The Canyon Ranch Deal of the Decade
Even in these economic times, the property market keeps moving in Miami and this one really has to be seen to be believed. Miami Beach’s Canyon Ranch, a favorite of ours here at Haute Living, just sold for $291 million, a new bulk sales record for the area.
The sale consisted of 336 units to Florida based investment groups, identified in county documents as FL 6801 Collins North LLC and FL 6801 Collins South LLC, through a New York investment fund. The luxury Canyon Ranch fetched $672 per square foot, a price that insiders conclude will lead industry watchers to speculate that the buyer paid a pretty penny for the landmark oceanfront project.
Canyon Ranch is a three-tower luxury hotel condominium complex located a few miles north of South Beach, perched on the shores of the Atlantic ocean. The luxury spa complex is situated in an exclusive area of the Magic City and is sure to host a myriad of art aficionados for this week’s Art Basel fair with its “Art Pray Love” package deal theme. The individual unit sale price has so far ranged between $800,000 and $1.5million. The Canyon Ranch deal is the fifth bulk deal to close on the barrier island, which is located about four miles east of the South Florida mainland.
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