Units Are "Flying Off The Shelves"

Analyst: “Things are starting to move through the system"

That, according to the New York-based developer of the 570-unit 1060 Brickell condo in downtown Miami. According to the New York Times, unit prices were slashed 50% earlier this year (from $400/SF to $200/SF) and 200 units "have closed since the discount program began in April." The NYT doesn't say how many of those 200 units were sold since the discount program was unveiled in April vs. how many were closings of units purchased for full price back during the boom. Still, kudos to the developer for being able to repay the $153 million first mortgage to TD Bank and iStar. On the flip side, the developer and his partners lost "their entire investment" and all mezzanine financing at 1060 Brickell.