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REPORT: 76% OF NEW DEVELOPMENT CONDOS SOLD

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More than three-quarters of new condo construction in Miami, the Beaches and Fort Lauderdale has been sold, according to a new ISG Miami Report update.

The “Q4 New Construction Update” tracks sales of condo units in the pipeline and currently built east of I-95 in Miami-Dade since mid-2011, and found that 13,248 units have been sold out of the 17,353 units in Brickell, the Biscayne corridor, downtown Miami, the Beaches, Aventura, North Miami Beach, Coconut Grove, Key Biscayne and Fort Lauderdale.

Here are its findings:

Brickell, Miami River

Sold: 81 percent of 5,913 units
Sold out: 1100 Millecento, Brickell House, Nine at Mary Brickell Village and MyBrickell
Brickell Flatiron has sold 45 percent of its 548 units since launching sales in April 2014. Ugo Colombo’s CMC Group is developing the 60-story condo tower, which is located near Brickell City Centre. Meanwhile, Brickell City Centre’s Rise and Reach condo towers are 88 percent and 40 percent sold, respectively.

In May, Colombo and his partners put the development site nearby on the market in a sign of market recalibration.

Towers including 1010 Brickell, Brickell Heights East, Brickell Ten, Echo Brickell, SLS Hotel and Residences, SLS Lux and the Bond are all more than 90 percent sold, according to the report.

Along the Miami River, One River Point will bring 400 units via two towers, which the ISG report said are not yet on the market. No other projects on the river are included.

Read Full Article | Published January 22, 2016

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