Are all the South Florida fractured condo deals done? Almost, Franklin Street‘s Deme Mekras tells us. But a few owners have held on this long, and they’ve been well rewarded for their patience.
Recently Franklin Street brokered two fractured condo deals, one in Dade and one in Broward. At the Windward Lakes Condominiums in Pompano Beach (below), which has 276 units, Deme and colleague Elliot Shainberg repped the buyer and seller in the sale of 104 units for $9.6M. Franklin Street also oversaw the sale of 74 of the 144 units at Southwood Condominiums in South Miami-Date for $3M. The seller of the 74 units was actually eight different sellers – which made the deal tricky, Deme says.
“While these two properties cater to tenants at different price points, what they had in common was a tangible and immediate value-add component,” Deme says. Fractured condo deals that are also value-add are becoming harder to find because most of the lenders disposed of their distressed properties already, as the real estate cycle turned.