Slow Selling Hyde Midtown Still Has 45% Of Units Remaining

About 55% of units at Hyde Midtown have been sold, according to broker Michael Light.

The project is being planned by Related Group and Dezer Development. The partnership paid $12.1 million for the property, and also signed over the rights to the retail in the new project.

Units are available at an average of $580 per square foot, with some units selling for as low as $476 per square foot.

It is one of Related’s slowest selling projects, with marketing underway since late 2013, when  promotional event for the project was held during Art Basel. Conversion to contract began in December 2014.

 

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Anonymous
5 years ago

They should just go with rentals…rental market is hot.

Anonymous
5 years ago

Hyde Midtown is a great project. No comparables in the area offer the kind of services and amenities in which Hyde will be offering its Residents. As for the prices; look at current land prices in the area. Now add that to current building costs which are going up. That will give you a PPSF much higher compared to what Hyde is currently selling for. Its ok, I had forgotten, none of you are developers. = p

Anonymous
5 years ago

They aren’t selling at what they say here. Much less %. Typical Related crappy finishes

Anonymous
5 years ago

“Slow Selling” – well DUH. After all it is in Midtown and almost $600. average per sq ft.

Anonymous
5 years ago

…..and it’s butt ugly.

Anonymous
5 years ago

I’m game at $325/ft, which I will be able to buy for in 1 year.

Anonymous
5 years ago

lol, good luck with that

Are you Peter Zalewski by any chance? Keep betting on gloom and doom, and you’ll be the only one gloomy for missing out on opportunities when you had the chance. Obviously this project is a bit pricey compared to Midtown comps, but not sure how/why you believe that overall market will drop more than 20 percent after the completion of the Design District and connection to a blossoming Wynwood and Edgewater.

Don’t think it makes sense for people to lose that kind of significant money when they can profit nicely from renting out units. There’s a reason why billionaires and long-term investors are buying heavily during this cycle. But you obviously know better and realize that despite Miami putting the parts in motion to become a global city, it will sell at a bargain. You better just keep renting…actually, want to rent a unit from me?

Anonymous
5 years ago

Related bought this site at a steal..no one can sell at a better price, particularly when u see what people are paying per sellable in Wynwood or even Edgewater.