Canyon Ranch Miami Beach
Canyon Ranch Living Miami Beach -New Lawsuit Over Name. 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.
It is not permissible to use the Canyon Ranch name upon purchasing the new Canyon Ranch residence in Miami Beach. According to the project website CanyonRanchMiamiBeach.com, Canyon Ranch Living Miami Beach was designed to meet the 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 expectation of purchasing an exclusive Canyon Ranch unit. The article mentions the developer’s attorneys refusing to turn over the management contract with Canyon Ranch. They wrote that the management contract only applies to “spa-related services” and is not a “management agreement.”
Canyon Ranch Living Miami Beach Opinions
I was under the impression these are exclusive Canyon Ranch units with a management operation similar to Canyon Ranch in Arizona and functioning as a Canyon Ranch Resort. However, buyer remorse is abundant in this real estate market, with unhappy flippers and speculators looking for any way out. Seek legal advice for contract loopholes. I’ve heard mostly great things about the new Canyon Ranch Living Miami Beach development. I know the values, location, and amenities need to be improved. 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 real estate development.
Here’s the real estate scoop at Canyon Ranch Miami Beach.
MLS data: 59 condos for sale (ranging from $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. The condos are selling at (sale price to list price ratio) 92.2% of the list price! There are 2 condos under contract today, each above $1M.
My personal opinion on the 3 best deals at Canyon Ranch
- 6801 COLLINS # 1604
- 6801 Collins Avenue # C1217
- 6801 Collins Av # 1505
http://www.youtube.com/v/fftiJqrvjig&hl=en&fs=1&
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