MIAMI—With South Florida's condo market posting a strong recovery, pricing now runs the gamut. Some luxury developers are raising prices quickly while others are still promoting strong value even on new construction.

With One Fifty One at Biscayne, iStar Residential is promising condo buyers the best of both worlds. IStar is promoting oceanview condo units at below replacement cost. Essentially, the firm is trying to sell condo shoppers on the notion that they would pay more to purchase the same unit if the exact same project were built today.

Whether it will work remains to be seen. Let's take a closer look at iStar Residential's reasoning behind the campaign.

One Fifty One Biscayne is located just off Biscayne Boulevard on Northeast 151st Street in North Miami. Units start at $240,000. That's about $180 per square foot.

According to CDC Builders, a full-service construction company in Miami, construction costs to build the same project today would be close to $250 per square foot. That means it would cost approximately 40% more to construct One Fifty One at Biscayne than it would cost to purchase the existing product today.

“Then, factor in other costs like land, architecture, soft costs and marketing costs, and the number gets closer to $450 per square foot for a project like One Fifty One at Biscayne,” Jose Ortega, president of CDC Builders, tells GlobeSt.com. “When you compare those prices, there is clearly an incredible deal to be had right now at this type of development.”

Most of the 160 units now available for sale are being rented out. Residence include two- and three-bedroom units averaging 1,800 square feet.

The two residential towers offer clear views of local nature preserves, the Sunny Isles skyline, and the Atlantic Ocean. The condos are 10 minutes from the beach and equidistant from both the Miami and Fort Lauderdale-Hollywood international airports.

So, what say you, will condo shoppers buy it or are new developments still more appealing? Sound off in the comment box below.