![]() "If you had a property that was selling for $500,000 in a normal condo sale in the building, but you did a bulk sale and a redevelopment, that unit owner may get $1.2 to 1.5 million for their specific unit," he said.įay also expects condo associations to change how they operate in the short term and stay on top of maintenance needs.Īt the time of the collapse, condo owners at Champlain Towers South faced large assessment fees to pay for structural repairs. But he added that a bulk sale could double or triple the earnings. "The older condos - the board of directors and the owners - go through assessments, structural engineering and property condition reports before they make a decision to sell a bulk sale," Fay said. With the Champlain Towers South property selling for $120 million, it could lead to more interest in putting properties on the market because it can be more lucrative to sell a large site for redevelopment than it is to sell the apartments individually. Michael Fay, chair of the capital markets executive committee for Avison Young, was appointed by the court overseeing the collapse litigation to lead the sale with his colleagues.įay says condo associations in South Florida are already showing interest in selling the land beneath their buildings instead of owners reselling their individual units. This property will be officially sold to DAMAC Properties, a Dubai-based developer. ![]() Lawmakers couldn’t agree on a proposal, though, in the most recent session, and the investigation into the collapse is likely to continue for years. He also wants Florida’s lawmakers to pass a bill requiring additional inspections of older buildings to prevent another collapse. They should stay until the whole investigation is finished." "Nobody should be standing here, looking at that bloody site," said Pablo Langesfeld, whose daughter, Nicole, died with her husband in the collapse. You turn to WLRN for reporting you can trust and stories that move our South Florida community forward. "But I can promise you that your loved ones will never be forgotten."Įven if the banner is an important gesture, some families say the site shouldn’t be redeveloped while the investigation is ongoing. "I would like to say this: The property has gone up for auction and in the coming years, new life will inevitably sprout forth on this site behind us," he said. When it was unveiled earlier this month, Surfside Mayor Shlomo Danzinger acknowledged the tension between remembering and moving on in a message to victims' families. Now, a long black banner hangs along a fence in front with the names of the 98 victims. The condo also has direct access to the beach, and it is equipped with security that monitors the building 24/7.When you face Collins Avenue at 88th Street, a huge gap stands out between two buildings, where the Champlain Towers South collapsed last June. The condo’s amenities include a gym, heated pool, barbecue area, a 24-hour concierge, hot tub, sauna and valet. The condos have master suites with large walk-in closets, elaborate master bathrooms and oceanfront balconies, the Herald reported. AmenitiesĬhamplain Towers South units have spacious living areas, according to multiple real estate companies. ![]() The median rent is about $2,000, median household income is $69,000, and median home value is $626,000, July 2019 census records say. On May 11, a 4,500-square-foot penthouse suite, which has four bedrooms and four baths, sold for $2,880,000, according to Zillow. According to Zillow, a three-bedroom, two-bath unit on the ninth floor that had 1,748 square feet of living space sold on June 17 for $710,000. According to multiple real estate websites, condominiums that recently sold in the building were listed at $600,000 to $699,000, the Herald reported. Living at Champlain Towers South is expensive. ![]() Here are some facts about a slice of Miami beach life that isn’t Miami Beach. The collapse of the Champlain Towers South condominium building introduced of Surfside to much of the world and probably to some in South Florida in a tragic, horrifying manner.
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