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N MIAMI CONDO NEWS — All About Condo Living in the Magic City — Edited by Heinz Dinter, PhD |
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$1B in sales marks iconic moment at ICON Brickell
Developer Related Group announced it passed the $1 billion sales mark at ICON Brickell, a three-tower condo and hotel project in Miami. The condo developer, the biggest in the country, reached the milestone despite what it called the “gloomy forecast for real estate.” Sales figures there do seem to mirror current trends, though it also appears better than many other projects. After starting sales in March 2005, the 1,783-unit project racked up some $884 million in sales by the end of the year. In the six months this year $142 million in units have sold. Roughly 15 percent of the project remains for sale. In the heady days of the condo boom, Related Group would sell out projects in weeks. In a recent interview, Chairman and CEO Jorge Perez wasn’t gloomy, insisting Miami’s long-term prospects are bright, but he wasn’t bubbly either. “What goes up must come down,” he said. “You don’t have huge expansions without a period of decline or adjustment. This is `Real Estate 101.’” Source: www.MiamiHerald.com.
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