The Real Deal Miami

Marquis condo cuts prices white

July 09, 2010 10:30AM

The Marquis condo tower in downtown Miami

The mostly unsold Marquis condo has cut prices as much as 36 percent off
the average completed sales amount with the hope of
jump-starting sales, according to a report by Condo Vultures Realty. The
tower has sold just 16 percent of its inventory, and is now offering
pricing that is, in some cases, as low as $251 per square foot. From
Aug. 2009 to Dec. 2009, there were 15 sales in the tower averaging $481
per square foot; the last 33, however, have averaged $350 per square
foot. A penthouse in the Africa Israel-owned tower recently
sold for $4.2 million
, a 72 percent cut. TRD