Miami Beach’s Peloro Luxury Condos Quickly Reaches Reserve Limit
by Sep Niakan | April 26, 2013
Though sales have only been offered since the end of November for units in the Peloro residential condominium tower, the 118-unit project nearly reached its reserve limit ahead of opening up for hard sales contracts earlier this month. Peloro is positioned in mid-Miami Beach, unlike other projects like Ocean House and MyBrickell, offering residents a much quieter location but not far from booming areas such as Bal Harbour and Sunny Isles. Funded by the family of the late Roy Disney, Peloro is one of two projects in Miami Beach bankrolled by Disney; the other being the 50-unit Palau at Sunset Harbour.
Designed by renowned Latino architect Luis Revuelta, the project will begin its construction phase during mid-year 2013 after the demolition of the bay front wall running across Collins Avenue. Price points at the Peloro start at around $500 per square foot in an area where many locations are now north of $1,000 per square foot and rising. On deciding for a location in Mid-Beach, Peloro Managing Partner Greg Martin commented:
“With the development that’s going on right now, there’s a big uptick in Miami Beach, and huge energy. It’s important to be an early mover.”
What do you think? Are projects like Peloro the start of a new wave of condo developments that will thrive into the future, or is real estate primed for another thrashing vis-à-vis the 2008 market crash? Share your opinion about the Peloro and the Miami real estate market in the comments section below.
by Sep Niakan | December 06, 2016
It’s my favorite time of year to be in Miami! The weather has cooled off a bit. The city’s abuzz with people from every corner of the world (thanks to Art Basel). The holiday spirit is gradually taking over, and there’s a bunch of...
by Sep Niakan | November 29, 2016
This is a story of how one Miami condo dweller (that's me, Sep Niakan) gave up his car at the end of his lease and gained freedom (and $$) in its place. If you have been thinking of getting rid of your car or know someone who is, read...
by Sep Niakan | November 24, 2016
Lending, specifically FHA lending, is inching forward in favor of Miami Condos. Before President Trump pulls out any game-changers, I thought it would be the right time to reflect on a Bill passed into law by President Obama this August. The...
by Sep Niakan | November 22, 2016
It’s been almost a year since BrickellHouse’s robotic parking garage blunder, and I’ve been thinking about what this means for the automated parking business in Miami condos. In brief, Boomerang Systems (the robotic garage...