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Bulk Buying Galore!

Cashflow In Miami
September 12, 2021

Bulk Buying Galore!

101 N Ocean Dr, Hollywood Beach

200 SE 15th Rd, Brickell

3301 NE 5th Ave, Edgewater

November /December closings will start with Hollywood Beach resort buy out. Building circa 1926 will go through the extensive renovations and might get a new tower build up next to it. Chetrit Group  is the buyer and has vast experience with hotels, building and multifamily development in Miami and New York.

Brickell Harbour condominium owners have received multiple offer letters to purchase their units.  This has come at a time where all units seem to be receiving a similar letter with their purchase price unknown, but it is evident of the developer wanting to buy out the tower. The developer of interest is Brickell Bayfront Acquisition Associates, LLC, an affiliate of Fortune International Group. The limited liability company, as well as Fortune International Group, is located at 1300 Brickell Avenue in Miami.

The purchase price being offered is a significant premium above the market value of the unit and considers each unit's particular size, view, floor, line, and improvements;

Cash earnest money is promptly deposited with a third party escrow agent to secure the contract;

There is no finance contingency;

Closing in 90 days after the expiration of the due diligence period;

The owner pays NO brokerage commissions (typically 6%);

The buyer pays off the recent special assessment for structural repairs; and

The ability to continue to occupy the unit for a period of up to 6 months after the date of closing.

Condo owners at the roughly 254-unit Bay Park, 3301 Northeast Fifth Avenue, have received three written offers since May. The latest is $150 million from Aman Group, led by Miami-based broker, investor and developer, Vivian Dimond. The $150 million offer would break down to close to $600,000 per unit, though the actual price would vary depending on the unit size. Bay Park was developed in 1961. The property includes a 13- and 14-story building, with more than 211,000 square feet combined, as well as parking, a tennis court and a pool. It’s zoned T6-36A-L, which allows for at least a 36-story building.

In our humble opinion, all three offers will succeed, it's very rarely anyone would resisist the cash offer of double the market values of the residence.

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