Astor Puts 59 New 2007 Miami Condo Units

MIAMI—The Astor Companies just released 59 units at its Nordica Condominium. Developed in 2007 at the height of the Miami real estate boom, Astor retained ownership of the units with the turnaround in mind.

In the wake of a $300,000 renovation to the property's units and common areas, Astor is putting the 59 condo units back on the market. It's a strategic move considering the strength of Miami's real estate market—a market in which luxury properties are once again selling at a premium.

“With high demand for luxury units in the Miami urban core and adjacent areas, buyers will see the value in purchasing an existing top notch product in a great building without having to wait for construction to be completed,” says Peter Torres, vice president of Astor. Again, Astor's move is strategic—and so is the timing.

The re-launch comes as the next wave of residential development in Miami's urban core takes hold, falling supply at existing buildings, and increasing prices, according to the Miami Downtown Development Authority (DDA). All told, fewer than 500 units of the 23,000-plus constructed during the City's last real estate cycle remain on the market for sale.

Hundreds of new condos will come online in 2014 and beyond. But Nordica's newly-released inventory is in “like new” and available for immediate occupancy. And while many pre-construction projects are pushing financial models that demand 50 percent to 70 percent cash down, buyers can find traditional financing for Nordica units. Prices range from $273,000 to $575,000.

“The Astor Companies had the foresight to know that the Miami real estate market would come back strong,” says Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, Nordica's exclusive sales and marketing brokerage. “The company's strategy is now paying off. They held on to premium units, rented them while rental demand was high, and now are offering them for sale when demand from buyers is reaching fever pitch.”

Located at 2525 SW 3rd Avenue in “The Roads” neighborhood, the 18-story boutique building is within walking distance from Brickell Avenue and minutes away from Downtown Miami, Key Biscayne, Coconut Grove, and Coral Gables. For its part, Astor has spearheaded South Florida projects like Brickell Vista, Gateway to the Grove, Valencia, and its most recent luxury condominium Merrick Manor.