The Real Deal Miami

Icon goes from blockbuster to bargain

February 01, 2010 03:47PM

Units at the luxurious Icon Brickell condo complex, now in the hands of a group of lenders, have dropped to half the previous sales rate. Recent transactions closed at $261 a square foot, roughly a 51 percent discount from the average closed sale prices there to-date. The complex represents nearly 8 percent of all downtown Miami’s unsold condo inventory, estimated now at 22,250 units, according to Condo Vultures, the brokerage and consultancy based in Bal Harbour. The three-tower project has a wide range of prices, from the two 57-story towers and a 50-story tower; altogether, about 150 units have been sold. Since sales opened, 150 units of the complex’s 1,793 have closed at an average of $538 a square foot, Condo Vultures reported. [Condo Vultures]