Last year, the Icon Brickell was the perfect example of the floridian market during the crisis. Banks were foreclosing on 2 of the 3 towers, investors cancelling their preconstruction contracts.

Today three-quarters of the units have sold.  The banks had forecasted 3 years to achieve the sales of all the units but 18 months were sufficient. Most of the buyers are Brazilians and Argentineans.

On Thursday I was at the Icon with an Italian couple and there were only 200 units left. Their average monthly sale is of 40 units ! We started by visiting this complex and went off to other condos afterwards but the reality struck me as much as it surprised them; nothing was comparable to this high-end Philippe Starck condo design.

As the inventory is decreasing, prices are increasing but they are still lower than 2 years ago. The average price per square foot is $440 nowadays whereas it was $600 during the pre-construction. The price range goes from $365,000 to $1.4 million for penthouses.

Icon Brickell is following the trend of the Miami condo market which increased by 94% in April. If you want to see the available units at the Icon Brickell check them out on my website.