Canyon Ranch Miami Beach
News came across the internet via PR Newswire this week relaying unhappy buyers who are now suing the developer of the famous mid-beach Canyon Ranch Living development for alleged deceptive and unfair trade practices in the promotion & sales of condominium units. Apparently, it is not permissible to use the Canyon Ranch name upon the purchase of the new Canyon Ranch residence in Miami Beach. According to the projects website CanyonRanchMiamiBeach.com, Canyon Ranch Living Miami Beach was designed to meet very high quality standards of its destination resorts.
The lawsuit asserts that the Canyon Ranch brand name is temporary at best and that purchasers were induced into purchasing units at the project due to the alleged deception that it was part of the Canyon Ranch brand and family, when in fact, there was nothing more than a phantom management agreement through which Canyon Ranch partially operates the project for a limited term and unit owners are restricted from trading on the Canyon Ranch name. – SOURCE Aaron Resnick www.recovermydeposit.com
The complaint filed by Resnick notes that the developer spent millions of dollars advertising and promoting Canyon Ranch Living Miami Beach to consumers with the expectations of purchasing an exclusive Canyon Ranch unit. The article goes on the mention the developers attorneys refusing to turn over the management contract with Canyon Ranch yet did provide a written statement that the management contract only applies to “spa related services” and is not a “management agreement.”
Hmmm, I was under the impression these are exclusive Canyon Ranch units with the management operation, similar to Canyon Ranch in Arizona, and functioning as a Canyon Ranch Resort. However, in this current real estate market, buyer remorse is abundant with unhappy flippers speculators looking for any way out and seeking legal advice for contract loopholes. I’ve heard mostly great things about the new Canyon Ranch Living Miami Beach development and know the values, location and amenities to be improving. I’d like to hear from other residents or anyone “in the know” on the opinions and facts related to this great new Miami Beach FL real estate development.
Here’s the real estate scoop at Canyon Ranch Miami Beach.
MLS data: 59 condos for sale (ranging $400k – $3.750M) out of ~431 total condos (14% inventory) {+150 Canyon Ranch Hotel Suites} with average asking price per square foot at $788 and average (6 month history) selling price per square foot at $658. It takes 80 days on average for a condo to sell at Canyon Ranch and they’re selling at (sale price to list price ratio) 92.2% of list! There are 2 condos under contract today, each above $1M.
My personal opinion on the 3 best deals at Canyon Ranch Miami Beach
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Ashton,
The “impression” you had was incorrect. All the buyers had their 15 days due diligence to find out any information they felt was necessary.
The contracts read: “North Carillon, L.L.C.” was the developer.
I bet this vaporizes just like all the rest of the suits by unhappy “flippers.”
I’m sure it will… I’d also imagine the Trump Towers lawsuit has “vaporized”.
Both are very nice projects and likely to turn around quickly!
I have been to all the Canyon Ranch facilities around the country and recently purchased a unit in the Miami Beach building. I can honestly say that the amenities, spa, classes, restaurant, and other brand associated aspects are incredible. I couldn’t be happier with my purchase!
I am a VERY satisfied owner. The place is incredible and I have nothing to complain. This is the perfect tie to buy a unit. Tomorrow might be too late!!!
Thank you ‘owner’.. I was in showing rentals yesterday and they are truly redefining the face of “Miami (mid) Beach.” The values {today} both rental and sale are exceptional. The amenities, all inclusive and above what most would expect. I expect great things to blossom in the next 2+ years for the immediate vicinity along with Canyon Ranch values.
Any retail space insights would be greatly appreciated…
I am interested in purchasing a unit in the north tower. Can you give me any insights into the constuction issues, if any, services, common charges, pricing of units and market trends..thanks