Banks Prepare To Seize Icon Brickell Condo Tower
Miami has been one of the toughest condo real estate markets in the past few years but for the most part the luxury condos have had a little better time of it. But now the Wall Street Journal reports that one of Miami's most high-profile developments, the Icon Brickell is being taken over by a group of lenders led by HSBC Holdings PLC and Bank of America Corp. We wrote about the lavish project last September when we heard that Jennifer Lopez and Marc Anthony had purchased a unit in the building. The three-tower condominium designed by Philippe Starck is in a complex that includes the Viceroy Miami Hotel. Building amenities include multiple pools, a spa and fitness center, five restaurants, rooftop pool club, concierge and valet services. According to the WSJ article Related Group will remain the manager of the complex.
The project was completed last year but presales began in 2006 when south Florida real estate was at its height. Although many buyers put down deposits on the nearly all of the 1,800 condo units less than 200 sales have been completed. The article says that prices are now about 30 percent off the peak prices (now around $550,000 for a two-bedroom unit) but some buyers may still balk over the steep condo fees. The amenities are so lavish that maintenance in the building is equally expensive. For a look at what buyers get, check out tour images at Miami Condo Investments.