Miami Developer’s Push To Sell Discounted Luxury Condos

During the past two years, we have experienced several new twists and turns in the Miami residential real estate market. In particular, the condo market which appeared doomed is now clawing its way back.

In spite of the fact that we have some of the most architecturally appealing and inspirational designed condo projects around the globe, with such unrealistic pricing, I have avoided most new projects like the plague. That is, until recent months.

It has taken massive legal bills, extensive negotiations between banks and developers, and some painful decisions by investors, but we are finally moving on from a holding pattern to selling the unsold inventory of luxury condos. The Icon Brickell is a perfect example, and with the handover from the original developer to the bank, the project is already pushing out inventory at attractive market prices.

Our focus these past few months, both as a company and full time professional in the business, has been on educating ourselves on several condo projects that are now attractively priced. The list includes the likes of the Marquis Miami, 900 Biscayne, Icon Brickell, Epic Miami, Capri South Beach, and the Caribbean Miami Beach.

I have looked at plenty of residential developments in my work and travels, both within the United States, as well as outside the country in Europe, Africa, the Middle East, Latin America, Asia and Australia. Yes, you have some incredible new developments in Dubai, Panama City and Shanghai. But when you combine the lifestyle, weather, events, cuisine, design, quality of life, safety, views, spas, value, beautiful ocean and beaches, there are very few places that compare to Miami.

So what, you may ask? Just more of the same realtor Miami spin? Well, then I invite you to come out and see for yourself. Following your property tour, you tell me if purchasing at $350 per square foot for a full service, luxury condominium in Miami is not an attractive proposition?

Are you looking for a Miami or Miami Beach property at a deep discount? Are you looking for a luxury condo at the Marquis Miami, Icon Brickell, Capri South Beach, Caribbean Miami Beach, Epic Miami or 900 Biscayne? Ross Milroy of Miami Angel Properties, LLC may be reached at 305-673-5300 or info@miamiangelproperties.com.

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Akoya Condo Miami Beach

PRICE: $225,000  **CLOSED SALE $239,000**

Description | Wake up in the morning and enjoy your coffee in bed while looking at the stunning views of the ocean and Miami Beach. The warm tropical water and beach is at your doorstep. This foreclosure is being offered at a huge discount considering that this property sold for $680,000 in 2006. The Akoya Condominium offers full amenities with affordable maintenance fees. For additional information on this foreclosure property at the Akoya Miami Beach call 305-673-5300 or email us info@miamiangelproperties.com.

Address | 6365 Collins Ave, Unit 1410, Miami Beach  -  map it

Property Type | Condominium
Year Built | 2004
Living Area | 683 SF or 63 m2
Bedrooms | 1
Bathrooms | 1
Waterfront | Y

Download a full description (PDF):

6365 Collins Ave _1410 (Right click the link and choose “Save link as”)

The New Miami Icon

This month the much talked about high-rise residential development known as the Icon Brickell, located at 495 Brickell Avenue in downtown Miami, will start closing on units and open it’s doors to new residents. A couple of weekends ago, I visited the site to get a feel of this enormous condo project at the mouth of the Miami River.

The first thing that jumps out at me are the several gigantic heads, something reminiscent of the Maoi of Easter Island, staring at me as I enter the premises. Multiple shapes, colors, sizes, textures and even a few with lights in their eye sockets. The site is impressive from which the three Icon towers rise in the Miami skyline. I am drawn to the waterfront area and the historical Tequesta Indian settlement, or better know as the Miami Circle. Here it sits directly in front of the “north” tower, almost invisible and certainly not representative of a 2,000 year old archaelogical site. 

So this is Icon Brickell. Three modern glass towers as high as 57 stories tall, all containing 1,800 units and 148 hotel rooms. Spas, fitness centers, movie theater, club rooms, cabanas, pools and multiple sun decks. It’s now 2pm and the middle tower is lost somewhere in the shade of the north and south towers. I imagine that natural light is going to be a premium and so is getting the buyers in contract to close.

According to the Daily Business Review, buyers of 120 condos no longer want to be part of this architectural Miami Icon. They are suing to recover $13.7 million in down payments on condos with purchase prices totaling $68.4 million. The suit claims that the developer failed to complete the project on schedule in 2007.

I cannot help but wonder the fate of this Icon. How many buyers will close and how many will follow that dreaded path to foreclosure? Hopefully these Easter Island heads will not become the living faces of sacred Icon Brickell owners.