“The developer of the landmark Fontainebleau Miami Beach sold the remaining 25 fully furnished condo hotel units in the Sorrento tower for $7.2 million, or approximately $288,000 average per unit,” according to Kevin Dickenson with www.stealthatcondo.com.
Kevin Dickenson said “the bulk condo buyer quickly relisted most of the condo hotel units at an average price of $425,000 representing a 33% increase.” The new pricing ranges from $457 per square foot to $953 per square foot. The intracoastal is directly across the street and dockage is available for lease or purchase.
The Fontainebleau Miami Beach has undergone over $1 billion in renovations and expansions and reopened in October 2009. This spectacular resort has 1504 rooms situated on 22 acres and features 3 signature restaurants, the ultra chic 30,000 square foot Liv nightclub, several pools and a 40,000 square foot spa. The original historic landmark hotel was constructed in 1954. The Sorrento tower was completed in 2008 and is the newest tower on the site.
In 2008, Dubai-based Nakheel Hotels purchased a 50% share of Fontainebleau Miami Beach for $375 million.
“I have stayed at the Fontainebleau Miami Beach several times and you really don’t need to venture beyond the resort,” said Kevin Dickenson. “All of the amenities are amazing and the Liv nightclub is not to be missed.”
The competing condo hotel is the W Hotel in South Beach, but they are still trying to sell units at $900 to $1800 per square foot,” according to Dickenson. “I like the proximity of the “W” to the shops and restaurants on Lincoln Road, but both hotels are extremely popular and unique.”
Kevin Dickenson is a real estate agent with Prudential Florida Realty and represents bulk condo buyers looking for distressed condos and hotels from Palm Beach to South Beach and select markets on the west coast. Visit his website stealthatcondo.com or contact him at (561) 262-8243.
