Wednesday, November 04, 2009
Investment Opportunity in Florida
The Dizengoff Group, a family-owned real estate company based in Israel, has bought 118 condominium units in a complex called Portofino in Jensen Beach, Fla., for $6.75 million. That works out to $53 per square foot, compared with an average price of $204 when the units were offered by the developer in 2006, says Ronen Saban, the manager of Dizengoff’s office in Boca Raton, Fla.
57,000 dollar per apartment? It is dirt cheap!
The company plans to rent out the units until the market recovers. “We have no intention of selling any units in the short term,” Mr. Saban says. Dizengoff is looking for more purchases in good locations.