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Icon Brickell is the best investment today in the Miami real estate market

18 Jun

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.

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Posted by on June 18, 2011 in News

 

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