By Sunny Isles Real Estate Expert on May 1st, 2012
site that featured oceanfront property has recently been purchased by Edgardo De Fortuna – owner and founder of Fortune International. The site will be used to build a new luxury Sunny Isles oceanfront condo, but the company that deal with the foreclosure of the Paramount Bay Condo has now acquired the 2.2-acre site. The stunning lot located in Boca Raton was won after the loan was sold to Sunny Isles Property Holdings. Carlos Mattos of the Hyundai Colombia Automotriz seized the property and then sold it to the affiliate for $22 million.
is associated with luxury ocean front developments, several of which were built by Fortune International. However, this marks a significant real estate purchase for the company. Acquiring this 2.2-acre oceanfront property is a significant shift in the real estate landscape in the area. While it is not known exactly how the property will be used, there are many excellent options that Fortune International can use to leverage the property.
The speculation surrounding the multi-million dollar purchase of property by Fortune International has sparked conversation about whether the housing market is in recovery. Since many figures have pointed to an improving housing market, it is no surprise that a property this desirable has changed hands. Led by Edgardo De Fortuna, Fortune International has been responsible for creating condominiums on Jade Beach and the Jade Ocean Condos. If they continue down the same path, they may decide to build luxury condominiums on the gorgeous piece of property.
With business markets rebounding significantly and housing markets right behind them, optimism and confidence seem to be the pervasive emotions surrounding the state of the economy. While economists state that there is still far to go until Americans experience a full, complete recovery, the improvement in housing market statistics, business sales, the unemployment rate, and job creation is very promising.
With the acquisition of this property, Fortune International will be able to begin building on the stunning Sunny Isles condo to create luxurious oceanfront condominiums or any number of other commercial properties. With the housing market in recovery, Edgardo De Fortuna has taken advantage of the low housing and interest rates and purchased a wonderful oceanfront property in Sunny Isles.