Miami’s Condo Boom REDUX

By Martha Brannigan The Miami Herald
A Metromover passes by Reach, a condominium under construction at Brickell City Centre.

mbrannigan@MiamiHerald.com

The grand opening of the pre-construction sales center for the SLS Lux Brickell condominium drew hundreds of real estate agents on a sultry June evening. With the imposing bronze sculpture Male Torso by Fernando Botero looming above, Related Group chairman and CEO Jorge Pérez made the rounds as the crowd tipped stemmed glasses of bubbly and nibbled hors d’oeuvres. Pérez was in high spirits. And why not? SLS Lux Brickell already had reservations from buyers to purchase $200 million in units — half the project’s total sales — before the formal launch of the sales center June 11, according to Related, which is jointly developing the prime site with real estate baron W. Allen Morris, who owns the land. “Miami is the sweetheart of the world,” said Pérez, who is leading a new boom in condominium construction six years after the last one ended in a spectacular crash. Back then, thousands of buyers reneged on contracts for newly built Miami condos amid nosediving values. Now, he said, “Everyone wants a place here.” Along with the reliable stream of investors from Brazil, Argentina, Venezuela and Mexico, Miami keeps attracting buyers from Russia, England, France and Canada, among other places. All eyes are on the Chinese to see if they will join the fray in any significant way.  Continued>>> Miami’s condo boom redux - Business Monday - MiamiHerald.com