MIAMI, June 25 /PRNewswire/ -- Condo expert Mark Pordes has completed the sale of the last 25 units at Fontainebleau Sorrento for $7.2 million. The purchaser was BH III, the current owner of Terra Beachside at 6000 Collins Ave. on Miami Beach. Pordes Residential Sales & Marketing (www.pordesresidential.com) handles exclusive on-site marketing and sales for that 116-unit upscale condominium project.
This latest transaction is a follow-up to a 25-unit bulk sale at the Fontainebleau Sorrento that took place in August 2009 to a private investor group from New York for roughly $8 million.
"Bulk sales are working in this market because they provide developers/sellers with a quick cash solution and buyers with an excellent investment opportunity," says Pordes, founder and president of Pordes Residential in Aventura. "These deals will stay popular as long as lenders are in control of projects. Developers need to have certain thresholds met to conform with loan requirements and pay down their debt."
In early June 2010, Pordes Residential negotiated the largest condominium bulk sale of the year -- 146 units at the luxury 2700 North Ocean condominium towers on Singer Island in Palm Beach County for about $120 million to an investor group from New York.
Pordes and his firm of seasoned sales professionals have carved out a niche by working with condo developers, lenders or funds that are the current owners of condominium inventories in the marketplace. They formulate a plan that has delivered results for many high-profile real estate groups in South Florida.
"The smart thing for a developer to do now," says Pordes, "is to raise quick cash through a bulk sale to pay down or pay off debt to the lenders."
As with other deals, the Fontainebleau sale was handled quietly to protect the global reputation of the Miami Beach resort-hotel and its associated properties.
"There was no public bidding and no negative publicity," says Pordes. "We position each transaction so that the purchased units won't compete with the ones that may still be for sale by the developer. It's complicated, but we make it work."
Pordes and his team took the same approach when they assembled a package sale of units for $7.5 million at Peninsula II in Aventura to a group of Argentinean investors in December 2009. In that transaction, the Pordes team tapped into its international network of contacts.
ABOUT PORDES RESIDENTIAL SALES & MARKETING
Mark Pordes started the company after working for 10 years as vice president of Residential Sales for Turnberry Ltd., one of South Florida's most prestigious condominium developers.
He oversaw Turnberry's portfolio in South Florida and the Bahamas including The Reef at Atlantis in Paradise Island, a condo-hotel, condo hotels Fontainebleau II and Fontainebleau III in Miami Beach, Turnberry Village, and Porto Vita in Aventura to mention a few.
Pordes has more than 25 years of experience in the South Florida condominium market, working with developers and investors through up and down cycles. He has handled international sales at the prestigious Williams Island, and sales at Santa Maria on Brickell Avenue.
The firm's management team includes Michael Internoscia, vice president of sales, Michael Sadov, vice president of operations, and Mindy Pordes, director of business development.
SOURCE Pordes Residential Sales & Marketing