MIAMI—Nearly all of the 160 units iStar Residential owned at One Fifty One at Biscayne are either sold or under contract. iStar just put the units on the market less than six months ago. The strategy: selling condos below replacement costs.

One Fifty One at Biscayne, formerly known as Oaks at Biscayne Landing, is the first phase of a mixed-use master-planned community LeFrak Organization is developing. DevStar Realty managed the sales, marketing and repositioning efforts at the project. 

“Anyone who comes through our sales office instantly sees One Fifty One's value proposition,” John Warsing, director of sales at DevStar, tells GlobeSt.com.  “Residences are move-in ready where purchasers don't have to wait two to three years for their building to be constructed, and our prices are a fraction of what nearby pre-construction projects are being sold for.”

LeFrak is betting the project will completely transform the entire region when completed. That remains to be seen but one thing is certain: in less than six months the North Miami development has evolved from two under-performing towers to a luxury condominium destination with views that are attracting buyers.

Turnaround is definitely the right word here. Boca Developers constructed the towers in the first phase of what was called Biscayne Landing. The company's lender went under in 2009 and the project went into bankruptcy right behind it. iStar stepped in with millions in property improvements and new amenities.