Pordes Residential Invests Equity in One Bal Harbour

MIAMI, Nov. 30, 2010 /PRNewswire/ -- Pordes Residential, South Florida's most prominent sales and marketing firm for upscale condominiums, announced today that it has completed a partnership agreement to acquire, sell, and market the 42 condo-hotel residences at the most exclusive oceanfront property in all of South Florida.

(Photo: http://photos.prnewswire.com/prnh/20101130/FL08660 )

Located at the tip of the Atlantic Ocean and the Haulover Inlet between Aventura and South Beach, the One Bal Harbour condo-hotel tower residences boasts the coveted AAA Five Diamond award for its unparalleled quality, location and views, spectacular service and luxurious amenities.

"The One Bal Harbour property is a landmark and considered the premier boutique condo-hotel and residential tower development in the upscale enclave of Bal Harbour," said Mark Pordes, CEO of Pordes Residential Sales & Marketing. "Investing in this exceptional development presented my company with a once-in-a-lifetime opportunity to own, sell and market one of the most sought after high-end properties in the world."

Residents and hotel guests get to live and play in Bal Harbour, home to the Bal Harbour Shops, Miami's most prestigious shopping destination. One Bal Harbour is the only luxury condo-hotel currently open in Bal Harbour.  

"I am very excited about this joint venture with Pordes Residential," said Jorge Arevalo, current owner of One Bal Harbour.  "My expertise with developing and managing and owning hotels, and the Pordes team's unparalleled success of selling, marketing, and repositioning high-end residential developments in South Florida, make us a winning combination."

Pordes Residential purchased 42 of the 124 remaining residences at One Bal Harbour, which include studios, one-, and two-bedroom designer-furnished condominiums. All of the residences have direct views of the Intracoastal Waterway and the Atlantic Ocean.

Because of One Bal Harbour's location, there is no potential for any future development to block or hinder any of these views, Pordes said. "There are few comparable sites like this one."  

"Having the three most important factors that traditionally add value to a property is also key to success," Pordes added. "Location, the beautiful quality and finish level of the residences, and the five-star amenities and services make this product a one of a kind."

The tower includes 185 residential condos and 124 condo-hotel residences, a 10,000 square-foot, luxurious spa, and a world class restaurant and bar.  There is pool and beachside service, housekeeping, in-room dining and all other hotel amenities one would expect of a five-star facility.

"We intend to relaunch the remaining 42 units within the next two weeks," Pordes said. "We think the timing is perfect and the market has picked up substantially. There is no other new inventory located within Bal Harbour, on the beach, for immediate occupancy this season."  

Bal Harbour traditionally caters to affluent buyers primarily from the Northeast, Europe and South America, who expect and demand the highest quality and best level of service.

"Our expectations are to come to the market at a fair price; we expect to sell the entire inventory during this season," Pordes said. "We anticipate units to begin selling in the mid-$300s and range up to $1.7 million."

"We know this will be one of the most successful real estate properties to come to the market this year, because it is truly a special asset."

One Bal Harbour is set to open its brand new exclusive beach club in 2011.  The beach club will be for residents and hotel guests, and for those who demand the very best in amenities and services.

SOURCE Pordes Residential