The Flamingo condo conversion developer is giving back deposits in the north tower of the Miami Beach FL real estate complex because the developer hasn’t been able to determine closing dates. The sales in the Flamingo north tower stalled at 200 with the market downturn of 2006.
“We don’t know when the building will be converted to condo,” Lerner said of the 614 unit north tower. “We have to hit a critical number before we start converting.” South Florida Business Journal
The north tower will continue as a rental building until the sales meet a threshold along with the center tower which is the newest and the Flamingo’s sought after crown jewel. The attention is now redirected on the south tower which has nearly sold out of the 562 units. If you’ve invested in the Flamingo Towers complex we’d love to hear your feedback. Feel free to comment on the Flamingo Tower conversion.
Today feb 21/08 I went to the sales office and they are saying that this is not true and that they are not giving deposits back, I wonder if someone else was able to get the money back and how did he/she did it! please post
its was printed in the south florida business journal…. but don’t’ know anyone as of yet