\u201cSouth Florida by the numbers\u201d is a web feature that catalogues the most notable, quirky and surprising real estate statistics.\u00a0<\/p>\n
Exactly one year ago, this column highlighted<\/a> the trend of developer condo buyouts propelled in part by condo safety legislation<\/a>. The uptick in developers bulk purchasing condos from burdened owners in outdated buildings produced more of a ripple than a wave at the time.<\/p>\n But twelve months later, the swell is rising into something substantial.<\/p>\n Some of the region\u2019s most prominent developers are acquiring older condominium buildings across South Florida at an accelerating pace \u2014 and cost \u2014 clearing the way for a new generation of luxury towers.\u00a0<\/p>\n Fueled by post-pandemic economics, stricter reserve requirements, aging waterfront inventory, and an increasing scarcity of redevelopment sites, condo terminations are a powerful force reshaping the region\u2019s coastal housing landscape.<\/p>\n Take a closer look at the growing condo buyout bonanza in this edition of South Florida by the Numbers.<\/p>\n $430 million Two $985,700 1951 80 This column is produced by the Master Brokers Forum, a network of South Florida\u2019s elite real estate professionals where membership is by invitation only and based on outstanding production, as well as ethical and professional behavior.<\/p>\n","protected":false},"excerpt":{"rendered":"\u201cSouth Florida by the numbers\u201d is a web feature that catalogues the most notable, quirky and surprising real…\n","protected":false},"author":2,"featured_media":280801,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[28,30,29,119692],"class_list":["post-280800","post","type-post","status-publish","format-standard","has-post-thumbnail","category-florida","tag-florida","tag-florida-headlines","tag-florida-news","tag-south-florida-condo-buyout"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/280800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=280800"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/280800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/280801"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=280800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=280800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=280800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Proposed offer from Immocorp Capital and Hong Kong-based O.D. Kobo<\/a> to purchase West Palm Beach\u2019s 140-unit Portofino South Condominium and 39-unit Flagler Yacht Club. If accepted, the buyout would break down to $2.4 million per unit, making it one of the most expensive buyout offers in West Palm Beach.<\/p>\n
Number of acres, buildings and industry titans involved in the $100 million buyout<\/a> of the 61-unit Harbor Towers in West Palm Beach. Nadim Ashi\u2019s Fort Partners<\/a> is ultimately closing the buyout, but his initial move was temporarily blocked last year by competing developer Steve Ross<\/a>. The property sits across the Intracoastal from President Donald Trump\u2019s Mar-a-Lago Club<\/a>.<\/p>\n
Average price paid to seven holdouts at Coconut Grove\u2019s Bayshore Park condominium, which was almost $324,000 more than 32 of their neighbors who agreed to a $661,800 average price last summer. BH Group and Mast Capital completed the buyout in March<\/a> for $28 million, but that sharp price increase demonstrates the competitiveness of the bulk condo buying.<\/p>\n
Year the Miami Beach Club was constructed, making the 108-unit, two-story Sunny Isles Beach property a prime candidate for buyout by The Related Group, Dezer Development and BH Group in 2025.The developers and a fourth partner filed plans in January to build a 145-unit oceanfront condo tower rising 62 stories<\/a> on the 2-acre site.<\/p>\n
Percentage of unit owners at the 134-unit St. Louis on Brickell Key that agreed to negotiate a buyout (the minimum required by the association\u2019s declaration), making a potential termination much easier than buildings with higher thresholds. Local developers Terra Group and The Related Group are working together on the buyout<\/a>, which would likely be close to $1.5 million per unit, marking the first redevelopment of a condo on Brickell Key since the island was developed<\/p>\n