Swire: We’re The Only Developer Still Moving Units

Swire Properties continues to sell condos at Brickell City Centre – and its CEO believes they may be the only developer around still selling units.

“We’re probably the only guys selling any [condo] stock” in Miami, Swire Chief Executive Guy Bradley told analysts in Hong Kong on August 17.

The main reason for the slowdown is the strength of the dollar, Bradley said, which is affecting the primary market of Miami condo buyers from South America.

Bradley said that Swire is comfortable with their position, and they have not reduced prices to spur sales.

Overall, about two thirds of units at Brickell City Centre have been sold.

As of August 15, Swire had sold 360 of 390 units (92%) at the Reach condo tower, or seven units in the past six months.

At the Rise condo tower, 197 of 390 units (51%) have been sold, amounting to twelve units sold in the past six months.

Over the past six months, Swire has sold 19 units between the two condo towers, compared to 15 units sold between August 2016 and February 2017.

 

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Anonymous
3 years ago

Translation — “We have a year of inventory available and nobody is looking to buy a condo with a view of Metrorail and a future building immediately adjacent”

Anonymous
3 years ago

Not true.. new sales happening in downtown Miami.

Anonymous
3 years ago

Yeah that’s just stupid. The market may not be hot but pretty sure Flatiron and Panorama are doing just fine.

I’d guess Paramount is also doing well.

Anonymous
3 years ago

Panorama is a rental tower FYI

Anonymous
3 years ago

I heard One River Point has picked up.

Dev1
3 years ago

I heard One River Point is not getting built

Anonymous
3 years ago

Really? Can you please elaborate?

Anonymous
3 years ago

If One River Point doesn’t move on to activity level where we see movement and construction, it may be bad for the CBD. This was going to be THE project of all projects for downtown. Lt’s keep our fingers crossed it all goes through

BOA
3 years ago

Flatiron is doing ok, but not great either…they’ve been selling condos for 2 years aproximately

Billy J
3 years ago

Panoramas is a rental tower. No condos are for sale there.

Yohan Perez
3 years ago

How are the sales doing at 4 building Paraiso Complex?

Daniel
3 years ago

Nothing is doing “great” at the moment ! Prices per SF are way high. Take a look on how many units are being dumped back to the market and they simply dont sell not even for the price the owners paid 2 years ago. The inventory is huge right now and the ONLY reason why few units are beig sold in Pre Construction is because the brokers commissions are super high. From 6% to all the way 10 %