30% Of Units At Hyde Midtown, Paraiso Bayviews Converted To Contract; Construction Within Months

Related Group is in the process of converting reservations to contracts at two projects, which will allow for construction to begin soon.

Both Hyde Midtown and Paraiso Bayviews have close to 30% of units converted to contracts since the effort began 30 days ago. Those numbers were achieved even as Art Basel and the holiday season interrupted the process.

Related Group’s Carlos Rosso told TNM that rising land and construction costs could mean that these are some of the last chances to buy at entry level pricing. Units start from $300,000, or the low $400s per square foot.

Dezer Development is a co-developer of the Hyde Midtown project. Arquitectonica is the architect for both projects.

Construction on both projects is estimated to begin in the late second or early third quarter.

New Hyde Midtown interior renderings:







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Anonymous

So Basel and snowbirds “interrupted” sales? Interesting…

WhyNotNow

Don’t you love how they twist the news? It’s obvious things have slowed down. They are blaming low sales on Basel. Unbelievable PR.

Miabroker305

You need to have better perspective of the sales process. Sales might have slowed down for some projects which I mentioned in prior posts but these units are 80%+ reserved with more being reserved everyday.

After reservations the units are converted to contracts. This is a huge administrative task with over 350+ units per building. It takes time to write the contract, send hard copies, process hard copy, send and check escrow, etc. During art basel and the holidays these administrative and clerical teams tend to not work and go on vacation. So there is a delay in converting the contracts.

30% is very good and means that the units are not being cancelled and placed back on the market. People are reserving units have been serious in thier purchase.

Obviously

Sorry but it doesn’t matter what you say, some people are still going to come on here with their own perspective.

Anonymous

They are kicking ass at those prices and with those price points

Anonymous

Great interiors…

Anonymous

As usual Related sells faster than anyone else….fastes selling jobs in the area.
Both very close to the Design District and all what Craig Robbins has created…kuddos

anonymous

Are the units coming completely finished inside or ‘design ready’ as most in Miami?

Anonymous

Last time ai checked they were completely finished with ceramic tile in the units

Anonymous

Great location 2 blocks away from the Design District…this whole are will grow a lot with all what Craig Robbins has done in the area..

marc

If only we got an extension of the Metromover up to 36th street via Biscayne or N.Miami Ave.

Anonymous

Hyde Midtown is 3 blocks away from the Design District courtyard

metromoverlover

If only they could extend the metromover to the design distract.

Anonymous

They are right , these are the last affordable luxury jobs…
Today’s similar jobs are at around $600/650 a sft…to find units from the $400 to $550 next to BCC, in the Paraiso comunity or Midtown is an anomaly that wont last long.