Juicy Estates: Mortgage Blog

Update: Asia Condo In Brickell Key

You may be wondering how Asia, the latest development project in Brickell Key, has faired out in the midst of the real estate crisis and economic downturn. Since closings began in April, 2008, 53.66% or 66 of the total 123 units in the luxury tower have closed according to public county records.

In the last few of months tough, only two closings have taken place at Asia. This, coupled with the fact that no project in the area with a post November closing start-date has achieved more than a 4.5% closing rate; is an indication of just how big of an impact the downturn has had on new developments around Downtown Miami.

As a result of tighter lending standards and the new Fannie Mae requirements, Asia will most likely have to primarily rely on cash rich buyers to slowly absorb the inventory or explore the possibility of a bulk sale.

Currently there are 29 units listed for resale at Asia, with asking prices ranging from $1.24 to $9 million. No resales have been recorded so far. There are 16 properties listed for rent between $5,000 and $14,000.

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This entry was posted on Thursday, February 12th, 2009 at 9:28 pm and is filed under Guest Articles, Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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