The Real Deal Miami

Brickell closing prices drop 26 percent

April 14, 2010 01:49PM

While sales at Miami’s Icon Brickell, South Florida’s largest new condo project, which launched sales in 2008, may have picked up in the first quarter of the year, closing prices haven’t been so hot, according to the South Florida Business Journal. Developer Related Group sold 162 units at the development during the first quarter of the year, according to Condo Vultures, but the average sales price was $404-per-square-foot, down around 26 percent from the $543-per-square-foot average sales price seen before. While the development still has 1,400 units to sell, according to Peter Zalewski, a principal with Condo Vultures, the new closing prices could help matters. “The simple reason why Icon Brickell product is moving today is that the pricing has come crashing down to levels that some buyers consider to be good value,” Zalewski said.