Introducing Icon Bay – Related Group’s Newest Pre-construction Condo Development
August 2, 2012 by Lucas Lechuga
First it was Icon South Beach. Then Icon Brickell. Related Group now looks to launch Icon Bay - a 300-unit, 40-story luxury high-rise along Biscayne Bay at the eastern end of NE 28 Street. Every unit in the building will have private elevator access and will face the water. The world-renowned architectural team Arquitectonica has been contracted to do the design. The interior designer has not yet been announced but it is expected to be someone highly reputable and impressive. A waterfront neighborhood park will also be developed as part of this project. GEO Arquitectonica, the landscape designers behind Museum of Modern Art in Miami, will design the bayfront park. Pricing is in the process of being finalized but given the level of quality, I foresee pricing to be along the lines of Paramount Bay. Letters of intent are now being accepted to reserve your space in line to choose a unit when sales officially begin. Contact us for more information if you have an interest in reserving an Icon Bay condo.
Downtown Miami condo sales, prices up
The downtown Miami condo market continues to rebound, amid strong sales and higher prices, according to a study done for DDA.
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Downtown Miami sparkles Thursday, October 20, 2011, viewed from the 34th floor sales center of Vizcayne, an 849-unit condominium. MARSHA HALPER / MIAMI HERALD STAFF
BY M ARTHA BRANNIGAN
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Up, up and up.
The average price of a downtown Miami condo unit rose 9.1 percent to $404,927 in the second quarter from $371,205 a year earlier, according to a new report.
The study by Focus Real Estate Advisors and Goodkin Consulting for the Miami Downtown Development Authority was brimming with bullish data on the rebounding downtown housing market, where the volume of sales jumped 24 percent in the first half of this year to 2,072 units from 1,671 during the first half of 2011.
The report said the sales data reflect “strong demand for the limited remaining inventory of new units in major buildings,” citing several projects: Mint, Infinity on Brickell, Axis, Vizcayne and Paramount Bay.
“As inventory becomes increasingly scarce, we’re seeing the traditional case of grab it before it’s gone,” said Craig A. Werley, president of Coral Gables-based Focus.
The average price per square foot for new and resold condo units in the downtown area rose about 7 percent to $338 in the second quarter from $315 a year earlier.
The study defines greater downtown Miami as Brickell, the central business and arts and entertainment districts, Overtown and Wynwood/Edgewater.
Rental rates on downtown condos also keep marching higher: For contracts inked in the second quarter, the average monthly rent was $2,130, up 4.4 percent from the year-ago quarter, according to the study. High occupancy rates at condos and rental apartments are continuing to hold discounts “at historic lows,” it added.
After the bubble burst a few years ago, prognosticators said the huge inventory of new condo units flooding the market would spell an abundance of supply for a decade. But most of that inventory has been snapped up by cash-rich investors, primarily foreigners, who have turned many of the units into rentals.
Downtown Miami has been morphing from an after-dark ghost town to a lively scene with restaurants and bars bustling with residents and visitors.
According to the DDA report, the number of new condos that remain unsold fell to below 2,900 units by June 30, down more than 30 percent from a year ago. At the second-quarter pace of 155 new units absorbed each month, the remaining inventory will be gone in about 18 months, the study said.
The report cited an “active pipeline” of nine new residential projects with about 4,100 units in the greater downtown area in some stage of planning, proposal or construction, plus various others under consideration.
“There is definitely the sense and perception that the value potential is going to be up long term for Miami and downtown in particular,” Werley said.
Read more here: http://www.miamiherald.com/2012/08/02/2928193/downtown-miami-condo-sales-prices.html#storylink=cpy
Is ICON Bay going to occupy the now disbanded “ICE” project site?
No, the Onyx 2 site.
Additional information can be found using the link below. The page also includes a link to the e-brochure for Icon Bay.
http://www.miamicondoinvestments.com/condo/icon-bay/
amazing. I heard they are planning to price it pre construction at $475. If they can pull it off and sell all the units at that price, Arts District to Midtown will never be the same again!
AJ,
Paramount Bay is closing out the remaining 15% of inventory around $600 per sq/ft currently. They are 85% sold in just over 9 months with average prices in the $500’s per sq/ft decorator ready. Icon Bay will be sold completely finished around $500 per sq/ft.
A friend of mine who had a pre const. contract at Paramount Bay wanted to walk away because for the choicest line (3/3) she was asking for $400/sf and the developers are sticking to $420/sf. I implored her not to walk away. I think they settled somewhere in between. So she could turn around and flip that unit for $600! What a turn of events!
BTW Choice Bayfront lines in 1800 Club are hitting $400/sf (just $50 short of the all time peak prices commanded in Winter 2006 which I believe were $450/sf) and Paramount Bay already is hitting the ’06 peak price which I believe was around 600/sf.
This is an astonishing turn of events when most predicted peak 2006 prices will not reach until 2020 or beyond. Even an optimist like me was expecting the peak prices not to return until 2016-17.
Good for Miami and all the home owners.
Brochure:
http://www.scribd.com/doc/102083839/Icon-Bay-Ebrochure