, 2023-01-14 08:00:01,
Just off the coast of Miami Beach, on ultra-exclusive Fisher Island, there is one crane on one construction site. It is the last plot of land available for development and an unlikely bet on luxury real estate at a time when the housing market appears to be in freefall.
Jorge Perez, also known as “the condo king of Miami,” and his Related Group are behind the 10-story, 50-unit project that boasts a sell-out price of $1.2 billion. They paid $122.6 million for the land, at the top of the market.
Units start at $15 million. The project includes a $90 million, 15,000 square foot penthouse and a $55 million ground-floor villa with a half-acre backyard. The building will also have its own slip for mega yachts. Sales just started last month.
“Almost 30% of the units are spoken for,” said Perez. “Contracts have gone out for over $300 million, and we haven’t really done any marketing. Nevertheless, should the market slow down a little bit, we’re in a fortunate position.”
Buyers have to put down a 50% non-refundable deposit for pre-construction sales.
Perez said initial buyers hail from Brazil, New York, Canada, Mexico and Israel. He said he is seeing far more domestic interest than in the past, as Miami had traditionally been a haven for foreign investors. That appears to be echoing all over the city.
“Miami is an international-focused market – 80-90% international – but it flipped during pandemic,” said Danny Hertzberg, a luxury real estate agent with…
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