"This is just another example of rental property that was well located, well leased, built in a premier location that fit well for condo conversion in today's environment where deals have been selling at a torrid pace," Robert Given, vice president with CB Richard Ellis' Miami office, tells GlobeSt.com.
Gliven says it's not unusual for properties like the Yacht Club to sell out so quickly in Florida's red hot real estate market. "That story is being repeated in many submarkets in Florida," he notes.
The 1711 Yacht Club complex, situated on the Intracoastal Waterway, was purchased in January for about $176,974 per unit by Tarragon, which planned to convert the property into condominiums. The units were listed for sale at $200,000s to the mid-$500,000s.
Completed in 1995, it consists of 16 two- and three-story buildings with gated entryway, fitness facility, 50 garages, 64 carports, racquetball and tennis courts, a pool spa and exercise trail. The property also contains 40 boat slips and a clubhouse. The complex features one, two- and three-bedroom townhouses ranging in size from 900 sf to 1,365 sf.
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