A newly created Miami corporation paid $223 per square foot - a 44 percent discount off of the average closed sales price in the project - for 34 units in the 3030 Aventura condominium in Northeast Miami-Dade County, according to a new report from Condo Vultures® LLC.
The units acquired in bulk represent 76 percent of the 45-unit project built in 2007 at 3030 NE 188th St. with seven stories and 89,000 square feet of saleable space fronting a canal in the city of Aventura.
The buyer paid nearly $15.4 million for nearly 69,000 square feet of saleable space, which works out to an average of $452,300 per unit. Prior to the bulk deal, individual buyers acquired 11 units at an average price of $733,400 per unit, or $400 per square foot, according to the Condo Vultures® report based on Miami-Dade County records.
"Aventura is a mature market with a strong demand from primary users, second-home buyers, and investors," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based real estate consultancy Condo Vultures®. "That being said, individual buyers - many with strong foreign currencies - are acquiring units at a pace of 10 condos per day in Greater Downtown Miami on a retail basis for $200 per square foot.
"Given the size of the units at 3030 Aventura , we would expect the new owners to retrade rather than rent the units."
In Greater Downtown Miami, there have been nine bulk transactions for 483 units and more than 538,000 square feet that have closed for nearly $96 million. This price works out to an average of $178 per square foot, according to the Condo Vultures® Bulk Division.
Overall, the 3030 Aventura project is the 16th bulk deal for a new condo construction product to close since July 2008. Bulk buyers have paid an average of $201 per square foot for 1.1 million square feet of saleable space located in 936 units. The average price per unit is $237,700, according to the Condo Vultures® Bulk Deals Database™.
"At least five more bulk deals are in the works with buyers working aggressively to close by the end of the year," Zalewski said. "The last 60 days are shaping up to be eventful."