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The Real Deal Miami

Miami’s high profile condos are back from the dead

October 27, 2011 02:20PM

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From left: Trump Royale, Trump Towers and Icon Brickell

Miami condominiums are selling at a record pace, according to recent market reports, and the New York Post singled out some of the area’s highest profile projects to see whether they were experiencing a corresponding uptick. The answer was a resounding yes.

Even in buildings that were previously thought to be destined for failure.

Dezer Development said that it sold more than $100 million in Trump units during the summer months, for an average of about $525 per square-foot, at the 384-unit Trump Royale and the three-building, 813-unit Trump Towers. All told, just 75 units remain in those buildings. Just two years ago buyers were walking away from units en masse in the building.

The Related Group’s 1,800-unit Icon Brickell has just 30 remaining units, when factoring in contracted apartments, despite two of its towers being deeded back to lenders in 2010. Even CEO Jorge Perez admitted to being surprised by the sales pace. His next project, MyBrickell, already has 60 reservations before being complete.

As previously reported, the W South Beach also experienced strong sales this summer.

In addition to the plethora of Latin American buyers, the Post attributes the sales spike to the many luxury amenities that have begun to sprout in the new buildings and the high-end retail proliferating in Miami’s Design District. [Post]