Fortune worked with Atlantic and Pacific Cos., the court-appointed monitor for Wind, to sell the remaining condos in the 41-story, 489-unit building overlooking the Miami River. Units were priced from $160,000 to $450,000, a 15% to 30% discount from original asking prices, for corner-view units ranging between 765 and 1,617 square feet.
"Even in challenging times, our local and international networks achieve results," says Edgardo Defortuna, president and CEO of Fortune. He notes that most of the international half of buyers are from South America, in particular Venezuela and Argentina.
"People from around the world want to live, vacation and invest here," Defortuna says. "The quality, the amenities and the attention to detail have made Wind a very desirable property. People love it."
Wind was developed by Neo Epoch two years ago on 13.5 acres along the Miami River's north bank. Wachovia Bank, now part of Wells Fargo, foreclosed in November 2008 on a $115-million mortgage secured on the project in 2005.
More than 6,800 existing condo units were sold in the Miami market throughout 2009, 50% more than in 2008, according to Florida Realtors and the University of Florida's Bergstrom Center for Real Estate Studies. The average sale price fell 40% over the year to $142,500, while the statewide average slid 34% to $108,000.
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