Marina Palms in North Miami Beach ups commissions to 7%

Remaining units average $1.5 million

Mar.March 10, 2016 01:30 PM

Developers of Marina Palms Yacht Club & Residences in North Miami Beach have raised commissions on the remaining units in an attempt to sell out.

The 468-unit, twin-tower development has 40 unsold units remaining in the second 25-story tower. Marina Palms will pay its agents 7 percent of the full sales price on units sold with 40 percent deposits, according to a press release. That’s compared to the 6 percent commissions it was paying in stages: 4 percent upon receiving full deposits and the remaining 2 percent at closing.

Marina Palms joins two of Related Group’s projects that increased commissions this year. Related upped commissions to 10 percent, in addition to lowering deposit requirements, for Brickell Heights and SLS Lux. Terrazas Miami also offers 7 percent broker commissions as of a few months ago, according to a spokesperson. That project is more than 50 percent sold.

Most developments offer a standard 5 percent to 6 percent.

And on the office side, Newgard raised broker commissions in February on the remaining 20 percent of office condos at One Flagler in downtown Miami.

Back at Marina Palms, the first building was completed last year with closings recorded as early as November. The second tower is slated for completion at the end of 2016, according to the press release.

The Plaza Group and The DevStar Group are co-developing the waterfront project. Anthony Burns of DevStar said in the release that the change in commissions is a trend in the South Florida market. “You’re seeing other successful projects under construction with their construction financing in place that have a limited remaining inventory offer similar new incentives,” he said.

The development has $185 million in construction financing overall, and more recently closed on an $87 million construction loan in March of last year.

Marina Palms, at the corner of Biscayne Boulevard and Northeast 172nd Street, includes a yacht club and marina with 112 boat slips for yachts up to 100 feet in length, a high-speed fuel point and a sundry store. Additional amenities include butler service, an infinity-edge pool, gym, spa, news cafe and lounges for both children and teenagers.

The average sales price so far has been $1.2 million, and units range from one to three bedrooms, along with a selection of penthouses. The most expensive unit is the grand penthouse which is on the market for $5 million. Michael Internoscia is the development’s director of sales.

Remaining units average $1.5 million, according to a spokesperson.

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