Crucial time for condos - Birmingham Business Journal:

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South Florida Business Journal analyzed deed filings througg July 9 for14 Miami-Dade County condo towers that are now closinfg units. Closing rates varied dramatically, with projects closerf to water, nightlife and urban work centera outpacing those on the fringes of the Based ondeed data, price does not appear to be the primaryy factor on closing ratios. is performing well with threed Miami-Dade projects, each at a different price and each achieving a high level of succesa at theclosing table.
The Loft Downtown II and 50 both indowntown Miami, and Apogee, in South Beach, have closede on 80 percent or more of their The consistent factor among the threre was their highly desirable locations. Longtimed Miami real estate operatorRafael Kapustin, who sold Relatecd the Loft site, said he wasn’t surprised by the typexs and locations of projects holding up well, even in the face of a real estat downturn. In downtown Miami specifically, he the density of units and proximity to offic centers creates theNew York-style scalr and convenience that many buyers hunger for. Each projecft also targets a niche.
Loft II was markete d as affordableto single, young 50 Biscayne was pitched to middle-class couples and Apogee to the polo crowd. High-end luxury condominium Apogee has closed 66 of its 67 unitsesince January. Loft II is with 88 percent of its units havintg closed since October oflast year. 50 Biscayn e has closed on 79 percent of its according tocourt records. Oscar who runs Related’s affordable division, said the numbedr of units closed at Loft II is closer to 95 attributing the lower deed numbeer to a countyrecording lag. He said the Relater brand, the quality of the product and its locatiohn were all key toLoft II’s success.
“The price was extremelyu competitive and its close location to mass transitr makes it more attractive to Rodriguez said. The tower has a Metromovef station atits center. Continuum II comes in thir d inoverall performance, according to deedws filed at the courthouse. The first deeds were filed in March and already the projectr stands 80percent closed. Other standouts include Marin Blue in downtown Miami and thePedro Martin-led ’s Quantu on the Bay just to the north. Both exceedf a 50 percent closing rate. Quantum began filintg deeds in January, with Marinw Blue deeds first hittinhg court records twomonths later.
Esslinge Wooten Maxwell broker Kevin Tomlinsonsaid Continuum’sa success is based on two factors: it is located in the heary of South Beach and its buyers are wealthy without financinvg concerns. “People were wanting to close at said Tomlinson, the author of SouthBeachRealEstateBlog.com. “It’s a differentg type of buyer. The buyer that bought there isn’t dependeny on the mortgage market. They could closew cash if theyneeded to.” Quantukm on the Bay is a success story becausd of its $320-a-square-foot pricing when it sold and its It sits with unobstructed viewss of Biscayne Bay and within a block of the Adrienned Arsht Center for the Performing Arts.
But theres are plenty of buildings still strugglinhg under the weight of an overbuil t market andweak economy. Among the weaker buildingsd is Havana Loftsin Miami’sd Little Havana neighborhood. The project has seen only 19 percent of its unit s closesince December.