$30 PSF Price Cut At ICON Brickell West

$30 PSF Price Cut At ICON Brickell West Tower In Greater Downtown Miami
Published on 3/8/2011 1:47:00 PM

The asking price of a new condo at the ICON Brickell West Tower has been reduced by an average of $30 per square foot on a block of units in the 50-story skyscraper that houses the Viceroy Hotels and Resorts.

The developer is attempting to unload a dozen units to individual buyers at an average asking price of $411 per square foot, down seven percent from $441 per square foot.

Under the new schedule, the asking prices range from $346 per square foot to $506 per square foot.�

Developed in 2008, the original asking prices for these units started at more than $600 per square foot, according to newly obtained sales literature.�

The price cut comes at a time when the 148-unit Viceroy condo-hotel is being offered for sale on a bulk basis to a single buying group.

The ICON Brickell project is a three-tower complex with nearly 1,800 units located on the south bank of the Miami River in the Greater Downtown Miami market.

The ICON Brickell is comprised of a North, South, and West tower with a combined 164 stories of residential condos, restaurants, bars, retail, condo-hotel units, spa, and a massive amenities deck.�

The project's North Tower is 57-stories tall with 713 units. The South Tower is also 57 stories but only has 560 units. The West Tower, where the 148-unit condo-hotel is located, is 50-stories tall with a combined 520 condo and condo-hotel units.

As of Dec. 31, 2010, the West Tower had sold nearly 310 units out of 372 condos at an average price of $323 per square foot.

Buyers purchased nearly 50 condo units - an average of 16 per month - in the ICON Brickell West Tower between October and December 2010 at an average price of $345 per square foot.

Considered by many to be the most unique project in Greater Downtown Miami, the ICON Brickell has developed a strong following of prospective buyers and tenants who want to invest or rent in the one-of-a-kind project.

Greater Downtown Miami is a 60-block stretch from the Rickenbacker Causeway north to the Julia Tuttle Causeway, Interstate 95 east to Biscayne Bay. Greater Downtown Miami is comprised of the Brickell Avenue Area, the Downtown Area, and the Biscayne Boulevard Corridor.�

Between 1963 and 2002, developers constructed 11,500 units in the Greater Downtown Miami market. The boom years of 2003 to 2010 nearly tripled the total inventory that exists in the submarket. The overall inventory could have been greater if not for several proposed projects being ultimately cancelled or delayed.