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South Florida

Brickell condos cut prices, reset market rates for new economic reality

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Developers of new condominium towers in the Brickell neighborhood held out as long as they could, but many are now resorting to price cuts to move units and survive. Patrick O’Connell, managing broker and senior vice president of development at Esslinger Wooten Maxwell Realtors, said 1060 Brickell and Brickell on the River are two projects whose aggressive pricing strategies set a new market rate for high-rise condominiums. Brickell sales shot up 388.9 percent in September 2009 compared to September 2007, an Esslinger Wooten Maxwell Facts & Trends report shows. During that same period, the price per square foot fell 36.5 percent. [Miami Today News]