CHANGE MARKET : NATIONAL
Prices at Icon Brickell Plunge
The prices at the luxurious condo development, Icon Brickell, have plummeted. Prices have dropped as low as $298 a square foot from the once sky-high $650 per square foot. The Icon Brickell is well known for its superlative beauty and ultra-contemporary style. Bank of America and HSBC Holdings have taken control of the Related Group’s three-tower project and have pushed down the prices, while aiming to gain a financial advantage. HSBC Holdings is in control of the mortgages of the first two towers, while Bank of America has the third. Both groups have been actively involved in setting the new prices at the Icon Brickell.
Via: The Real Deal
Jan 19, 2010 7:05 PM
Last June was a bleak month for Icon Brickell condo complex. Faced with empty units and failed contracts, two towers of the three-tower property were seized by banks, with no silver lining in sight for the 1,800 unit complex. This June, however, things are looking up.
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