Miami Beach condos typically receive a great deal of acclaim, especially new ones that beat the odds and become a success story during a time when developers have trouble getting people to invest in the next best thing. And then there are the condos that generate lots of early hype but for whatever reason fail to become the success story they deserve to become. This is the [brief] story of Artecity.
Artecity is a heavily hyped five building complex boasting ultra modern features and amenities and 202 Miami Beach condos to choose from. While many of the units within were sold during its construction, 127 of those remained unsold plus the price per square footage was considered unusually high which did not help the building when the market went from bad to worse. Fast forward a year after filing for bankruptcy in order to prevent foreclosure and now Artecity is back in the hands of its lender after receiving zero bids during a court auction.
While Artecity is not the first condo to experience financial trouble, many projects have emerged from their problems to become popular. Keep in mind that Artecity is only one exception and there are many Miami Beach condos available for purchase at signfiantly reduced costs. We'll keep you updated on the future of Artecity.