The Inventory Market For Miami Condos Is Up And Ready For Even More New Developments In 2012
Six years later, we are now ready for newly developed condo properties around the market. In fact, the all-new Paramount Bay is the latest addition to Miami’s already stellar luxury condos lineup in the city, and—based solely on looks—the legacy of ultra-luxurious condo development team certainly lives on.
The project started some time in 2006 when Royal Palm Holdings loaned more than $200 million from the Chicago-based Corus Bank and iStar Financial. Unfortunately, their high hopes of competing in the housing market have turned sour as they had to face financial issues in 2008.
In 2008, Paramount Bay had troubles paying their monthly dues due to unforeseen circumstances like the real estate market plummeting with the global recession. With their building nearly 50 percent complete, Royal Palm Holdings never really had a chance to redeem its status as more and more issues came up.
In April of 2011, Royal Palm Holding lost a $262 million foreclosure settlement against iStar Financial. Just when everybody thought that the Paramount Bay project was discontinued, along came a new owner to take over the failed development. The new owner, Edgardo Defortuna of Fortune International, envisioned Paramount Bay to be one of the top Miami condos which is estimated to be open for occupancy sometime next year.
Ever since the change of ownership took place, a lot of interested buyers and investors have already looked into what Paramount Bay will offer. According the Fortune International, October will be the month that they will accept residential occupancy soon. The 47-story tower is expected to be unveiled by 2012.
Paramount Bay is not your ordinary Miami condo; it is actually one of the highly developed residential condo units in the world today. Lenny Kravitz, a world famous rock icon and innovator of Kravitz Design Inc. has made sure that every detail of Paramount Bay will surely please the interested parties. Lenny Kravitz himself has envisioned Paramount Bay to showcase natural beauty that stands out from all the other Miami condos available in the market today. With Paramount Bay being one of the newest developments in Miami, it is now safe to say that luxury condos should be heavily based on what Paramount Bay has to offer.
Joan Vonnegut
Miami Apartments
