The Regent Bal Harbour Transitions to One Bal Harbour Resort & Spa. Busy selling & unable to blog much lately, but the most recent newsworthy post pertains to Regent One Bal Harbour sale, which is now to be known as One Bal Harbour Resort & Spa. That’s right, WCI has sold (announced June 22nd, 2009) the Regent BalHarbour trophy property to the team behind the Eighth Wonder 8w, otherwise known as Elevation Communities, LLC. According to sources, the private group paid $14.6 million for the common areas of the hotel along with 51 unsold condo hotel units.
From the $14.6M, Elevation Communities LLC, with Jorge E. Arevalo and Thomas D. Sullivan in South Miami, paid $2.6 million for 41,047 square feet of the saleable space in the 124-unit Regent Hotel tower located on the west side of the 26 stories, trophy complex in exclusive Bal Harbour. Savvy Buyers, Exceptional timing… What a STEAL!!
“Regent Hotels & Resorts today advised that its management of The Regent Bal Harbour Hotel will end effective today as the result of court actions related to the bankruptcy of the hotel owner, WCI Communities Inc. The United States Bankruptcy Court for the District of Delaware has approved the immediate sale of the Hotel by WCI Communities, Inc. to a new owner and the rejection of the existing management contract for the property.” – TradingMarkets.com
The word “on the inside” is WCI did a lousy job marketing the Regent Hotel & Guerlain SPA with minimal marketing dollars spent and only a 20% occupancy. Remember, Regent had pulled out of their other condo hotel at 15th & Ocean Drive in South Beach two years ago. The new owners have extraordinary plans to take One BalHarbour Resort & Spa to a new ‘6 Star’ level in the coming year in direct competition with St. Regis Bal Harbour Resort Hotel & Spa, currently under construction. One Bal Harbour Resort & Spa was built in 2007 and is located at 10295 Collins Avenue, right at the Haulover Inlet, with the best views (& location) in all of Miami.
One Bal Harbour Resort & Spa
The condo offers hotel services with a world-class oceanfront restaurant, two private oceanfront swimming pools, private jacuzzis, beach & poolside treatment, high-tech theater, fitness center, social room, business center, linen service, pet care service and an impressive 10,000 square foot spa operated by the famous L’Institut de Guerlain Paris: Massage, skin treatment, hand and foot therapies, lifestyle, nutritional and anti-aging programs, health reviews and seminars. Simply the best in services and amenities.
Current MLS resale inventory shows us 24 residences for rent ranging from $5,500 to $20,000 per month. 51 Resales range in value from $369,000 (510 SF studio) to $6.299M (4 BR 5,266 SF residence). In the last 6 months, 8 units have sold through the Multiple Listing Service, with sale prices ranging from $1.3M to $2.4M. The average time on the market for a One Bal Harbour property is 211 days, with an average selling price per square foot at $706 and an average list price of $939. The average sale-to-list price ratio is 85%.
One Bal Harbour Bulk Sale
(UPDATE August 5th) The amount of visitors has tripled because of the latest news on the bulk sale purchase at One Bal Harbour. This is not “normal” by any means, and it was somehow tied in with the new management. Anyone and everyone would have bought here for investment under $100 bucks PSF, so this sale was not the ‘average Joe’ deal that came along. It was a factor of maximum leverage and timing that the buyer DID get a steal. You will not see this PPSF again, and don’t believe this is the standard bulk sale discount. I do think the price per square foot will come down slightly at One Bal Harbour over the next year as $1,100 PSF was above the market norm at the peak setting records for the area of Bal Harbour real estate.
I see One Bal Harbour hovering in the $550-$650 PSF these next 12 months as just last month (7/17/09), 2 units closed at $642 & $629 PSF. This is One Bal Harbours’ “norm” and still setting records. Any One Bal Harbour bulk sale updates or insights from you related to this would be greatly appreciated… The media has had a loose way of sensationalizing this sale.
Of the top One Bal Harbour Resort & Spa residences,
There are 7 to compare here.. Use the arrows within the link ‘One Bal Harbour Resort & SPA.’ If you’d like an updated inventory report, additional stats, or other solid deals, don’t hesitate to contact me at 1.888.38.DREAM for all your Bal Harbour real estate & Dade County ‘Beach’ needs.