Porsche Design Tower Resale Inventory Still Over 25 Percent

By
Real Estate Agent with Miami Condo Investments 3127881

As of today, the resale inventory of Porsche Design Tower is at 28 percent, quite high considering it has been open for four years.  Typically, when a condominium building opens, the resale inventory swells to around 20 or even 30 percent but then, over the subsequent year or two, drops to a more reasonable level of around 10 percent. For example, Brickell Flatiron, which opened at the end of last year, currently has 61 units available for sale. That represents just 12 percent of the building's total units (Brickell Flatiron has 527 total units).  

Currently, Porsche Design Tower, which opened its doors in the 4th quarter of 2016, has 37 units available for sale. Perhaps best known for its patented Dezervator which allows residents to travel while seated in their vehicle vertically up the tower directly to their condo's glass-enclosed sky garage, Porsche Tower Miami has 132 total units. Below is a list showing the number of units that have sold in the Porsche Design Tower in each of the four years that it has been opened.  

  • 2017 - 3 sold units
  • 2018 - 5 sold units
  • 2019 - 8 sold units
  • 2020 - 2 sold units (plus one pending sale)

In the first half of this year, Porsche Tower Miami had zero closed sales. In fact, there wasn't a sale in the building until July. A second sale quickly followed in August.  Below are the two sales that have closed this year: 

  1. Unit 5003 sold for $3.75M ($1,096 per square foot) on July 10, 2020
  2. Unit 4004 sold for $3.45M ($1,102 per square foot) on August 17, 2020

It's worth noting that the pending sale is a Porsche Design Tower condo that was auctioned on August 28th. The opening bid was $2.4M. It had previously been offered on the MLS at $4.45M. 

It was once said that 2 percent of the world's billionaires owned a condo at Porsche Design Tower. With over 12 years of inventory, it will be interesting to see how many of them hold on and for how long. 

 

Comments (1)

Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

This is pretty amazing and just the name alone is 20% of the selling point in some ways. :

Apr 03, 2021 12:21 PM

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