As Downtown Miami’s Brickell Flatiron tower approaches the end of its 64-story, 736-foot-high climb with 90 percent of its 527 units sold, developer Ugo Colombo’s CMC Group is setting its sights on buyers from within the United States to close out the building’s remaining inventory. The developer has reduced the building’s deposit requirement to 30 percent and secured approval from the Fannie Mae Project Eligibility Review Service (PERS), which streamlines the loan approval process and opens the door to a wider array of reliable financing sources.
These developments coincide with a recent surge of domestic investment at the tower. American buyers purchased 32 units valued at $50 million in 2018, up from 18 units valued at $23 million in 2017. Since the project’s inception in 2014, U.S. buyers have accounted for $290 million in total sales – making the U.S. the building’s top feeder market by a wide margin.
“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 the high-end residential product, and an unbeatable quality of life,” Grout added.
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-feet-tall in December 2018 and is on track to deliver in summer 2019.