Despite Market Slowdown, Ugo Colombo’s Brickell Flatiron Sales Remain Strong
August 10, 2016 by Lucas Lechuga
While everyone else in Miami is busy talking about the market slowdown, Ugo Colombo is busy selling condos. We were invited into their sales center this week for a lunch and pulse check of the project, now that they are under construction.
We last checked in with the project back in May, when they were around 50% sold. Today, they are 52% sold. That may not seem like an enormous gain, but let's also remember how many condos they have to sell. According to my math, that's around 11 condos so far this summer. Not bad! (And anyone who says anything negative about an 11 condo summer needs to back their challenge up with some really impressive sales figures. Thank you.)
Here's the thing. The market is really difficult right now for projects that have no unique selling proposition. This isn't the case for Brickell Flatiron. Ugo Colombo is one of the best developers in Miami. If you need proof, take a look at our skyline. The buildings he built in the 1990's still look newer than the buildings that competing developers built within the last 5 years. Have you heard any bad press about a construction defect in an Ugo Colombo building? No. He builds luxurious buildings and he does it well. We expect Flatiron to age just as gracefully as her sister buildings, Bristol Tower, Santa Maria, and the Epic Hotel & Residences. This wasn't part of the sales presentation, just my professional opinion after working in the neighborhood for the last 8 years.
Since the groundbreaking in March, the construction crew has been hard at it with the site work and foundation form set. The pilings are all being set now and we expect to see a foundation pour in January of 2017. Sales are still happening with 1 bedrooms starting in the $400's. For the smallest 1 bedroom, that works out to roughly $550/sf... an amazing price for Brickell in mid-late 2016! It is also the same price we would expect from the 2008-built Icon Brickell, who is getting ready to have a year without a pool... so there you go. I wouldn't be surprised if we see a price increase soon, but whatever. It's still worth it.
See below for the renderings bonanza...
Leave a Reply