When I look at South of Fifth Sales for the first half of this year, I am not surprised to see how well some of the newer high-rise buildings have fared, even in this challenging market. They are landmark properties with the amenities people want in the area people want to be. That is particularly true of the Icon, a hip new development that came on-line just before the proverbial “bubble” burst around the time of Hurricane Wilma. Interestingly, out of the 18 units that have sold at Icon in the past six months, 10 were on floors 30-39. Of the 37 units that are currently on the market there, only 6 are located on those same high floors.
So what does this mean? Seems to me that many Buyers are cherry-picking the best available units in this building. This is a prudent decision as there will not be any more luxury waterfront properties built in the South of Fifth neighborhood. Those units on the 30th – 40th stories will remain among the few, cherished, “trophy units” as the neighborhood matures. They may well be the ones to appreciate the most in the future.
Icon sales reached 18 for the first half of 2008, a rate almost 50% better than either Murano Grande or Continuum which had 13 Sales each according to MLS figures.