Amenities include a private beach club, an infinity-edge, oceanfront swimming pool, a garden pool with a spa, a fitness center, a volleyball court, and a club room with a lounge and a billiards table.Condo conversions, a hot South Florida trend, are not new to Margolias Realty Group. "It [the conversion] made sense because we've been a converter in the Atlanta area, and this is our first venture in the South Florida area," Margolias says. "This was just to wet our feet, so it was a perfect size." He adds the company plans additional similar projects in the area. "Oh, yeah, if we can get it. It's not easy."

Margolias says the location and quality of construction were attractive about the Waverly at Surfside. "Being close to the Bal Harbour shopping center … on the beach, etc., we just thought there would be a demand in the area." So far, the project has received a great response, he says. "We only came out with it on Monday, and already we are inundated."

Coldwell Banker the Condo Store, owned and operated by NRT Inc., is handling sales and marketing of the project. Its sales center is located in the Waverly Beach Tower.