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.