Just One Week After Reservations Began, Over 20% Of Units At Gran Parasio Already Reserved

The strength of Miami’s preconstruction market was on display this past week at the sales center for Gran Paraiso.

Units at the project, which first opened to reservations last week, are said to be selling fast. Related Group President Carlos Rosso told TNM that the developer has taken reservations on more than 20% of the project’s 317 units in the first week alone. Reservations continue to come in every day, he said.

Residences will include private elevators, ten-foot ceilings, and wrap around balconies, with interior spaces of the tower designed by Piero Lissoni. It is part of the Paraiso Bay master-planned neighborhood, which will include a park, a Bayfront Beachclub with a restaurant by Michael Schwartz, a tennis center and marina.

The sales pace is impressive, especially considering that prices are significantly higher than at it’s twin Paraiso Bay tower. Prices at Gran Paraiso start at nearly $700 per square foot, and range between $700,000 to $1.6 million. A 10% deposit is required to reserve units.

Units at two other projects in the complex, Paraiso Bay and One Paraiso, are nearly sold out. A fourth, lower-priced tower further away from the water, Paraiso Bayviews, has sold the majority of units.

 

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Anonymous

The back of the building looks just like Icon Bay :/

Anonymous

Yes, it does. Depressing. Basically a carbon copy of Icon Bay with different wavy balcony scheme. I’m really surprised they put the back side rendering in the marketing materials.

Anonymous

This shows there is still a strong demand for condos and that the slow sales at Flatiron, Edge, and Rise have more to do with the projects themselves (and overpricing) than the health of the market. Villa Magna, One Brickell, and Karmely’s twin towers will all sell like this or better if priced similarly

Anonymous

Um, no. Flatiron, Edge, and Rise have much more competition in the Brickell area. I mean, we’re talking about Echo, Brickell Heights, The Bond, Ten ten Brickell, SLS Brickell, SLS Lux, and don’t forget Panorama. Gran Paraiso is in an up-an-coming area. Brickell is an already up-an-continously building and increasingly getting more expensive area.

Anonymous

All those buildings you just named are sold out and have been for awhile so they are not competition. Panorama is a rental tower. Please know what you are talking about before you correct me. I live in Brickell and know all the buildings by heart.

Anonymous

I guess I’m supposed to be impressed because YOU live in Brickell. If you’re not a broker, then you have no idea of where the price points should be to sell units in Flatiron, Edge, and Rise. There is no way you could sell units at Villa Magna and One Brickell at the same prices as Gran Paraiso when the land for Villa Magna and One Brickell is infinitely more expensive than the land for Gran Paraiso.

Look, pay more attention to what costs what in an area and then maybe you’ll get a better understanding as to what dictates asking prices because just living in an area doesn’t make you an expert on realestate.

Anonymous

Yes that’s exactly what I do. I monitor whats been selling for how much and where, as I have investments in the neighborhood. The average price per square foot in Brickell is not significantly higher than waterfront Edgewater because there is 20 months of resale inventory on the market, but that is likely to change in the next several years. I know prices for those 3 buildings are too high simply because they haven’t been selling. Flatiron was supposedly 33% sold back in January and when I checked there earlier this month they were still at the same fraction of sales. Rise and Edge have even less.

Anonymous

Hideous backside. A big FU to the rest of the city.

Anonymous

If you whiners about the “back of the building” aren’t buying a unit in any of these buildings, then why do you care so much about the way it looks?

Anonymous

Umm….maybe because we live in the area, and thus have to look at this nonsense every day…???

Anonymous

Nonsense?

I think the people who are going to spend $700,000 to $1.6 million would view your meaningless regards as nothing but pathetic whining.

Anonymous

I like the front, The back could’ve been better but I’m not complaining. I still like the project regardless. Progress is important

william.

Marina? Where is the marina? How many slips does it require in order to call it a Marina?

Anonymous

Over 30% reserved now…moving very fast!

BuilderBob

I was told to start worrying when developers drop deposit requirements to bring in buyers. The fact that they’re looking for 10% down here is pretty telling of where this market is heading.

Anonymous

10% deposit to reserve is standard; the other 40% comes in increments…