Unsold Pre-Recession Condos in Broward on the Market
- Sep 29, 2014
Pembroke Pines, Fla.—The remaining condo units at Marquesa, a property in Pembroke Pines, which is in Broward County, Fla., are being taken to market. Originally built as an apartment development in the large 1990s, a condo conversion began in 2006 but 252 units remained as rental in the wake of the recession.
The three-story, concrete block property features a mix of five different floor plans, ranging from one- to three-bedroom units with an average size of 1,113 square feet. Common amenities include two lakes, a resort-style pool, clubhouse, theater room, 24-hour fitness center and racquetball court, a playground and garages.
Each unit boasts 9-foot ceilings, walk-in closets and full-size washer-dryers.
The property recently underwent an $875,000 capital improvement program. In addition to exterior painting, landscaping and enhancement of common amenities, 42 of the remaining 252 units also underwent interior renovations.
There aren’t many leftover condos left over from the late 2000s South Florida real estate crash. According to CondoVulture, by the end of 2013, only 1,780 condos from a pool of nearly 49,000 created during the mid-2000s boom remained unsold market-wide.
CBRE is taking the units to market. CBRE Capital Market’s Robert Given, along with Zachary Sackley, Gerard Yetming and Mary Kate Swann, form the marketing team for the property.