MIAMI—The Related Group isn’t the only developer to find fast success with Downtown Miami condo projects. Tibor Hollo and his Florida East Coast Realty are also seeing rapid sales at Opera Tower.
Florida East Coast reports 400 residents have been sold at Opera Tower, a luxury high-rise condo in Downtown Miami’s Media and Entertainment District. Fortune International is heading sales at the 56-story, mixed-use tower. Only 235 residences remain at prices ranging from $225,000 to $600,000.
Opera Tower is in the midst of a $1.2 million building enhancement project, scheduled to be completed by the end of the first quarter in 2013. The redesign includes the recreational room, lobby, and pool deck.
“Opera Tower has been extremely well-received among local and international buyers looking for beautiful residences in the heart of Miami, and the developer financing and leaseback program has only added to the demand for these prime units,” says Fortune president Edgardo Defortuna.
Developer financing is available for up to 50% of the purchase price. There is also an leaseback program. Here’s how it works: The developer, through its affiliated management group, will lease back the owners’ units for up to three years from closing. During that time, buyers will receive an annual rent equal to 6% of the purchase price. The developer pays the monthly condominium maintenance fees and there are no rental commission fees or property management expenses. Buyers only pay property taxes and insurance.
Hollo is encouraged with the sales activity. He says, “It’s an affirmation of our belief in the strength of our location and product, providing spectacular views and desirable amenities.”
Opera Tower is just blocks from the Adrienne Arsht Center for the Performing Arts—with its Opera House and Performance Halls—and the American Airlines Arena. Margaret Pace Park, Sea Isle Marina, Bayside Marketplace, Museum Park, South Beach, Brickell, Midtown Miami, and the Design District call the district home. The Metromover has a station within walking distance of Opera Tower.