Pre-Construction Condo Market Is ‘On Fire’ As Millionaires Flock To Miami In Droves

Millionaires have been “flocking to Miami in droves” since the pandemic began, causing sales at pre-construction condo projects to skyrocket, according to the Herald.

Here’s a list of some of the new or under-construction projects that have benefitted from the trend in the past few months:

  • Una Residences now under-construction in Brickell, this 47-story waterfront tower sold 21 units for $57 million in January. Remaining units are priced at an average of $1,550 per square foot.
  • Aston Martin Residences, a 69-story condo tower, is now said to be 70% sold, up from 60 percent in October. The project is under-construction and set to become the second tallest in Miami.
  • Missoni Baia in Edgewater reported $18 million in sales in January, or 10 units. Remaining units in the under-construction 57-story tower are priced at an average of $1,000 per square foot.
  • Residences by Armani Casa in Sunny Isles has sold 21 units for $61.9 million since December 1. The $1 billion, 56-story tower was completed last year.
  • Monad Terrace in South Beach has sold $40 million worth of condos in the past few months, including three penthouses. The Jean Nouvel-designed project is nearing completion.

In an interview, OKO Group founder Vladislav Doronin said his sales were “on fire” during the month of January. OKO is developing Una Residences and Missoni Baia, and will soon launch sales at Aman Residences in Miami Beach.

Ryan Shear, managing partner at Property Markets Group, told the paper that “hedge funds are all over us” looking to finance new projects.

Shear predicted that a slew of new projects would be announced in the next year.

PMG has already announced plans for the E11even condo-hotel tower in Park West, and will soon launch sales at the 100-story Waldorf Astoria on Biscayne Boulevard.

 

66 Comments
most voted
newest oldest
Inline Feedbacks
View all comments
Anonymous
26 days ago

Why isn’t OKAN and One River Point capitalizing on this???? Those were two stunning projects that would have changed our skyline.

Anonymous
26 days ago

because those developers dont have the experience and deep pockets. Guys like OKO are very experienced with lots of financing opportunities and the ability to move forward.

Anonymous
26 days ago

Where was One river Point supposed to be built ?

Anonymous
26 days ago

Next to Mint and the Ivy. It has a sales gallery in the Ivy lobby and signs around that empty parcel of land along the riverfront

Anonymous
24 days ago

I sent my contact info on One River Point website to see if I got a response and nothing.

Anonymous
24 days ago

Has anyone bought the two lots behind Ivy and Mint?

Anonymous
24 days ago

Kar Properties owns the 3 lots remaining.

Anonymous
24 days ago

I see MRP5/MRP6 planned for those lots

POLO
26 days ago

No, but Elon Musk could build a subway line.

Anonymous
25 days ago

Elon musk is hypnosising local politicians with shiny trinkets.

Anonymous
25 days ago

Just like Trump with the Republican (white supremacist) Party!

Anonymous
24 days ago

Don’t worry, he’ll be in jail in the not to distant future!

Anonymous
24 days ago

In your dreams

Anonymous
25 days ago

Okan is great. One River Point sucked.

Anonymous
25 days ago

one river point is widely rumored as cancelled

Anonymous
24 days ago

Shame

Anonymous
25 days ago

neither penciled, and inexperienced developers

Anonymous
24 days ago

Because One River Point is a crappy location.

Anonymous G
26 days ago

Exciting times for Miami. Lot’s of exciting things are happening. The future is bright.

1987
26 days ago

Great climate and lack of state taxes with a cultural diversity and a spirit to modernize into a beautiful future for our coming generations!

Anonymous G
25 days ago

Exactly!

Anonymous
21 days ago

Cultural diversity? No, you mean Latino and Hispanic concentration (with some diversity within those groups). To most of us, that is not diversity as you think.

Anonymous
25 days ago

It won’t be long before the liberal flock moving here now votes for the same cr@p they left behind –

Anonymous
25 days ago

Why don’t you go back into your Cruz hole with your boring intent every day to spin the same sentence to stir up stuff. Bet you don’t even know what you call liberal. Like wanting health care, clean air, not liking facists and not trying to over turn your own govt? Are those some of your ‘liberal’ fears? Tell me what is conservative these days? Sippin’ all that Fox juice then taking it public. Please stop. U R boring.

Anonymous
25 days ago

Theres a city for you, it’s called NY.

Anonymous
25 days ago

the guy makes a solid point. Why are people coming from New YOrk and California? The government has implemented policies that have made it unaffordable and undesirable to live. Florida is a nice mix between conservative and liberal and it makes no sense for you to leave a place like NY which has gone down over the years and do the same thing in FLorida.

Joseph Pep Nodarse
19 days ago

When folks like Carl Ichan paid his 100 employees $50,000 in cash to relocate from Purchase, NY to Miami it sends a real message that Miami has become a place for serious business and key Decision Makers are flocking down here for several reasons which includes a friendly personal & business tax environment, rents, leases are a lot more favorable in Miami, especially with the new remote working business world, both MIA & especially Opa Locka Airport has become an amazing hub for many new comers who fly privately, it puts Teterboro, La Guardia, NWK to shame and lastly quality of life, serious business folks are no longer meeting at bars or restaurants to conduct business, the golf course or even walking and talking at the beach has replaced “Happy Hour”.. It’s a much healthier work society which learned from the previous generation the perils of over consumption of alcohol, cigarettes, and even substance abuse.

Lastly, DeBlasio over regulated NYC and it,s no longer a Safe place with too much crime and yet remains very expensive. NYC lost, is Miami ‘s or South Florida’s gain. Thanks, joe🏌️‍♂️

Anonymous
18 days ago

Look, people need to cut it out with the comparison. Manhattan, which is one of the boroughs that make up NYC, has a population that’s bigger than MiamiDade county!

Please, cut it out with the “we’re better than NYC” BS!

Anonymous
25 days ago

He’s right.

Anonymous
24 days ago

Great! Too many sicko Trumptards in Florida already.

Anonymous
26 days ago

Brickell has 1,500 units on the market

Anonymous
25 days ago

That’s all ?

Anonymous
25 days ago

Yeah, but those are in slum buildings.

Anonymous
25 days ago

yes, over 10 years old is a “slum” now. Cheers

Anonymous
25 days ago

No, buildings that were built 10 years ago were finishing during the last economic downturn which means alot of developers cut corners just to finish the job as cheaply as possible leaving the repair work on the owners years down the road. Look at Axis in Brickell. The unit layout is great but their elevators suck and are constantly being repaired because they are original and were not designed for the building

Anonymous
25 days ago

This is exactly how NYC and SF got where they are today, this will bring a lot of inequality, overpopulation, density, etc. unless we take measures now regarding homelessness, affordable housing, infrastructure, equitable employment and education.

Anonymous
25 days ago

Biden and the liberals will take care of redistributing the wealth.

Anonymous
25 days ago

Like sending pallets of billions of dollars in cash to Iranian mullahs and enriching his family’s pockets by bowing down to the CCCP

Anonymous
25 days ago

America was built on inequality. USSR and Venezuela and Cuba were built on equality.

Do you want equal opportunities or equal outcomes? Serious question, and the two ideas are entirely different. Which one?

Anonymous
25 days ago

Yet you choose to live here…

Anonymous
25 days ago

Yet you haven’t answered the question WHY?

Anonymous
25 days ago

Study after study has shown that those born into poverty are more likely to remain in poverty. Thus, the USA has neither equality of opportunity nor equality of outcome. If you fail to address this problem we will go the way of Rome, which ignored the reforms of the Gracchi brothers when there was still time to turn things around. History repeats itself.

Anonymous
25 days ago

NYC and SF got where they were as port cities were people moved because those were the population centers with all the industry, not because low taxes. The kind of stuff you talk about is what political hacks have been parroting in NYC and SF for fifty years, and just made things worse.

Anonymous
21 days ago

Nancy Pelosi & the Democratic party need to stop bailouts for NY & CA.
The $$ being sent, in my opinion, is not going toward the economic, homelessness, and sanitary departments. How does a governor become a millionaire? My feeling is it’s going in the pockets of many individuals within the political system.
I’ve seen these cities worsen over many years and it breaks my heart!
Someone, PLEASE, put more trustworthy individuals in offices where needed. Until then, the problems will keep growing.

Anonymous
25 days ago

Well, not quite, and don’t know exactly what you mean by “where they are today”. I think maybe it’s because they feel like you do that it’s the purpose of government to fix all the problems in the world. So you could easily argue the opposite, but I wouldn’t over generalize. Miami is it’s own place with it’s own problems, and our excellent politicians, especially in Miami, are clearly capable of fixing everything. Go scooters! Cheers

Anonymous
25 days ago

Be very careful who you listen to and what’s to be believed.

Anonymous
25 days ago

yes, exactly. divide all numbers in this article by 2 is closer to the truth. Especially Aston Martin, being built by a grocer. Cheers

Anonymous
25 days ago

Broward going crazy as well,WHERE’S the water coming from and where is the sewage going? One big money grab disgusting!

Anonymous
25 days ago

water from the everglades, sewerage in the ocean. only issue is freshening up the pipes. what’s so complicated? cheers

Anonymous
22 days ago

We left the Boston area last year and moved to a high floor at 100 Las Olas in Fort Lauderdale. From here we can look down on Miami. At half the cost and twice the luxury!

Anonymous
21 days ago

Welcome. Now go back up there and drag more Bostonians down here please.

Anonymous
26 days ago

Could Metromover be extended to the Grove with stops along those projects?

Anonymous
26 days ago

No

Anonymous
25 days ago

Why not?
It could be extended down Tigertail and then end up at the Grove Metrorail station.
Beautiful

Anonymous
26 days ago

could it? yes
Will it? sadly unlikely

Anonymous
26 days ago

No way anything elevated ever passes through the grove… best option would be a streetcar

Dave the Crackhead ™
26 days ago

They should bring back the rikshaws from the late 90s. and Cafe Iguana and the Church club too.

Anonymous
25 days ago

Rick Shaw passed a few years back. I used to listen to his radio show growing up.

Anonymous
25 days ago

already have street car. what a bunch of dunces. Cheers

Anonymous
25 days ago

Extend Metromover to Stiltsville.

Anonymous
25 days ago

already goes down US 1, so what’s the benefit?

Anonymous
24 days ago

I don’t think Metromover goes down US1.
You’re joking, right?

Anonymous
25 days ago

I wouldn’t live in any of them – I prefer a house

Anonymous
25 days ago

wrong forum

Anonymous
25 days ago

Same as