The First Bulk Sale Of This Cycle Is In Contract
Ladies and gentlemen, it’s time! The first bulk sale is officially in contract at the newly constructed Crimson in Edgewater. Despite the building’s opening last year, the developer was still holding onto 20 units that were listed at an average of just over $600/square foot.
The package had been marketed with a 10% discount to an average of $558/square foot. That would make the value of the deal just over $13.5 million rather than the original $15 million. Once the deal closes, we will learn the final contract price and the amount of discount that the developer ultimately accepted. I expect it to be lower than $13.5 million since the Downtown Miami DDA’s report listed the average price per square foot in the building to be $545/square foot in their yearly report, but we shall see.
Crimson was developed by Aventura-based McKafka Development Group and has a total of 90 units. One of the biggest selling features (aside from the waterfront location) is the fact that the building is LEED Silver certified. There are currently 5 resales listed in the building, with an average price per square foot of $677.
I am very interested to see this one close and set the precedent for future deals. I’m sure that we will see additional bulk deals as more buildings open with remaining inventory. Which other buildings do you think we’ll see bulk sales in?