Prince Royce Selling Home in Coral Gables

By Sunny Isles Real Estate Expert on November 29th, 2016

Coral Gables home for sale

Prince Royce, or Geoffrey Royce Rojas, is one of the most successful young singer/songwriters working today. Originally from the Bronx, he always had an interest in music and was signed to a label in his late teens. His first album came out in 2012, and he saw success very quickly due in part to the successful singles “Corazon Sin Cara” and his cover of “Stand by Me”. The famous musician did as many celebrities do and turned his eyes southward to buy a luxury home in Coral Gables Miami.

Selling the Home in Coral Gables Miami

He bought a beautiful property in Coral Gables, and by all accounts he loved the property, and made some nice additions to it. However, he had an issue that caused him to owe a substantial amount in property taxes. This led the pop star to list his home for $3.75 million recently. He bought the home for $2.99 million.

It is a very impressive property, which has 5,212 square feet. The large windows provide some great views, and the open floor plan gives the place a nice, flowing feeling. It includes four bedrooms and four bathrooms, and excellent overall design from top to bottom.

Of course, one of the most interesting features to consider is the recording studio, which is included in the price of the home. This studio is fully operational and soundproof. It could be a nice option for any other musicians out there who are looking for a place in Florida.

The home has quite a few other features that help to make it a great choice. The new owners will enjoy a spa, outdoor kitchen, billiards room, and a pool. The overall design of the home is modern with clean lines. Of course, since this property belonged to a celebrity, you can be sure that there is also a high-quality home security system as well.

Another one of the nice features is the price. While $3.75 million is nothing to scoff at, plenty of other homes in Miami, that don’t offer nearly as much, are selling for higher prices. Many out there might see this property as something of a bargain.

Overall, the property has quite a few things that help to make it a nice choice. The location in Coral Gables is yet another benefit. It is only a short distance south of Downtown Miami and Miami Beach. You have enough distance between you and the downtown area to still have a feeling of privacy, but you are close enough to reach anywhere you want to go with a short drive.

If you are looking for a home in the Miami area, this might be something you want to put on your radar. The fact that it belonged to a well-known singer is just another feather in the property’s cap. Whether you are looking for a family home, a vacation home, or you are a musician who loves the idea of having a pre-built studio in the home, check it out.

LeBron James’ Mansion Sells for $13.4 Million

By Sunny Isles Real Estate Expert on November 28th, 2015

Miami sold home James le Bron

LeBron James may not be too happy with the sale of his home as it was under $1.6 million from the last ask. The owners of Mayfair in the Grove, Timo and Nathalia Kipp, purchased the home to use as their new primary residence. They closed in August, 2015. They have purchased the property for $13.4 million.

LeBron James, the NBA superstar, originally placed the house on the market asking $17 million for it. This was in October 2014 and after one year of no real interest, James lowered the price. The Kipps had been eyeing the 12,178 square foot property for a while, but thought the price was too high.

The $13.4 Million Home

The property located at 3590 Crystal View Court in Coconut Grove boasts a 4,500 square foot guest area with a lounge and game room, an infinity pool, an outdoor kitchen, private theater, office, and wine cellar, according to The Real Deal. Most impressive is the addition of a concrete dock with space for two 60-foot yachts.

The home has 6 bedrooms and 8.5 bathrooms and private master rooftop sun deck. Glass doors open to covered terraces. The private estate offered state-of-the-art security and security quarters, according to The home was built in 2010 and includes a three-car garage. The guesthouse features one bath, one bedroom, and a living room. Interior features from the main house include an elevator, walk-in closets, pantry, and a bar, not to mention the beautiful view of the bay.

James leBron sold his mansion in Coconut Grove; however, he is enjoying an even larger one built in his hometown of Akron, Ohio. This new home boasts 6 bedrooms, 8 full baths, and 6 half baths. The kitchen offers stainless steel appliances and wood paneling, pulled together by a circular island and bar stools.

Forbes describes James’ new home as “basically a castle plopped in the middle of Ohio.” This “castle” also houses a basketball court and small garden maze on its seven acres. The property is expansive.

James also built a “man cave” into his home considered larger than some actual sports bars. Forbes reports that at Thanksgiving last year, James invited his entire NBA team to hang out with him in this room. It is decorated in warm and vibrant hues of oranges and reds and features a pool table and bar.

Even the master bathroom in James’ new home speaks volumes in regards to luxury. Similar to the bathrooms at 3590 Crystal View Court in Coconut Grove, the tub is extra deep and decadent.
No matter which home LeBron James decided to live in, his choice is high-quality. This high-quality in real estate must be what caught the eye of Timo and Nathalia Kipp. Now that they are the new owners of the home in Coconut Grove, the question will be what new additions this couple will make to this already expansive property.

Why Do Celebrities Come to Miami?

By Sunny Isles Real Estate Expert on July 29th, 2013

Miami celebrities homes for sale

Miami Beach Luxury Estates

Miami has a reputation for attracting celebrities. Particularly areas offering luxurious homes for sale in Miami Beach, luxury waterfront homes in Fort Lauderdale and most beautiful Coral Gables estates, which have many of the qualities that celebrities look for in housing. Aside from large price tags and luxurious estates, there are some aspects of housing in this area of the nation that make it particularly amenable to the needs of celebrities and other individuals who have high profiles for other reasons, such as government officials.


Many areas in and around Miami have gated communities or, at least, security that is available to help maintain the privacy of residents. For many people who have a high profile, this is an absolute necessity. As just one example, Fisher Island residences is one of the most expensive places to live in the United States. Some of the people who live there live there because they are wealthy enough to afford such luxury, but other people live there because the island is entirely private. People who are very well known can go about their lives normally without worrying about being recognized, hassled or having to deal with any of the other drawbacks that do come along with being publicly known.

Exclusive Areas

In addition to having a very vibrant and diverse culture, Miami does have some very exclusive areas of town. Areas such as Bal Harbour real estate, of course, open to anyone and everyone who wants to come down and enjoy some of the most upscale shopping in the world, but there are many well-known people in that area most of the time and, because of that, people who do have a high profile can enjoy going out and about and not standing out among the crowd. This is one of the more attractive elements of living in the Miami area, given that it doesn’t necessarily mean having to live in a gated community all the time.


Of course, if you happen to be living well, it doesn’t make much sense to not enjoy it. Miami has some of the best nightlife in the world. Take the distinctive music of the city, the characteristic colorful lighting and the very active and energetic streets and you have the recipe for an incredibly gratifying night out on the town. Whether you want to go somewhere casual and enjoy some dancing or go to some of the most exclusive establishments in the country, you can do it in Miami.

Miami real estate

has a lot to offer for people who are easily recognizable in public and who want to simply live a good life and not have to worry about being singled out constantly. Of course, many people of means do want to invest their money and, because the Miami real estate market has been picking up remarkably well in recent years, more people are moving here all the time. For privacy, upscale living and the ability to choose between many different types of luxury homes, Miami is very difficult to beat. These are only some of the many reasons that so many famous people are attracted to the city.

The Many Faces of Coral Gables Real Estate

By Sunny Isles Real Estate Expert on May 9th, 2013

Coral Gables waterfront home

Coral Gables Miami waterfront homes for sale

South Florida is replete with luxury homes – the east and west coasts, not to mention the Keys, offer a variety of luxury living options. However, few areas come close to what buyers can find in Coral Gables. Homes here offer incredible luxury, some of the most amazing amenities available anywhere, and give owners almost immediate access to Miami, Miami Beach, South Beach, the Florida Keys and many other areas as well. What’s the market like for Coral Gables real estate? What can prospective homeowners expect to find? Here’s a quick glimpse of the wonders that await you.

Unparalleled Luxury for Homebuyers

Miami Beach waterfront homes

offer some of the most luxurious homes in the state, but even that pales in comparison with Coral Gables homes. These are the cream of the crop – running the gamut from sprawling estates to lavish mansions and Mediterranean villas. In terms of price, they can run as high as $30,000,000 or as low as $270,000 for a condo in the Gables Waterway Towers. The single rule here is luxury – immaculate grounds, colonnades, private docks, secluded home sites on private peninsulas.

Coral Gables waterfront estate

Variety Is the Spice of Life

As you might have guessed from the information above, the variety of Coral Gables home is tremendous. While the area is famous for its tremendous selection of multimillion-dollar single-family homes, there are also lower-priced single-family homes as well as condos available. This ensures that anyone can find an option that fits their lifestyle needs and budget, while still enjoying all the benefits of life in the area.

Features to Die For

When it comes to features and amenities, Coral Gables homes don’t skimp. Some of the most impressive features available with these luxury homes include deep-water access for yachts direct from the grounds of the homes, as well as docks and bridges out to the bay and into the estuaries. Other features commonly found in these homes include infinity edge pools and private spas. Some homes offer private observatories, two-story libraries, staff quarters, in-law wings and stunning courtyards.

Other features on offer include some of the most incredible construction materials. From limestone floors to natural wood and stone walls, terra cotta roof tiles and full-glass window walls can all be found in the market here. Sumptuousness, elegance, beauty and high-end luxury dominate throughout the area.

You Need Help Entering the Luxury Market

Sorting your options isn’t something that’s easily done on your own. You really need the guidance of an established luxury Coral Gables real estate expert. When it comes to Coral Gables, you’ll find that ONE Sotheby’s International Realty is the most preferred option in the market. With a reputation for dealing with high-end luxury homes in all corners of the world and the highest ranked expert realtors in the industry, you’ll find all the advice, help and guidance you’ll ever need. Whether you’re seeking a sprawling mansion in Coral Gables with luxurious grounds and 10 bedrooms or you’re more interested in living the pampered condo life, Sotheby’s can help you.

Foreign Capital Is, In Part, Fueling the Sales of Luxury Properties in Miami

By Sunny Isles Real Estate Expert on February 11th, 2013

Miami Beach Condos For Sale

Miami Beach real estate

In the last 12 months, the luxury Miami real estate

has experienced an unprecedented amount of growth. Many individuals interpret this information to mean that the housing market is making a comeback. While the evidence certainly points towards this, what most people do not realize is that foreign capital has become a significant driving force behind the growth of luxury sales in the city.

In particular, prospective buyers from Latin America are flocking to Miami in droves. In a recent fourth quarter report, released by Marcus & Millichap, it was stated that foreign capital from Latin American countries was the single biggest force behind multi-family acquisitions. The growth of the local economy in Miami remains so-so, but according to the report, “expanding access to acquisition debt at low interest rates and rising rents are sustaining investor demand.”

Miami homes

as well as Miami condos in upscale areas of Miami, like Miami Beach, have begun to exchange hands with a first return of roughly 5%. By comparison, similar acquisitions in nearby Coral Gables are producing first year returns in the low 6% range. Another section of the report has this to say on the subject:

“Miami-Dade also continues to cement its stature as a safe haven for Latin American and European capital, and many foreign buyers are stepping up multi-family acquisitions, frequently in all-cash deals.”

However, it is not just interest from Latin American buyers that is fueling growth. Purchases made by buyers from China, India, and Brazil have become quite common. In particular, Brazil and India have become home to individuals with new wealth, which is affording them the opportunities to purchase homes abroad that were not present before. Other buyers are choosing to sink their cash into the Miami waterfront homes as well as the housing market as a whole, creating a safe method of protecting their wealth.

Lawrence Yun, who is the head economist for the National Association of Realtors, stated that 77% of Miami’s high end realty firms had worked with foreign buyers in the last year. In contrast, only 27% of high end realty firms in the United States had worked with foreign buyers in the last year. These levels of interest have been unprecedented. In an effort to protect their privacy, many foreign buyers make their purchases behind the shield of lawyers and limited liability companies.

The prospects for the Miami housing market in 2013 appear to be solid. In addition to the influx of foreign buyers, other factors, such as falling vacancy rates and an increased pace of job growth, have the housing market looking healthier than it has in years. Another exciting component is that an increased number of Latin American based companies are now choosing to make Miami their headquarters. As more and more individuals with buying power begin to transfer their home base to Miami, it is expected to fuel the growth of the housing market even more.

It is going to be exciting to see what 2013 brings this year.

What Is My Miami Home Worth Now Days?

By Sunny Isles Real Estate Expert on August 22nd, 2012

Miami real estate

Miami waterfront homes for sale

One of the first questions a Miami realtor

will get asked by a homeowner would be “what is my property worth?” Of course, when a homeowner makes the decision to sell Miami home, they will want to get the most value as possible out of it. If you are planning to sell your own property, then you may have the question as well. Do you know how much your home is worth? Do you know what a realtor will need to do in order to provide you with an accurate value? Because this is such an important part of the home selling process, it is a question that you need to know an answer to.

What it Takes to Get a Value

When you first call or email the realtor, you must remember that they will not be able to provide you an immediate exact value. In fact, if a realtor gives an exact value without doing any legwork, then you should not trust that value. There is no way to get an exact number without doing a thorough research. However, the realtor should be able to give you a ballpark estimate. This estimate would be based on the values of similar homes sold in the area. This will not be an exact amount. There is a great deal of more work that will need to go into determining the value of a home. Here are a few things that the realtor will need to do.

In fact, Miami real estate market research

will be a must. The realtor may have a basic idea of the housing market in the area, but there will need to be research as well. This research will give the realtor a better idea of not just how much people are asking for their homes, but also how much those homes are actually selling for.

Determining affecting factors. There are a number of things that could affect a home value to make it different from the market average. Some of these factors could include grounds improvements like swimming pools or problems like a rundown home on an adjacent property.

Viewing the property. In addition to doing this type of research, the realtor needs to actually view the property. Through a discerning eye, the realtor will be able to get a more realistic selling value.

A Lower Evaluation than You Expect

Many homeowners are surprised when the value of their home comes in lower than they expected. Why would this happen? There are numerous things that can affect the value of a home, and when it comes to selling, the buyer is the biggest factor. In a buyer’s market, it is not about the seller. If there are a large number of homes available for sale in the market, this will lower a home value. If the market is slow in the area, this will also lower the value. Just because you think your home is worth more does not mean you will actually be able to get that much out of it. Instead, if you price your home too high, you may not be able to sell it for a long time.

What is the value of your home? This is an important thing to know, but you cannot just expect your realtor to be able to tell you over the phone. There is a great deal of research needed.

For a thorough research and evaluation of your Miami home, or Miami condo please contact Lana Bell, leader in sales of Miami real estate.

Indian Creek Island Home Sells For $47M – The Largest Residential Transaction In History

By Sunny Isles Real Estate Expert on August 12th, 2012

South Beach Condos For Sale

South Beach real estate

It started out as a dream project in 2008, Shlomi Alexander and Felix Cohen, two lifelong friends, invested $10.7M into the Indian Creek Island land in 2007 to build a spectacular, one of a kind home in the most sought after islands of Miami Beach. However, after completing the project, the times were tough for the real estate across the country and Miami Beach was no exception.

As of this week, 3 Indian Creek was closed for a whopping $47 million, a new residential sale record in the history of Miami-Dade. The mansion offers 30,000 square feet of ultra modern design (designed by architect Rene Gonzalez) with 10 bedrooms, 14 bathrooms on an 80,000 square foot lot, 100-foot pool, a glass-encased waterfront gym, 205 feet of bay frontage, and its own beach.

The foreign buyer paid over $47 million in cash and placed the house in the name of a limited liability company. The previous Miami Dade County record was set in March of this year, when Edward Lampert paid $40 million for another Indian Creek Island home.

It’s the second large-scale deal on the Miami Beach barrier island in less than two weeks, following the combination $24.6 million purchase by a foreign buyer at the St. Regis Bal Harbour condominium at the end of July.

This indicates that the Miami real estate market still really hasn’t reached its potential. Miami Beach luxury homes are still underpriced compared to other markets internationally, like New York, Los Angeles, Sao Paulo and Mexico City. People still see Miami as a great potential for an investment.

The Miami 2012 Luxury Market Analysis

By Sunny Isles Real Estate Expert on June 15th, 2012

Miami Condos For Sale

South Beach Condos For Sale

The luxury market in South Florida is exploding, with record-breaking residential listings as high as $125 million for the recently-listed former Versace mansion. But with prices that look like those of 2006, some are warning that Miami’s high-end market might be forming another bubble, CNBC reported. It is the type of speculative, largely foreign buyer in South Florida that worries experts. If Europe’s economy collapses, or if global markets fall back into a recession or even slow, the market for Miami’s pricey real estate could collapse overnight. “This is flight to safety for these buyers, an investment decision,” said Jonathan Miller of Miller Samuel Real Estate Appraisers and Consultants. “The question is, how long and how far will it go? Does this create a bubble at the very high end in these specific markets?”

In the meantime, the new condo transactions at the St. Regis Bal Harbour Resort & Residences as well as Mansions at Acqualina are off to a great start. About 170 units have been closed at St. Regis Bal Harbour Resort & Residences totaling more than $623 million in the first seven month of sales! In addition, deposits for about 80 units were collected at Mansions at Acqualina in the first 5 weeks of the sales center being open.

Buyers are purchasing these super-luxury, ultra-exclusive properties at an average $1,500 sq.ft. and paying on average between $1,2M to $13.5M dollars. This is a sure sign of Miami real estate exploding once again with prices breaking all previous records. The properties are up by 20 percent just this year, which even breaks the peak of 2006 year.
“Miami is hot and it’s not just the weather!” said Jack Levin, chairman of the Miami Association of Realtors.

Consider the stats: The lion’s share of Miami’s high-end real estate is now bought by foreigners. In 2010, according to the National Association of Realtors, Florida accounted for more than a quarter of the $82 billion in sales to international buyers.

The average price paid by those buyers was $400,000, against an overall U.S. average of $212,000. Sixty-two percent of international purchases were all cash, a percentage that has been increasing since 2007.

Real-estate economists and brokers say most of the foreigner investors are rich families from Brazil, Argentina, Venezuela and Russia. These families are growing increasingly nervous about threats to their wealth from economies and governments back home and are looking for a safe place to store their cash.

Miami is an ideal location, offering all the safety of the United States with the fun and mildly exotic feel of southern Florida.

In other words, Miami’s boom is not a broad-based market recovery driven by local families needing a home. It’s being fueled by a tiny top slice of super-rich overseas buyer looking for the latest hot investment.

As of the end first quarter in 2012, buyers had purchased nearly 45,000 condos in Miami, Fort Lauderdale and Palm Beach areas. They’ve spent over $22 billion dollars. Currently the developers are proposing at least 32 new condo projects with nearly 6,300 units in each of the tri counties Miami-Date, Broward and Palm Beach.

As of June 2012, nearly 1,300 luxury condos priced at $1 million or more are available for resale in the South Florida market where buyers are purchasing an average of about 75 units monthly between January and May of this year, according to the data.

All Roads Lead To Florida – A Magnet For Global Buyers

By Sunny Isles Real Estate Expert on April 7th, 2012

Miami Real Estate For Sale

Sunny Isles Beach Condos

A thousand years ago it was said that “all roads lead to Rome”. Today, there are real estate buyers from Rome as well as hundreds of other cities around the world are all buying Miami real estate as well as properties in South Florida.

During the most recent 2012 Real Estate and Economic Forecast Conference in Orlando, John Tuccillo, chief economist of Florida realtors, had said “I think we’ll see a steady and stable stream of international sales this year”. The residential demand is up again this year from buyers from Canada, Latin America, Europe and other parts of the world. Lower prices and favorable exchange rates have promoted purchases in Florida.

International buyers are ideal clients. They buy higher priced properties and most of the transactions are all cash, according to studies done in 2011 – Profile of International Home Buyers in Florida, prepared by National Association of Realtors. In fact, 77% of sales professionals reported that they had worked with an international customer in the preceding 12 months, up from 65% in 2010.

“This number may even be lower than the true number, because many foreign buyers do not use their foreign address” said Lana Bell, owner and founder of Sunny Realty. Many foreign buyers have already established residences in Miami and are looking to upgrade. In addition, many companies are relocating to Florida, including job-creating multinational companies, which is another positive factor for Miami’s international market.

According to 2011 survey, Canada is Florida’s top international market, accounting approximately 39% (up from 36%). In contrast, United Kingdom accounts for 7%, German buyers – 5%. The biggest jumps occurred in Latin America, where Brazil’s share of International market rose to 8% and Venezuela’s to 7% (both had been 3% in 2010).

Overall, foreign buyers were likely to purchase in a resort area or in a central city, like Miami. In Miami, Brazil and Russia are leading sources of international buyers, especially for condominium purchases in areas like Sunny Isles Beach, Miami Beach, Hollywood, Hallandale, Aventura and Bal Harbour. In areas like Key Biscayne, we see buyers from Argentina, Peru and Europe.

“Our agency serving buyers from South Africa, Australia, UK, Norway, France, Brazil, Russia, Canada and Latin America”, says Lana Bell, founder and owner of Sunny Realty. “About 85% of our transactions involved a foreign buyer” said Lana. From luxury Miami homes to stunning Sunny Isles Beach condos the real estate in Miami offers more than anywhere else in the world.

Two words sum up Florida’s appeal for international buyers: vacation and value. With its beaches, golf, tennis, shopping, boating and cultural and tourist attractions, Florida has been a global vacation destination for four decades now. Today, Florida also offers excellent value for international buyers compared with vacation destinations in Europe, the Middle East and Latin America.

The 2011 survey found that 41% of foreign buyers purchased a property as a vacation home, 23% intended to rent it, 25% planned a dual use and 6% bought it for a retirement home. While many foreign buyers prefer easy to maintain condos, others buy single family homes and some purchase multiple properties in the same location. “We attract international buyers in many different ways”, says Lana Bell of Sunny Realty. “I speak Russian, but my agents speak Spanish, Portuguese, French, German, Hebrew, so there is never a language barrier between us”.

We can expect a continued pattern of strong activity in the international sector, led by demand from Latin America as well as other emerging markets, according to Lawrence Yun, chief economist of the NAR (National Association of Realtors). Follow the trends in foreign currencies, because exchange rates are definitely a driver for international buyers, and Florida continues to be seen as a desirable place to buy.

South Florida Is In Construction Phase Once Again

By Sunny Isles Real Estate Expert on February 11th, 2012

Miami real estate

Hallandale preconstruction condo

The latest report from Miami Herald ( indicates that the construction spending in South Florida rose for the fourth month in a row in Broward County in November 2011, joining Miami-Dade County as areas with sustained growth in the real estate sector. “We’re seeing a lot of custom-home building,” said Bernie Navarro, head of the Latin Builders Association. “You see it in Key Biscayne and Coral Gables and Pinecrest. Those places had fallen to zero. Now they’re back on.” While construction employment is falling, the losses are more narrow than previously. “It’s going better than I expected six months ago,” said David Denslow, an economist at the University of Florida. “Remember, six months ago we were worried about a double dip. Now all of the evidence is pointing the other way.”

The Hollywood and Hallandale Condo resales

jumped in 2011 as well. Buyers purchased an average of 140 condominium units per month in the Hollywood and Hallandale Beach areas showing an increase in 2011 of nearly 20 units per month from 2010. This is due to the influx of investors chasing discounted condo resales that can be leased out to tenants who are willing to pay higher rents.

Latest report indicate that office vacancy in Miami-Dade County was at 19.1% at the end of 2011, according to data from CBRE Group’s Florida Market Perspective 2011. There was a total of 44.1 million rentable square feet in the county, and 8.4 million vacant. Last year saw net absorption of 64,238, with 359,630 square feet under construction, with the average asking lease rate in the county at $30.32. “The Miami office market has gained strength during 2011 with tenant activity picking up,” said Carter Hopkins, first vice president at CBRE. “The market should continue to strengthen in 2012.”

In addition to single family homes in Miami

the pre-construction condo sector is also on the rise. Fueled by steady pre-sales at the nearby Apogee Beach Hollywood condo, Jorge Perez of the Related Group is planning a new 31-story tower with condo and hotel units fronting the Intracoastal Waterway in the Hollywood nad Hallandale Beach coastal market of Southeast Broward County.

Despite the unsold inventory, the Related Group broke ground on the 23-story Apogee Beach condo tower on the sand just north of Hallandale Beach Boulevard in December 2011. As of Jan. 30, 2012, buyers have committed to purchase 41 out of 49 units in Apogee Beach project, according to company marketing material.

The path to development for the proposed Beachwalk tower – a few blocks west of the Apogee Beach project – is shaping up to be a bit more complicated initially. The proposed Beachwalk tower – which would stand 305-feet high with 84 residential units and 432 hotel rooms. Beachwalk is the 22nd project to be proposed east of Interstate 95 in South Florida. If they are all built, the projects would add nearly 4,400 units into a market that had 4,200 developer units unsold at the end of last year.

A Related affiliate bought the Beachwalk development site, home to Manero’s Steakhouse for five decades, for more than $2.9 million from TD Bank in May 2011. The Beachwalk project is slated to cost $60 million to construct and have a market value of $80 million at completion.

Related is also planning to start construction in two weeks on its MyBrickell condominium in Miami. To date, about 80 percent of the 192 units are under contract, with buyers paying a 20 percent deposit, the company said. It would be the first new condominium project to break ground in downtown Miami in several years.

Developers seeking to launch new condo projects are focusing particularly on the high-end market, which continues to dominate because of the ability of its prospective buyer pool to pay cash for units. The 70-unit Bellini Williams Island – a high-end condominium in Aventura’s William Island recently broken ground.