Largest Condo Conversion in history
If all goes as planned and MCZ/Centrum converts the 3 Flamingo towers this will be the largest condo conversion (I believe in the United States). With the real estate market in its current downward spiral the developer may decide not to proceed with the purchase and conversion of all the towers. They made a non-refundable $5 million payment so if they don't purchase the other towers they will lose it. To my knowledge they’ve already purchased the North Tower.
The 3 towers sit on 16 acres of bay front property...something that doesn't exist anywhere else in Miami. It has amazing views of downtown Miami and within walking distance of Lincoln Road.
1 comment:
Flamingo has done well considering the market has slowed. I purchased a condo myself and my group has sold the most units. We've also done the most resales. The developer has done everything they said they would. The facelift has been great and they're not even done. The concierge in the South Tower is faboulous. I think at the right price this is still a great opportunity. Some units in the North Tower I think are a bit pricey while others are a steal. The units facing the water have strong demand from overseas buyers. That's why they are being offered substantially higher than they were in the South Tower. Anyone considering purchasing, selling, or renting should talk to me first. I'm a straight shooter. Some owners who bought in the South Tower have been able to flip. Very few however. The market has changed and the amount they flipped for wasn't like the old days ('03-'05). Still, profit is profit right? People buying today will have to hold these investments. As long as they purchase right they'll be okay.
Dave Alce
Transmaxx Realty
305 968-2924
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