The Real Deal Miami

New Miami buildings try to sell despite meltdown

February 12, 2009 12:38PM

New developments in Miami are trying to draw in buyers even as the area’s real estate market collapses. Several developments, including Canyon Ranch, at 6801 Collins Avenue in Miami Beach, and Mondrian South Beach, at 1100 West Avenue in Miami Beach, have sold well. At Mondrian, only 50 of 335 units remain unsold. Still, there has been a price drop of $200 per square foot for oceanfront property, local experts said, and prices have fallen even more in downtown Miami.