Daily Business Review reports:
Jade at Brickell Bay, one of the success stories of Miami-Dade County’s condo boom era, is leading the pack with a more dubious distinction — the most foreclosures at any condo development in the county this year.
The 48-story luxury tower on Biscayne Bay had 17 foreclosures seeking payment of $15 million, according to court filings this year through May 4.
The news get even more interesting:
Lenders have labeled Jade an “investor hotel” because more than 30 percent of unit owners are deemed speculators, he said. Some put speculative activity in the tower at 60 percent or higher.
Imagine that.
