The Real Deal Miami

Price cuts at ICON Brickell

October 21, 2009 04:13PM

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]