I wrote about the sale of 414 unsold units out of 486 total in two 25-story towers on the Intracoastal in Holly Hill (Is He a Genius or Just Lucky?). The new owners changed the name from Marina Grande on the Halifax to MG on the Halifax. I have no idea why they would change a great name to something that requires deciphering, but they did it, so it is now MG, love it or hate it.
They bought the unsold units, as well as commercial space, garage… They also own land north of existing two towers, which were planned for the Towers, that have not been built, but initially planned. All that for cool $73 Million, according to one newspaper and $180 Mil according to another newspaper.
Developer is starting a $6 Mil project to build main 11,000 sf clubhouse and pool along with 32 boat slips (with 80 slips that could be added when the second phase with two more towers is built). (see http://www.frej.net/news/central-florida/2011-02-21/jv-buys-remainder-mg-halifax
Developer has chosen a company to sell the units, and we are expecting the new prices to be announced shortly. Judging by the interviews with new owners, the prices will start from $150 psf, half of what they were. If this is true, the smallest (1,660 sf) 2 bdr/2 baths unit will be $249,000. Of course, it is a far cry from $490,000 price tag for this unit in 2006 at preconstruction, but it is also a far cry from a series of recent resales at $124K - $125K.
Of course, at $124K - $125K these units would fly. But would they fly, or crawl at $249K?
Big question. We will soon start seeing some answers.