The market rang up its lowest per-square-foot-price in at least five years today when international condo investor Rodrigo Nino (middle left photo) of New York purchased 10 units in the Brickell on the River South Tower condominium for $156 per square foot.
That price was a 43 percent discount off of the project's average closed price, according to a new report from Condo Vultures®.
Despite being located on Biscayne Boulevard in Greater Downtown Miami, the Everglades On The Bay has closed only 9 percent of its 849 units at an average price of more than $425 as of June 30, according to Condovultures.com.
On a transaction basis, this is the sixth bulk deal to close in Greater Downtown Miami and the 11th overall dating back to July 2008. Nine of the 11 transactions have occurred in Miami-Dade County, and two have closed in Palm Beach County, according to a recent Condovultures.com article.
"Lifestyle is not just a word to the European or Latin American buyer," says Nino, sitting in the office of the Trump SoHo Condo-Hotel, one of the local projects his company represents.
The "best" include 24 developments in more than eight countries.