Units at Icon Brickell are sinking, with units at the luxe complex dropping to half the previous sales rate.
The complex, which represents almost 8 percent of all downtown Miami’s unsold condo inventory, is now in the hands of a group of lenders. According to recent transactions, it closed at $261 a square foot. This is roughly a 51 percent discount from the average closed sale prices there to-date.
All together, about 150 have been sold of the complex’s 1,793 units at an average of $538 a square foot, says Condo Vultures, a consultancy based in Bal Harbour.