once we had a PSA signed, it was about another 6-9 months to close. We also negotiated "post-term occupancy" for tenants, which allowed them to stay in the condo building for a predetermined period of time before new owner demolished the building. Thanks for the view and comment my friend! More to come.
Honestly, how much you personally made on this amazing deal? Took you few years. Not the exact amount, as obviously its personal, but approximately what did you make? Also, developers bought from you guys for 130mil, what do you think their profit will be once its all said and done? Just wondering what type of profit those developers make :) Thanks for the amazing content, just watched the whole interview with Podein :)
Risk = reward. Developer is going to make a killing on this deal, especially because we were selling it in late 2020 / early 2021 before Miami really took off. Developer was projecting a ~$2500 PSF sell price on their future condos and now that's probably going to be ~$4000 PSF given how much Miami has grown in the last ~3 years. We joke in the office that we actually didn't get paid all that much on our end given how long and time consuming this deal was! It was a 7-figure fee, btw
Great video Omar.:) I have a question, What would happen if the majority agreed to sell but an individual didn't want to because he knows he can get more than 1.5 million for his unit? Does the association force them to sell? (I know everyone has price)
Thanks Omar, loved the google map/street view tour. Did you mention how long it took from PSA execution to closing?
once we had a PSA signed, it was about another 6-9 months to close. We also negotiated "post-term occupancy" for tenants, which allowed them to stay in the condo building for a predetermined period of time before new owner demolished the building.
Thanks for the view and comment my friend! More to come.
Honestly, how much you personally made on this amazing deal? Took you few years. Not the exact amount, as obviously its personal, but approximately what did you make? Also, developers bought from you guys for 130mil, what do you think their profit will be once its all said and done? Just wondering what type of profit those developers make :) Thanks for the amazing content, just watched the whole interview with Podein :)
Risk = reward. Developer is going to make a killing on this deal, especially because we were selling it in late 2020 / early 2021 before Miami really took off.
Developer was projecting a ~$2500 PSF sell price on their future condos and now that's probably going to be ~$4000 PSF given how much Miami has grown in the last ~3 years.
We joke in the office that we actually didn't get paid all that much on our end given how long and time consuming this deal was! It was a 7-figure fee, btw
Great video Omar.:)
I have a question,
What would happen if the majority agreed to sell but an individual didn't want to because he knows he can get more than 1.5 million for his unit?
Does the association force them to sell? (I know everyone has price)