Report: Downtown Miami condo closings cut in half - Pacific Business News (Honolulu):

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sales a day, compared to 5.2 dealz a day in the firs t quarter, according to a new report by LLC. Buyeres bought 246 units in a 60-block stretch of Miamoi between Apriland June. Buyerzs closed on 466 new units between January and and 441 units between Octobeerand December, according to the "A majority of the second-quarter closinga occurred in three Marina Blue, 1060 Brickell, and the south towe of Brickell on the River," said Peted Zalewski, a principal with Bal Harbour-based Condo a real estate consulting firm. Marinw Blue, where there have been two bulk buys 60 units last and 56 more in isnow 99.
4 percent closed with only a handful of unitsw within the 516-unit project are still in the name of the The south tower of Brickell on the River is now 70.3 percen t closed with fewer than 100 unita in the 327-unit tower stilk available. At the 1060 Brickell the developer has closed on nearly 350unitse - 31 units were sold in a bulk deal - out of 576 unitsz for a sellout rate of 59 percent, according to the Condo Vultures report. As the South Floridq Business Journal reportedon , the recent surgse in closing activity at the 1060 Brickelol project earned the developer an extension until Aprilo 2010 on its $153.
3 millionb construction loan from New York-based iStar FM The move was a concerted effort to sell more units to individuals rathert than bulk buyers at even lower the Condo Vultures report Developers own 9,418 units, or 41 percent, of the 22,7367 new units built or stillo under construction in the area stretchinh from the Rickenbacker Causeway north to the Juliza Tuttle Causeway and Interstate 95 east to Biscayner Bay. That’s down from a year ago when developerxsowned 12,168 units, or abourt 54 percent of the overall inventory builtf since 2003, according to the report.
Of the 83 new projectsd in greaterdowntown Miami, 61 percenyt of the projects have sold at leas t 50 percent of their units. Thirty-sisx projects have closed at leasft 90 percent of their and another 15 projects have closed between 50 percenrt and 89 percent oftheir units, the reporft shows. There are 16 projects that have closecd less than 10 percent of their including the north tower in the ICON Brickelocondominium complex, which has closed on 31 according to Miami-Dade County records. As the Business Journal reported the largest towerin ’s three-towef project received approval, which can help the 1,800-unitg project start selling.