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400 Beach update

What’s happening at 400 Beach? What happens to the owners there? We get frequent questions about 400 Beach since the announcement of the bankruptcy filing for Opus South, the developer.

First, the only effect on the current owners (since the developer has less than 20% of the total units unsold) should be minimal if they aren’t planning to sell right away. Prices are likely to decline with the sale of these last units, which will affect the current owners trying to sell their units, and will probably have a spillover effect on the Parkshore Plaza condo sales. For those living there, they should continue to enjoy their downtown lifestyle and look forward to some new neighbors.

Second, as far as the unsold units, Smith & Associates, who has been handling sales for Opus, has been soliciting nonbinding offers on the remaining 18 condos. In fact, we have clients with an offer on one of them. We hear that there are multiple offers on some of the units, and that nearly all of the units have an offer. That said, there’s no time frame for when (or if) they’ll get a response, since that’s up to the bankruptcty court. It’s interesting that Smith has removed all but one of the condos from the MLS.

We also hear – though I missed seeing it – that the Wall St Journal had an ad for an upcoming auction – a bulk sale – of Opus South properties including 18 units in 400 Beach.

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  1. john h. marling

    I talked with Mark Brace of Chatham Financial and we’re seeking to resign the CNA and to register for the information on the Water’s Edge Condominium to prepare for the June 25th submission to qualify for a seat at the June 30th 336 auction of the property.

    John H. Marling
    Cell: 407.620.9548

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