Closings to Begin at Opera Tower Very Soon

November 25, 2007

Word reached me tonight that the crown top at Opera Tower has been illuminated. I have also been informed that the swimming pool and hot tubs have been filled. Opera Tower is located in Miami’s up-and-coming Edgewater neighborhood.

This suggests to me that closings at Opera Tower will begin very soon, although closings were originally scheduled for September. However, when I drove by Opera Tower this past week, the street-level commercial spaces still looked to be at least one month away from being finished.

I’m not a fan of this development. I’ve made it known in a previous post that I think that this development will have a high default rate for various reasons that are disclosed in that post. I think it is likely that we will see a majority of these condos owned by the bank that loaned money to the developer of Opera Tower by April 2008.

What do I know though? I’m no real estate oracle.