MIAMI—Iris on the Bay is playing the value card as it seeks to fill 43 four-story townhomes under construction in Normandy Shores, FL. Prices on the bayfront residents start at $350 per square foot. That translates to $824,000 for the lowest-priced unit.

David and Jeff Spear of Spear Group, together with Braddock Financial, acquired the two-acre site in 2012. The developers are passing along the value to their buyers.

“In this cluttered and largely inflated market, we're proud to bring a new product offering that answers the needs of the buyer and presents a tremendous value,” says Jeff Spear. The townhomes come fully-furnished with private elevators, balconies, rooftop terraces and two-car garages.

Located between South Beach and Bal Harbour, the project offers a waterfront promenade and 15 boats slips that can accommodate vessels up to 36 feet. Directly across the street from Iris on the Bay, Normandy Shores Golf Club offers an 18-hole golf course, tennis courts, a children's playground, and green space.

Spear Group engaged Douglas Elliman's Ann Nortman and John Sandberg to lead sales. Nortman calls it a “unique product at such a competitive price, especially in the current market that hasn't left a lot of options for the majority of buyers.”