Foreign Investors Drive the Miami Luxury Condo Market

Foreign Investors Drive the Miami Luxury Condo Market

Miami Luxury Condo Market

This is Miami’s flagship condominium high-rise since the housing bust. The new condo is all finished and ready to be occupied. Developer Newgard Development Group finished recently.

The development is called BrickellHouse, the $170 million project is part of a new group of condo towers planned for downtown Miami hotspots Miami condo development slowed to a halt after the building frenzy that lasted from 2003 to 2008.

“Almost all of the inventory that we had has been absorbed in the last 18 months,” said Harvey Hernandez, managing partner and chairman of Newgard Group. “It could not be a better moment for us to launch a project.”

The 46-story tower has 374 residences, ranging from one bedrooms to penthouses. Features include a rooftop sky deck, pool on the 46th floor and a one of a kind automated robotic parking garage.

Buyers will be charged with paying for the construction of the shiny tower under a financing model that will require purchasers to pay 70% of the asking price before construction is completed. That financing model, which is also being used for new condos recently pitched by Related Group, is very common in Latin America, where Brickell House will be heavily marketed. Prices for Brickell House condos start around $200,000.

“Let’s be realistic. The majority of buyers in Miami come from outside of the country. Our buyers here, nobody has 70% . Nobody can afford that.” Hernandez

 

Hernandez said he believes the housing market will have substantially rebounded by the time the project opens, and he was correct.

A condo tower called Villa Magna is approved to open on a nearby plot with more direct water views than the Brickell House site, which could provide stiff competition for Brickell House.

The BrickellHouse project, located off Brickell Avenue, is now open. A Meat Market restaurant has signed on to take up some of the project’s ground floor retail space.

If you are thinking of buying in this awesome new development, give us a call. We can help you own a piece of the Miami Lifestyle. 305-791-5596