In April, we brought you news of Knightsbridge at Stoneybrooks demise. This week’s Orlando Business Journal reports that TA Associates, a Boston firm, has now purchased the 396-unitÂ condo conversion for $45.3 million. Not bad for a community built in 2000 on 25 acres.
The same fate will await many of those OrlandoÂ communities which are marked “Off Market”Â on our search engine at CondoMetropolis.com. And not all of these are condo conversions. Some are brand new. In either case, the lack of interest given the current market place sealed their fate and the developers have two choices. Faced with mounting debt and pressure from the banks they eitherÂ go to auction, or they sell off to investment syndicates at about 65c on the dollar. The new guys steal the propertyÂ and do what the developer just couldn’t swing: hold the property for 2-5 years until the market improves and sell again at full price.Â A great return on your dollarÂ if you’re the patient type.