Sales at Ugo Colombo’s CMC Group’s Brickell Flatiron have reached 87% of its 527 units and the developer has lowered deposits to 30% as it aims to capitalize on recent local and domestic buyer interest and leverage Fannie Mae loans to attract end-users. There have been $290 million in total sales to date as the tower is on track to be completed this summer 2019. U.S. buyer activity at Brickell Flatiron was reportedly up 114% from 2017 to 2018, with domestic buyers spending $50 million at the building last year alone, which accounts for more than half of all sales. This marks a shift from 2-3 years ago, when the market was dominated by Latin American buyers. The shift has been fueled by US buyers have more purchasing power due to tax cuts and a strong dollar; financing is more readily available as buildings near completion; and tax savings are driving buyers to value markets like Florida.
“The enhanced purchasing power that comes with a strong U.S. dollar, the tax advantages of Florida residency, and Downtown Miami’s growing appeal as an urban, cosmopolitan district are all contributing to an influx of domestic buyer activity at Brickell Flatiron,” says Vanessa Grout, president of CMC Real Estate.
“With the tower’s completion now months away, we’re looking to markets like New York, Chicago, Boston and Los Angeles for our final sales push, making the case that Miami offers tax savings, comparative value for high-end residential product, and an unbeatable quality of life,” Grout added. “Since we have reached sales targets in line with construction milestones and our loan is closed and covered, we are in the position to relax deposit requirements. That decision – coupled with the building’s Fannie Mae approval – will offer buyers even more reason to put down roots at Brickell Flatiron.”
Upon its completion, Brickell Flatiron will be the tallest condominium south of New York City. With its distinct flatiron shape and curvilinear façade, the Luis Revuelta-designed building topped-off construction at 736’-tall in December 2018 and is on track to deliver in summer 2019. Units range from 1 to 5 bedrooms starting at $500,000 and ranging up to $15.5 million for penthouses. All units will be adorned with the finest finishes, including Italian-made custom cabinets, stainless steel appliances, Italian marble floors, high ceilings with recessed lighting, custom Italian doors, energy-efficient windows, and glass balcony railings. Brickell Flatiron's amenities include an 18th floor amenity deck with a resort style pool, 24-hour concierge, billiard and cigar room, wine cellar, valet, electric car charging stations and a 64th-floor rooftop that will feature a Sky Spa, Sky Pool and Sky Gym along with stunning 360 views of Biscayne Bay, Brickell, Downtown Miami, Coral Gables, etc.
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