Miami Condo Colossus Is Monument to Excess
As of Dec. 31, almost 45 percent of the new condos remained unsold, according to Peter Zalewski, the owner of Condo Vultures Realty, who represents investors seeking to buy condos in bulk and rent them out until the market recovers.
Related has had disappointing sales at two other twin-tower condo developments near its new project: the Plaza, with 1,000 units, and 500 Brickell, with 633 units.
But they pale next to the performance of Icon Brickell, where condos were listed at $400,000 to $800,000. “It could very much be that his masterpiece will also be his downfall,” said Jack McCabe, the chief executive of McCabe Research and Consulting in Deerfield, Fla..."
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