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MIAMI-Brazilian developer Mucio Atheyde’s 630-unit Blue & Green Diamond condominium community appears to be doing better in Chapter 11 than it did outside of U.S. Bankruptcy Court protection, sales to date indicate.

Locally based Esslinger-Wooten-Maxwell brokers have sold 83% of the property at competitive prices of $300 per sf, bringing sales to $12 million with another $18 million waiting to close.

Brokers are earning 6% commissions, a rate that has brought total commissions paid to date to $1.1 million. EWM has the exclusive listing for the property.

In a prepared statement, EWM president Ron Shuffield attributes the sales volume to both the commission structure and the unit prices of the condos from $400,000 to $3 million-plus. He calls the prices “one of the most appealing buys in Miami Beach’s luxury condominium market.”

Tower suits, however, command premium tags of $900-per-sf-plus. All of the units are ready for immediate occupancy.

Atheyde’s New Florida Properties Corp. filed for Chapter 11 on Jan. 4 of this year. The condos, with 56 beachside cabanas, are on Collins Avenue and 47th Street along Miami Beach’s affluent Golden Mile corridor.

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