Bal Harbour resort proceeds

Construction continues on the St. Regis Resort & Residences and should be complete within 18 months. One of three 27-story beachfront towers has reached the 21st floor, while construction of the other two is to the 13th and fifth floors. John Manrique, the project’s vice president of sales and marketing, said that even though a recovery may be well underway by the time units open in mid-to-late 2010, prospective buyers are looking at units as secondary homes rather than simply short-term real estate investments.