 million. The deal was the highest ever for land in the town.\u00a0<\/p>\n Commercial: Two car dealerships at 10500 Northwest 12th Street and 10688 Northwest 12th Street in Doral traded hands for $50 million. Bill Seidle\u2019s Automotive Group sold the properties to Dream Motor Group.<\/p>\n \u2014 Research by Mary Diduch<\/p>\n \u00a0NEW TO THE MARKET\u00a0<\/p>\n Philippe Harari\u2019s AquaBlue Group listed two adjacent waterfront homes on the Venetian Islands in Miami Beach for $67 million<\/a>. Together the homes total 21,000 square feet of indoor space and 120 feet of waterfront. Each house includes six bedrooms, seven bathrooms and one half-bathroom. They\u2019re expected to be completed this summer. The properties, at 340 and 320 West Di Lido Drive, are on the market with One Sotheby\u2019s International Realty\u2019s Mirce Curkoski.\u00a0<\/p>\n A thing we\u2019ve learned<\/p>\n State prosecutors dropped one sexual battery charge<\/a> against Oren Alexander, reportedly because the victim was satisfied with his federal conviction in March. Oren and his brothers, Alon and Tal, were found guilty on all 10 counts in a federal sex trafficking case in March. Oren still faces two state sexual battery charges brought by Miami-Dade State Attorney Katherine Fernandez Rundle.\u00a0<\/p>\n Elsewhere in Florida<\/p>\n State Republican lawmakers are pushing back their congressional redistricting timeline again after Ron DeSantis postponed next week\u2019s special session to allow more time to draft a new map, the New York Times<\/a> reports.<\/p>\n A 27-year-old Cuban man died by suicide while in the custody of Immigration and Customs Enforcement in Florida, the second presumed suicide under ICE custody in the state in less than a month, according to the Miami Herald.<\/a>\u00a0<\/p>\n