Just off the coast of Miami Beach, on ultra-exclusive Fisher Island, there may be one crane on one development website. It is the final plot of land out there for growth and an unlikely guess on luxurious actual property at a time when the housing market seems to be in freefall.
Jorge Perez, often known as “the condominium king of Miami,” and his Related Group are behind the 10-story, 50-unit mission that boasts a sell-out worth of $1.2 billion. They paid $122.6 million for the land, on the high of the market.
Units begin at $15 million. The mission features a $90 million, 15,000 sq. foot penthouse and a $55 million ground-floor villa with a half-acre yard. The constructing may also have its personal slip for mega yachts. Sales simply began final month.
“Almost 30% of the items are spoken for,” stated Perez. “Contracts have gone out for over $300 million, and we have not actually accomplished any advertising and marketing. Nevertheless, ought to the market decelerate somewhat bit, we’re in a lucky place.”
Buyers must put down…
2023-01-14 09:00:01 Condo king of Miami Jorge Perez bets huge on Fisher Island
Original from www.cnbc.com