A large
Miami condo project, the 1390 Brickell Bay condominium tower, which was planned to go up near Miami's posh Brickell
Avenue,
has been
scrapped. The 49-story, 364-unit development was 90% sold out but due to labor shortages, increasing building costs
and the after effects of a brutal hurricane season, the developer will be returning buyer deposits. Like
Las Vegas, Miami is an
area that is seeing more and more luxury condo projects being announced and less that are actually being built. Given
the slowly stalling real estate market this may be the beginning of a larger fall out of upcoming condo projects.
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Reader Comments (Page 1 of 1)
Finished.Law.School Feb 18th 2006 5:12PM
Didn't Las Vegas have a sales issue?
From your post it does not sound like Miami is having a sales issue which would negate the drop that you are implying. Theoretically at least.
Hemley Gonzalez, CEO, AffordableCondos.com Mar 2nd 2006 4:43AM
Unfortunately, even more projects will be nixed over the next few months. As mentioned here, the rising cost of construction and a terrible hurricane season are to blame; but so are the rise of interest rates and poor planning on the developer's side.
The market for affordable condos, now becomes relevant and a key factor for Miami and the beaches, as we head into a Buyer's market.