New Signs Of Life On The Sunny Isles Real Estate Market As Dev. Site Is Purchased For $24 Million
Take Sunny Isles for example; the beautiful beach community is visited by around 1 million tourists each year and that is something that takes place almost effortlessly because of the fact that the area is simply one of the most amazing places in South Florida.
The same thing goes for the Sunny Isles real estate market which easily garners its own range of buyers and investors. But much like any other real estate market, people will always find their own set of challenges along the way which essentially promote the potential that waits for them on the other side of the fence.
Recently, one Regalia LLC has successfully been able to sell their development site for a sum of $24 million which was more than its loan. The development site was sold to Golden Beach Developers.
Prior to the sale, the Sunny Isles real estate property of Regalia LLC, which consists of Jerold M. Kaufman, Abraham Cohen, Paul C. Murphy and Avra J. Jain, has had issues with its previous lender, FirstBank, wherein FirstBank had filed a whopping $11.7 million foreclosure lawsuit against the company. Luckily, Regailia LLC was able to maintain their property and are now literally free from any attachments.
Regalia LLC’s plans of building a 43-story, 42-unit condo building on their development sites never had a chance to enter its early stages due to financial issues faced by both from the lender and from the developers itself. Thanks to Louis Montello and the Golden Beach Developers, it seems that there will be a new breathtaking building to be built at 19505 Collins Avenue in the near future.
If you still have a property in the Sunny Isles Beach area, you will find it to be better to simply keep it. With a new development team in the neighborhood, residents can expect new exposure which could very well range from internet marketing to television ads and so much more!
To say the least, having a new development that is set to unfold within the Sunny Isles neighborhood easily means there is new progress waiting to happen. Exactly how people are going to utilize these outstanding opportunities is entirely up to them, but one thing for certain is that the potential that people can tap into on the Sunny Isles real estate market is definitely going to be one of the redefining moments in the life of any real estate buyer or investor who decides to step into one of the most captivating locations in the South Florida region.
Joan Vonnegut
Sunny Isles Real Estate
