Miami Builds Momentum

Ross — Thu, 29 Oct 2009 22:54:07 +0000

In the past few months, there have been several positive indications that investors are increasingly confident and willing to pull the trigger on Miami real estate. Last month, there were two major transactions involving the sale of the historic 105-room Raleigh Hotel in Miami Beach, as well as the $78 million sale of a 10-acres oceanfront development deal on Key Biscayne.

The vacant art deco Leslie Hotel, located at 1244 Ocean Drive in South Beach, finally sold to local hotel group Ocean Hotels Development Corp., headed by Juan D’Onofrio, principal of Alquimia Hospitality Group. The sellers, Leslie Beach Associates LLC, which according to Miami-Dade Public Records was owned by One Liberty Properties, Inc. [NYSE: OLP], a real estate investment trust based in Great Neck, New York.

According to public records, Leslie Beach Associates LLC, was recently released from an outstanding lis pendens notice filed by the Miami-Dade County Property Appraiser, as well as a dispute with South Beach Luxury Hotels LLC. The sellers acquired the hotel in September 2005 for a purchase price of $9.1 million, and sold the hotel for $8.05 million or $421 per square foot. The Leslie, designed by architect Albert Anis and built in 1937, is a fine example of classic Deco in Miami Beach. Other examples of Anis’s work include the Clevelander Hotel and Waldorf Towers Hotel, which are both located on Ocean Drive as well.

Another significant transaction to occur in recent weeks was the sale of a 6,466 square foot penthouse in the W Hotel South Beach to Chris Rokos, a British hedge fund manager. According to public records, Rokos paid $8,169,000 for the penthouse, complete with 3 bedrooms, 3.5 bathrooms, a private pool and three outdoor terraces. The sale of this condo-hotel unit at $1,263 per square foot is the second most expensive condo deal of the year in Miami Beach.

According to public records, the first closing recorded at the W South Beach was in June, and since, there have been a total of 35 closed sales, including the most recent to Rokos. To date, units have sold to a variety of international buyers, financiers and sports stars, including the likes of football stars Alessandro Nesta of soccer club AC Milan, Tomasso Rocchi of soccer club Lazio, and Ronnie Brown, running back of the Miami Dolphins.

Are you looking for a Miami or Miami Beach property at a deep discount? Are you looking for a discounted short sale or bank owned property? Ross Milroy of Miami Angel Properties, LLC may be reached at 305-673-5300 or info@miamiangelproperties.com.

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Miami Builds Momentum