One Bal Harbour Condo Closings Appear to be Troubled
Last week, a client called me to let me know that he would be flying into Miami Beach and would specifically like to take a look at One Bal Harbour. He wanted to schedule a showing for Monday afternoon. I contacted a WCI agent today to find out if we could get in to see some units on Monday. I was told that WCI has decided to take a holiday leave until Wednesday. Unfortunately, my client will be flying back to Canada on Monday evening.
After hearing this, I was thinking to myself “Wow! WCI must have closed a lot of condos these past couple of weeks in order to take a vacation”. I was curious to find out what their latest closing rate was since closings began on condos. I got back to my office and checked it out. The following graph reveals that 33.51% of units have closed at One Bal Harbour. December 8, 2007 I revealed that only 23.24% of units had closed since November 16, 2007, the first day that closings began.
Does this look problematic to anyone else? If I were a developer in this position I would be holding 24/7 open houses and not taking a holiday leave. Oh well…my client will return in a few months when those who do close are really struggling and condos will be much more aggressively priced. We’ll see if WCI can remain afloat until then. It looks like prices at One Bal Harbour will only go down over the next six months.
The most humorous quote to me was Realtor Linda Gustafson saying in an article published on August 17, 2007 that she was “very confident that every single unit will close”. I hope she meant eventually every condo will close. If she meant that every contract holder will close then I think she was being way overly optimistic.
The closing rate cited above was obtained from public records. There can be a 2-3 week lag in getting a closing recorded although most closings are records within the first 7 days.