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In the article “Miami Condos on Upswing,” The Wall Street Journal reported Tuesday that the Miami condo glut is coming to an end. The article points to a 539-unit bulk deal at Midtown Miami which recently sold for $110M, or $183 per square foot. This has marked an important milestone in the city's housing recovery.
The article also states that Icon Brickell, with 1,796 total units, now has fewer than 20 units remaining as of October and is expected to sell out in November.
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The Downtown condominium project Paramount Bay is also mentioned. The condo launched sales around mid-October. Around 70 units are either closed or under contract and only 4 of the 11 penthouses remain. Paramount Bay is designed to be a mix of refined city apartment and casual beach house décor, with Lenny Kravitz’s New York-based firm, Kravitz Design Inc., to create the artistic vision for the property. Marquis Residence, a 292-unit luxury condo development located in Downtown Miami which was not mentioned in The Wall Street Journal article, is now over 75% sold.
Needless to say, it very well seems that 2011 will represent the year that the Miami condo glut came to an end. The next couple of years will be filled with new projects, such as the Resorts World Miami, the Citi Centre, and many more. Today is a pivotal moment in Miami's history, a time where the city's image and realty are being fully reshaped.
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