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.

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