Prices at Icon Brickell, the marquee Miami luxury condo development, have dropped as low as $298 a square foot from a peak of $650. Two lending groups that have taken control of the Related Group’s project have helped push prices down while angling for a financial advantage. One group, led by HSBC Holdings, has the mortgage on the first two towers of the three-tower project; Bank of America backed the third tower. Both groups have been actively involved in setting prices in the Icon complex. [WSJ]
Icon prices plummet as lenders squabble
January 18, 2010 02:14PM
January 20, 2010 at 12:34 pm, Anonymous said:
Bank of America Posts Loss for Year and Quarter HSBC has profit. The lower prices are because of BoA not Icon, per se.
January 19, 2010 at 4:11 pm, Anonymous said:
BofA backed a condo/hotel in Icon III, all units cash only, no FHA mortgages available, thus the lower price. The HSBC Towers I & II at Icon are FHA mortgage approved condos, thus prices are stable.