Condominium treasurer Juan Llorente, Blanca Crese evp Cary Cohen and MSP Group CEO dee Mekras spoke on FOX News Village about the entire North Bay, 29-unit, waterfront building.
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“The residents, the owners, understand how difficult it is to continue to preserve the buildings, and they understand that everything is growing,” said the city of North Bay Village.
“It’s a great opportunity to live on your own terms, basically. That’s what we’re trying to do here — we’re trying to anticipate the inevitable by putting ourselves in the market.”
Earlier this month, after negotiating nearly a dozen real estate financings, the 29-unit condominium announced a special listing for the building with a commercial real estate agent and an MSP. The purchase offers a potential buyer or developer the opportunity to reacquire one of Miami’s most sought-after waterfront locations after $2 billion in new development in recent years.
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Aerial view north of North Bay and Biscayne Bay, with condominiums on East Drive, Lake Wise and Cielo Lake. (Pet Pictures)
“The Harbor Condominium is unique in its expansion. Indeed, it starts with a water area in a really closed area that is experiencing a renaissance of redevelopment,” MSP Group CEO Idekras also told FOX News Digital. “They did not create any waterfront property, and the condominium on the harbor sits on more than half an acre with some construction that gives the developer to build an important boutique condo that is important as a place of perfection as a destination.”
While developers initially sought out older condominiums after the passage of Florida’s Condo 3.0 Bill, Harbor Condominium is now part of a growing trend of condo boards and owners approaching retail buyers.
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“It’s important to really say what those changes are in what the organizations are responsible for,” said Blanca Executive Vice President Cary Cohen told Fox Digital News. “Send the grief of the surfside and now with the new rules, the organizations must fully fund the money. In addition to being fully funded for their preservation, they must satisfy the lesson of maintaining integrity.”
“The reality is that not every unit owner sells strictly for financial reasons,” he continued. “A lot of this is a trade-off if necessary. … there [are] Planned income residents who own a unit also face CODO fees that have tripled. “
Llorente emphasized that the decision of the list was directly from the owners themselves, driven by “a little bit of everything,” from finances and the principle of simple truth.
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“Most importantly in the last few years … the continued increase in insurance and the cost of living, maintenance in general has been making it more difficult for our community,” he said.
“What did the board decide to do to create a sales committee with other owners who have been there for decades … we talked to him [firms] one by one, we [sat] down with them and ask[ed] they explain the whole process, the whole situation. Even after this screen[ing]We decided to choose the Blanca group with MSP as the one we want to represent in the market, “Llorente extended.” Go straight to them. They explained in detail step by step the whole process. And we are very happy so far with the work they have done. “
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Cohen said the “key” is the obvious.
“There is transparency between us and the unit owners,” Cohen said. “We’re attorneys and sellers. We don’t use developers. We work for individual owners to put their property in the best possible way on the market, and that’s our motto.”
“While we represent the sellers, and we represent the good will of the unit owners, that comes from a good position of having a deep understanding of how to develop,” Mekras added. “We can understand what makes an opportunity for developers, where the risks are, how to reduce them … and effectively inform the public.”
The sale of a shared unit can allow more owners than individual listings, and Cohen argues that the return on investment is three to five times higher. MSP Group also said it has closed more than 15 liquidation deals similar to the one with the condominium in the port.
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“When the Coldo Unit owners were able to see our track record, it made them feel comfortable that we would be able to close the deal, said MSP
However, real estate experts have warned that not all old residential buildings are ready for the golden state.
“Not every owner of a condo in an aging property is very lucky because one of the recipes for success is like a place with 29 heads over half an acre … which gives a strong edge,” said the CEO of MSP. “The western community, which owns the backyard without renewable energy, then those who own condos are just not that lucky.”
Looking at life after the automatic sale, happiness meets anxiety as Llorente said that the residents of the residents are a mixture of hope, curiosity and anxiety about migration. Some of the owners of Florida are Floridians, while others are famous in South America, Italy, Australia and other places – most of them plan to sleep in the land of the sun.
“Some of the older owners who have been there for decades, have less anxiety,” said Llorente. “Pretty much, we just keep good progress, and we just contact them when we have news or updates. … and others, they’re very happy with the money[ing] outside. … But I think the most important thing here is to understand why and why we go to market. “
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“One of the things we did a really good job of was we sat down individually with every unit owner and explained, when they’re going to do this, how they’re going to find another place to live, and [that] They will be able to be in a better financial position than in the case where they have a problem with giving rights, “says Sam Mekras.” All costs must work for both parties. “
“In fact we are seeing a second wave of migration to south Florida. The political situation in the Northeast is driving a new wave of companies to find here in South Florida. With those deaf “Everyone wants to live with water. That’s the benefit of South Florida, that’s the benefit of the city of North Bay … and that’s what the port is offering to developers.”
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