Over the past few months, the amount of activity in Downtown Miami has been off the charts. Developers and construction lenders have agreed to bite the bullet on many projects and have slashed priced to near fire sale level. In the past quarter, projects such as 1060 Brickell, Brickell on the River, and the Ivy have completely sold out. 500 Brickell is very close to selling out as well. These buildings were on the Fannie Mae approved list and units were sold to foreign investors and second home buyers.
If you do a real estate search online, you won't find most of the developer units listed, which is the majority of the available inventory. It's in your best interest to work with an established real estate professional who has their pulse on what is available in the Downtown Miami buildings, like we do at Miami Condo Shop.
Perhaps the most notable project in Downtown Miami, the more than1,800-unit ICON Brickell just announced that it has lowered prices by 30% for buyers who have yet to close under original preconstruction contracts. In addition, now with the Starwood Capital Group controlling a significant amount of unsold condo units in Downtown Miami, we are likely to see more great deals offered by other developers.
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