Investment Group Sells Last of 60 Units at Marina Blue

June 5, 2012

As you might recall, an investment group operating under the name Welcome Bay LLC paid $13M, or $200 per square foot, for 60 units at Marina Blue in a bulk-sale acquisition on December 24, 2008.  It ended up being the second largest bulk sale that took place that year in Greater Downtown Miami. Up until last year, the investment group still maintained control of all 60 units.

In early 2011, after failing to solicit a suitable offer for the 60 units in a package deal, the investment group decided to sell each unit individually in hopes to arrive at an average sales price of around $310 per square foot.  They did just that. The last of their 60 units at Marina Blue sold last month.  The investment group did not allow any financing contingencies in their sales contracts and required the buyers to pay the seller’s closing costs.  The units, which already had tenants in place, were well suited for individual investors with “rental-grade” build-outs.  Each of the units had either carpeting or laminate wood flooring throughout, vertical blinds and no built-in closets.

Now that the last of the 60 units has sold, the good deals at Marina Blue are relatively scarce.  There are currently 24 units available for sale at Marina Blue on the MLS.  The average asking price of the 24 units is $443 per square foot.  That is quite a far cry from the $310 per square foot that the 60 units fetched.  Nonetheless, there are still a few units available for sale that buyers should have their eyes on:

• Unit 1603 – 1 bed + den/1.5 bath – $285,000 ($302 per square foot) – this is a short sale
• Unit 2103 – 1 bedroom + den/1.5 bath – $320,000 ($339 per square foot) – REO
• Unit 2310 – 1 bed/1.5 bath – $298,000 ($353 per square foot) – regular sale