125 Ocean
Drive

The South Florida home to see the biggest price cut today is a
five-bedroom, five-bathroom condo in South of Fifth Condo at 125 Ocean
Drive in Miami Beach, according to data from Condo Vultures Realty. The
$6.5 million Miami-Dade County home, apartment BH3, saw a $1.5 million,
or 19 percent, price cut. It was originally listed for $8 million when
it first hit the market in October 2008. The 5,860-square-foot condo
has a private elevator, concierge service, and direct beach access.
Exilda-Sildy Cervera Quarra of Related Cervera Realty Services has the
listing. (Condo Vultures data includes condos and single-family home
listings in the main metropolitan areas of Miami, Fort Lauderdale, West
Palm Beach and Key West that are priced at $1 million and above, and
that include photographs. Listings are taken from the South Florida
MLS.) TRD Comments

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Developer Related Group has slashed prices 30 percent on its most luxurious new project, the three-tower ICON Brickell condominium in Miami, in an effort to get wary buyers to close on units in contract. Alicia Cervera, president of Related Cervera Realty Services, said the developer struck a deal with lenders, including HSBC, Bank of America and Wells Fargo, to offer the discounts for buyers with existing contracts. About 8 percent of ICON’s units had closed by Sept. 30, for an average price per square foot of about $603, much more than many units are being sold for in the current market. [Miami Herald]

The Greater Miami Chamber of Commerce will look at the downtown condo
market today in a session titled “Downtown Housing: An Honest
Appraisal.” Panelists include Alicia Cervera-Lamadrid, CEO of Related
Cervera Realty Services; Alyce Robertson, executive director of the
Downtown Development Authority of the City of Miami; Ronald Shuffield,
president of Esslinger-Wooten-Maxwell Realtors; and Peter Zalewski of
Condo Vultures. Miami Herald business writer Monica Hatcher will
moderate. The event takes place at the Greater Miami Chamber of
Commerce on 1601 Biscayne Boulevard at noon. Registration and lunch begin
at 11:30 a.m. Tickets are $30. [more]