From the South Florida Market Report: 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]