The Real Deal Miami

SoFla developers get cautious after riding a wave of optimism

Luxury market was buoyed by roaring economy and easy money
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]