Translate

Wednesday, November 2, 2016

Another condo development is cutting back: Estates at Acqualina in Sunny Isles Beach.

The luxury market is definately slowing down, the only question is will it remain a slow down or come to a halt?  The Estates at Acqualina in Sunny Isles Beach has decided to cut back and focus on one tower vs. the two originally planned.

“Sales have been slower than we anticipated over the last six months, particularly the fall-off in the Brazilian, Russian and Canadian markets,” he said.
The developer has redesigned the project so that those who bought units in the delayed north tower will be accommodated in the still-ongoing south tower. Condos on the higher floors of the 51-story south tower have been enlarged with bigger balconies and additional rooms.
The South tower, which is still being built, is schedualed for compleation in 2020. Asking prices start at $3.9 million.
Developers have reacted to a drop-off in foreign buyers by pumping the brakes on condo projects across South Florida, including in Miami Beachdowntown Miami and the Upper East Side.

Read more here: http://www.miamiherald.com/news/business/real-estate-news/article111885462.html#storylink=cpy