Fisher Island, off the coast of Miami Beach, is undergoing a construction project that is a 10-story, 50-unit project with a $1.2B price tag.
Jorge Perez, also known as "the condo king of Miami," paid $122.6M for the land when the market was hot.
More:
- Sales started last month, and the building comes with slip-to-dock mega yachts.
- The price of units starts at $15M; the project also listed a 15,000-square-foot penthouse at $90M.
- A ground-floor villa is listed at $55M with a half-acre backyard.
- Despite the slow real estate market, "Contracts have gone out for over $300M, and we haven't done any marketing," says Perez.
- Buyers must put down a 50% non-refundable deposit in early sales; initial buyers come from Brazil, Canada, New York, Mexico, and Isreal.
- Miami attracts a wide range of foreign investors.
- In other areas of Miami, pending sales of homes valued over $5M were down 89% in December year over year.
