The Real Deal Miami

SoFla developers get cautious after riding a wave of optimism

Luxury market was buoyed by roaring economy and easy money
By Sean Stewart-Muniz | October 07, 2016 09:45AM

Resale inventory has been piling up at Faena House, with about 20 percent of the units in the 18-story condominium tower listed for a total of $148 million.

Faena House

From the October issue: When Argentinian developer Alan Faena announced an ambitious high-end condo project in Miami Beach three years ago, the area’s housing market was riding a towering wave of rising values as it recovered from the 2008 crash.

In the years after its launch, Faena House became a symbol of the heights to which developers could take the luxury market, shattering Miami-Dade’s residential price record with the $60 million sale of its penthouse and selling out its lower units to a who’s who of Wall Street bigwigs. [more]