Starwood Capital Group Hungry for More Distressed Condos

Acquiring $4.5B in property 15 months ago wasn’t enough.  Starwood Capital Group is back for more, and this time, according to the Wall Street Journal, they are targeting individual properties and portfolios offered by banks and the FDIC.  Recently, as the article points out, Starwood Capital Group bid on Everglades on the Bay (now known as Vizcayne South and Vizcayne North) but lost out to Rockwood Capital LLC.

Through the acquisition of Corus Bank’s portfolio in October 2009, Starwood controls roughly 6,700 units throughout the country, with a good chunk of them residing in South Florida.  Paramount Bay and Mint at Riverfront are two luxury condominium developments under Starwood’s control.  Both Miami developments are scheduled to begin sales in the first quarter of this year.

21 Unit Bulk Sale at Marquis Residences

Sales at Marquis Residences ended 2010 on a high note.  Optibase Real Estate Miami LLC acquired 21 luxury condos at Marquis Residences on December 30, 2010.  The entity paid a net purchase price of $8.6 million. It’s important to note that the 21 units represents approximately 7 percent of the 292 total units at Marquis Residences.  This is under the 10 percent threshold which would prohibit Fannie Mae approval in the future.

Marquis Residences is a 67-story luxury tower located at 1100 Biscayne Blvd, Miami, FL 33132.

Top 5 Luxury Condo Sales of 2010

The luxury condo sales of 2010 exceeded the expectations of many with two condos selling over $10M and another three selling within $1.3M of it.  Before we kick 2011 into full gear, let’s take a look back at the top 5 luxury condo sales of 2010.

  1. Setai – Penthouse B – 4 bedroom/4 bath (6,208 square feet) – This condo sold for $15M, or $2,416 per square foot, on June 4, 2010.
  2. Santa Maria – Penthouse 4901 – 3 bedroom/5 bath (10,000 square feet) – This condo sold for $11M, or $1,100 per square foot, on May 21, 2010.
  3. Fontainebleau II – Penthouse NO –  5 bedroom/5 bath (4,500 square feet) – This condo sold for $9M, or $2,000 per square foot, on May 14, 2010.
  4. The Gables Club – Tower Suite A – 3 bedroom/6 full bath/2 half bath (10,190 square feet) – This condo sold for $9M, or $883 per square foot, on July 20, 2010.
  5. One Bal Harbour – Penthouse 2108 – 4 bedroom/4.5 bath (5,262 square feet) – This condo sold for $8.7M, or $1,653 per square foot, on May 25, 2010.