With inventory tightening, units sales up 12% and prices picking up over 20% in the past year, this may be the last substantial bulk sale for Aventura.
Aventura, Florida (PRWEB) April 06, 2012
In November of 2009, faced with a foreclosure lawsuit, 3030 at Aventura owner 3030 Associates Limited sold the remaining 34 of the total 45 units for $15.4 million to The Patricia at Aventura, LLC.
28 months later with half of the bulk sale units still not sold, The Patricia at Aventura, LLC cashes out to European buyer NOVALIS, LLC for $6 Million or $155 per square foot. At the market’s peak, individual unit sales averaged $400 per square foot. Pre-construction prices had started at $800,000.
“In the last year, several very interested foreign buyers came armed with cash, but the timing just wasn’t right. Even Novalis unsuccessfully approached the deal in November. Just 4 months later, after witnessing the market shifting, they came back ready to buy.”
“With inventory tightening, units sales up 12% and prices picking up over 20% in the past year, this may be the last substantial bulk sale for Aventura,” explains Brigitte Lina Lombari with Keller Williams Elite Properties who brokered the deal.
The waterfront, seven-story building, located across the street from the Aventura Charter School on 188th street, was designed by Kobi Karp and opened in 2007.
For more information contact: Brigitte Lina Lombari (786) 267-7320, blina(at)kw(dot)com and visit her website at http://www.IAdoreMiami.com.
Brigitte Lina Lombari has been recognized for real estate sales performance placing her in the top 2% of Realtors® nationally. Lombari focuses on luxury & waterfront properties from Golden Beach south to South Beach with the predominance of her business from international clientele, most hailing from her home country France.