What once symbolized the glut of condos in Miami now symbolizes the condo turn-around. The Icon Brickell condo faced major problems as speculators walked out on sales contacts, sat half-empty, and faced foreclosure.
However, the condo complex represents some of the things that are going right in this horrific housing market today.
The complex, composed of three towers, had two towers seized by a group of banks. That was one year ago, but since then 930 units have been sold. This means that a building that was 3/4 empty is now 3/4 sold. The third tower, which was not seized by lenders, has sold 518 of its 520 units.
The banks retained the services of Fortune International Realty to market the project and they have spearheaded the turnaround with their marketing efforts. According to the head of Fortune, the banks expected it to take three years for the building to sell out. However, its expected that they will sell out in 18 months. Fortune believes that the remaining 250 units will be sold by year’s end.
Across the board we see price-slashing in the current market and this is what has helped Icon emerge from failure. For example, pre-construction sales had prices at about $600 per square foot. Presently, they are at about $440 per square foot.
With condo sales up 94 percent in April as compared to April 2010 and prices being cut, it certainly seems that amid this recession, the Miami condo market is a bright spot. Potential buyers need to take advantage of the current market conditions.
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About the Author – Gabriel de las Salas is an attorney with the law firm of Alvarez & Barbara, LLP. His practice is focused on general civil and commercial litigation, including personal injury, insurance claims and real estate disputes. Mr. de las Salas received his B.A., cum laude, from the University of Florida, and his J.D., from Stetson University College of Law.