Thursday, January 20, 2011
ST Residential sells 100 condos at downtown Miami’s Mint
A $160-a-square-foot price cut was the trigger behind the sale of 100 units at the Mint at Riverfront condominium, according to data from Bal Harbour-based Condo Vultures. The pricing was a 33 percent discount from the Miami project’s original marketing.
Buyers, many of them original pre-construction contract holders, paid an average of $326 a square foot, or a total of $327.6 million, for 100 units from October through December, data showed.
Eleven units were sold at an average of $325 a square foot during the prior quarter.
The discount comes as ST Residential, which bought Mint’s debt as part of the portfolio of the failed Corus Bank, works with developer Key International to set a pricing bottom.
“ST Residential kicked off the winter tourism season by selling 21 percent of the total inventory in the Mint at Riverfront condo tower,” Condo Vultures principal Peter Zalewski said.
Mint at Riverfront’s original preconstruction pricing ranged from $489 a square foot for one-bedroom units to $563 a square foot for two-bedroom units, according to sales material from Key International.
Mint at Riverfront is a 51-story, 530-unit tower at 93 S.W. Third St. It stands within a gated condo enclave with neighboring towers Ivy and Wind at Neo on the north bank of the Miami River. Three more towers were planned for the enclave, but were never built due to South Florida's condo crash.
Wind at Neo sold 488 units at an average price of $286 a square foot, while the Ivy sold 469 units at an average price of $262 a square foot.