Posted on 04/20/2026 10:55:34 AM PDT by Miami Rebel
In 2021, the collapse of the Champlain Towers South condo in Surfside, Fla., killed 98 people. Today, the luxury real estate company that is redeveloping the site has yet to sell a single unit inside its planned project, according to The Real Deal.
Damac Properties, a Dubai-based developer, paid $120 million for the 1.8-acre property in 2022 — about one year after the former structure tragically collapsed. The company completed the purchase as the sole bidder in a court-ordered auction of the property, with proceeds going towards the former unit owners, including families of the victims.
However, the sale and redevelopment became controversial as many pushed for a memorial on the site to honor those lost in the incident, The Real Deal reports. Despite the pushback, Damac unveiled a 12-story, “ultra-luxury boutique oceanfront condominium” called the Delmore in January 2025, per a press release. Today, the property's website boasts “37 mansions in the sky inspired by the internationally acclaimed Zaha Hadid Architects.”
But according to a senior vice president of development at Damac, no contracts have been signed at the project. “The initial soft launch we did in January 2025 was premature,” Jeffrey Rossely tells The Real Deal. “We discussed that with the sales team. We thought we would have the sales gallery finished in February [2025]. We also thought the market would pick up after the inauguration of the President.”
The units start at $15 million, but the average falls between $35 and $40 million, with penthouses that could exceed $150 million, Rossely said.
The executive said they have been close to completing several deals, but all have fallen through. One attempt included contracts with a buyer for more than $200 million worth of units, but Damac questioned “the source of funding” and decided not to follow through.
(Excerpt) Read more at people.com ...
however, because of that tragedy, a lot of people can’t sell their condos because they would have to basically rebuild them. People paid a lot of money for those and now they’re just worthless until worked on.
all over the state of Florida, I mean
Derned if I would.
If they would drop the price down a bit, say to $185k and restrictions such as cats only as pets and no children allowed, I might consider it.
“As a Miamian, I find this utterly gross. I’m delighted it’s not selling.”
How do you feel about 2 World Trade Center?
There’s the aspect of building and living in a property that has (relatively recently) seen a lot of death.
Same as not everyone would want to move into a home, where it’s known that the previous owner experienced sudden death.
Logically, it should not matter, but to some, that knowledge will chip away at and dilute the joy of moving into a new place. 5 to 10 years from now, that ‘Hex’ or aura may no longer be factor.
**I don’t recall hearing anything at all about the 98 people who died, but 5 years ago was 2021, and I was still reeling from what I call “The Great Voter Theft of year 2020”.
That , plus Jan 6th, were forefront in my mind.
Imagine the cost of homeowners insurance on that spot of land, if you could get it at all.
Haunted
It was an incredibly sad and unneeded disaster.
Proper maintenance would have prevented it well.
They’re building on the same unstable site?
Was this the one where they determined salt water had degraded the concrete causing the collapse?
Per AI...
“The Florida Condominium Act (Chapter 718 of the Florida Statutes) governs the creation, sale, and operation of condominiums, defining the rights of unit owners and obligations of associations. Recent 2025 updates focus on structural safety inspections (milestone studies), mandatory reserve studies, financial transparency, electronic voting, and increased conflict-of-interest disclosures...”
I think those 2025 updates might hav3 a little to do with this.
Not to mention the karst.
“If they would drop the price down a bit, say to $185k and restrictions such as cats only as pets and no children allowed, I might consider it.”
You might want to add a guaranteed forever condo association fee, cause that’s where they get you and why condos are not selling.
And then there are the apartments, from a couple of weeks ago...
https://www.wesh.com/article/inspection-report-3-foot-gap-soil-ground-level-rialto/70919542
prices that are 100 times over the market people could possibly afford
no wonder it hasn’t been selling, ha ha!
would you pay $600 for a Big Mac?
I made out just fine on my 14-year condo experience. Admittedly, though, my situation is apples-to-oranges compared to the subject matter of the article.
—N Atlanta, not Florida
—standard residential, not seaside
—modest priced, not upscale
I paid $105k cash, lived there 14 years, put in $16k or so refurbishing, sold for $164k, bought in 2000 a traditional one-story slab home w/ .38 acres in Huntsville, AL for $172 cash.
my brother just had to have his fixed up and I think it was like $200,000 just for the repairs.
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