Downtown Miami enjoys mini-boom over cut-price condos [South Florida]
In April, Regan Marock and his fiancée, renters at 500 Brickell, had the run of the sprawling twin-tower luxury complex — the pool, the gym, the spa and other amenities — with relatively few neighbors.
But in a few short months, all that has changed.
The Related Group, the developer that rented the unsold unit to Marock, recently closed its on-site leasing office because nearly all of the available apartments had been rented. The rest were tossed back into the pool of condos for sale, but that stock is also quickly evaporating.
Over the past several months, a new wave of investors and home buyers — almost reminiscent of the market’s heyday — has been pouring into Miami’s downtown condo market and snatching up half-priced condos. Several Brickell area buildings, in fact, have sold out or are close to it.