FLORIDA, UNITED STATES
AVERAGE SALE PRICE
Florida, United States
156 sold units (2016)
South Florida experienced an all-time high building boom during the 2000s, that the entire landscape has been transformed. High rise towers dotted the landscape, and many luxury condominiums were constructed as investors flooded the market. The great depression of 2008 crashed the real estate market, however, and many developments were subsequently halted forever. Many remain half built, but Tao Sawgrass managed to pull through and finished construction. Standing at 26 stories tall, Tao Sawgrass is marketed as containing 396 luxury condominium units that presents the full ‘luxury hotel’ experience. Complete with a large outdoor pool, playground, tennis court, sauna, business center, and a modern fitness center, it seemed Tao had everything covered.
The development had a rocky cycle, where the developer was not able to keep up with costs after the financial crisis. As units were presold, owners who purchased condos began demanding their deposits back or a discount on price when the developer was unable to maintain their 2008 delivery date. Weitzer/Kislak Sawgrass did not respond to such requests, and soon after abandoned the project. The Corus bank, who was the lender of the project, subsequently took over, and began selling the unsold condos in bulk to another developer. This further tanked the prices and reputation of the project, and buyers were few and far between.
There have been several subsequent sales of the portfolio to other developers, and the prices on the units has been cut more than half of the original price back in 2006 when the condos were presold. Furthermore, although 156 units were sold in 2011, it is noted that many of the buyers are investors, so the occupancy rate of the condo is probably even lower.
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