Posted on Monday, 7.26.2010
Coconut Grove Condos - Miami Real Estate
The remaining units at South Two Seven Lofts & Condominium in Coconut Grove were sold in a U.S. Century Bank allowed short sale at a 36 percent discount to its defaulted mortgage to the developer.
The Doral-based bank filed a $3.9 million foreclosure lawsuit over the Coconut Grove condos, at 3001 S.W. 27th Avenue, against Grove Developers LLC and managing member Fadhi Bahri, in January.
On July 16, Grove Developers LLC sold the 19 remaining Miami condos for $2.5 million to 27 Grove LLC, a Miami-based company led by Meir Srebernik. Srebernik is chairman of a cable TV provider, Israel-based Matav-Cable Systems Media.
Condo Vultures reported that Srebernik’s group paid $138 a square foot, down considerably from the $444 a square foot Grove Developers sold its first 11 units in this Miami condo building for in 2008. U.S. Century Bank lost $1.4 million over this Miami real estate deal.
Condo Vultures principal Peter Zalewski said, “As the new Class A condo product disappears, bulk buyers are increasingly being forced to look in the interior of the city for distressed properties." "This is the first bulk deal to occur in the artsy Coconut Grove district, but surely not the last. Developers put up several small projects of 50 units or less in the area during the boom years that may, or may not, have sold out."
Call MLR Realty
at: 1-305-673-3303 to speak with a Realtor that specializes in condos for sale in Miami including Coconut Grove condos and other Miami real estate properties for sale and for lease.