Although Echo Brickell is not set to be completed until 2017, all but the priciest units in the planned 60-story condo tower have been snapped up.
A month after the condos went on sale, only about 50 units on the towerâ€™s top floors of a total 190 units remain, and these will be sold in a second, exclusive release, Ryan Shear, developer Property Markets Groupâ€™s managing partner in South Florida, told The Real Deal.
â€œWeâ€™ve sold out everything that was on the market,â€ Shear said.
The 750-foot tower, conceptually designed by renowned Uruguayan architect Carlos Ott, will be Miamiâ€™s tallest residential building.
Miami condo prices are soaring as demand, particularly from foreign buyers, far outstrips supply.
Much of the new inventory â€”Â including at Echo Brickell â€”Â is being financed by what has been dubbed the Latin American model, where buyers pay much of the construction costs up front, along with high initial deposits.
â€œThis is the first buyer spree post-crash,â€ Philip Spiegelman, a principal at International Sales Group, told TRD last month.
CORRECTION:Â A previous version of this article incorrectly stated that the Echo Brickell will be completed early next year. The buildingâ€™s groundbreaking is scheduled for early next year, with completion expected in 2017. The article has also been changed to correct Â a misstatement that 30 units remain. There are closer to 50 remaining units.