Miami’s tallest condo tower to-be nearly sold out

By Emily Schmall | May 09, 2013 02:00PM

Echo Brickell

Although Echo Brickell is not set to be completed until 2017, all but the priciest units in the planned 60-story condo tower have been snapped up.

A month after the condos went on sale, only about 50 units on the tower’s top floors of a total 190 units remain, and these will be sold in a second, exclusive release, Ryan Shear, developer Property Markets Group’s managing partner in South Florida, told The Real Deal.

“We’ve sold out everything that was on the market,” Shear said.

The 750-foot tower, conceptually designed by renowned Uruguayan architect Carlos Ott, will be Miami’s tallest residential building.

Miami condo prices are soaring as demand, particularly from foreign buyers, far outstrips supply.

Much of the new inventory — including at Echo Brickell — is being financed by what has been dubbed the Latin American model, where buyers pay much of the construction costs up front, along with high initial deposits.

“This is the first buyer spree post-crash,” Philip Spiegelman, a principal at International Sales Group, told TRD last month.

CORRECTION: A previous version of this article incorrectly stated that the Echo Brickell will be completed early next year. The building’s groundbreaking is scheduled for early next year, with completion expected in 2017. The article has also been changed to correct  a misstatement that 30 units remain. There are closer to 50 remaining units.