Paramount Bay Condos
When Paramount Bay Condos construction started on 2066 N. Bayshore Dr. in Downtown Miami, Florida, for the unique project of Paramount Bay Condo in 2005. noone could imagine what would happen during the following years.
Developer Royal Palm Miami Holdings, started this project at a time of booming real estate industry in Miami. After taking out a $210 million loan from Chicago-based Corus Bank and private lender iStar Financial in 2006, Royal Palm began to struggle to pay in 2008 with Paramount Bay Condos half-built and the pressure on the financial markets. Also the same year in March a construction crane, seven tons of steel, fell 37 stories from the top of the Paramount Bay Condos right onto the historic Wolf House and killed two workers. Royal Palm just spent a half a million Dollars to turn the Wolf House into their sales office in 2006. After all this, in 2009 Corus Bank went bankrupt because of giving out too many bad loans in the past.
All these incidents led to May 10th, 2011: when iStar Financial together with ST Residential won a foreclosure settlement against Royal Palm for $262 million.
ST and iStar is looking forward to start sales at Paramount Bay Condos in this year`s late summer. As the units of Paramount Bay Condos sell, many projects are reaching the designated threshold where control of respective condo projects must be turned over by the developers to the condo association. Usually at this point the monthly maintenance fees go up because the association and unit owners cannot afford the same services and amenities with the monthly maintenance fees under the developer`s control. Paramount Bay Condos current ownership filed a “guarantee of assessments” plan through 2013 that the monthly maintenance fees for residential unit owners will increase by 16% annually for the next two years. This means the average maintenance fees per square foot of about $0.76 in 2011 will raise to $0.88 in 2012 and $1.01 in 2013.
Units at Paramount Bay Condos are likely to start at around $400/sq ft for sale and around $2/sq ft/month for rent. Please use the contact form on our website: Paramount Bay Condo in Downtown Miami or call 305-725-0566 to get on our exclusive list for first opportunity at developer close-out deals at Paramount Bay or if you are interested in a Paramount Bay condo rental.
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Sources:
http://www.miamiherald.com/2011/06/26/2284873/association-fees-could-stall.html
http://blogs.miaminewtimes.com/riptide/2011/05/paramount_bay_condos_up_for_au.php
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