28 Jan 2021
Attorney, Victor Recondo, partner of Miami-based law firm Solomon, Cooperman & Recondo represented the seller of two vacant lots located at 228 and 302 West Dilido Drive on the Venetian Islands in Miami Beach, Florida.
MIAMI, Jan. 11, 2021 /PRNewswire/ -- Attorney, Victor Recondo, partner of Miami-based law firm Solomon, Cooperman & Recondo represented the seller of two vacant lots located at 228 and 302 West Dilido Drive on the Venetian Islands in Miami Beach, Florida. The sale of the waterfront lots, for $15.2 million, appears to beat the prior record sale in the area of $6.5 million for property located at 412 West Dilido Drive in 2016.
"Selling vacant land is never easy for a seller. Buyers will spend considerable amounts of time performing due diligence to ensure acceptable development conditions. Our firm represented the seller in their initial acquisitions of these properties, so we were well positioned to ensure the transaction proceeded swiftly and without any issues," stated Mr. Recondo.
The lots were sold to well-known California based developer, Zach Valle, who has been on Bravo's "Million Dollar Listing" series. Mr. Valle plans to develop the lots into a single-family home mansion for his family.
"This sale represents the continued resiliency of the ultra-high-end market in Miami Beach, despite capital market restrictions fueled by COVID-19. Miami and Miami Beach remain a preferred destination for developers like this, while Florida, as a whole, continues to attract businesses and individuals seeking to take advantage of Florida's favorable tax benefits."
Victor Recondo focuses his practice on complex commercial real estate transactions. Mr. Recondo regularly advises clients on the acquisition, disposition, and financing of commercial real estate. Solomon, Cooperman, & Recondo also represents top real estate developers and homebuilders including Lennar, as well as major banks, REITS and other investors. The firm advises clients on over $10 billion in real estate assets and projects.