Downtown Miami condo sees sales surge following price cuts
Following a $160-per-square-foot price cut at the new Mint at Riverfront condominium in Downtown Miami, owner ST Residential sold off 100 individual units -- or around one fifth of the inventory -- during the fourth quarter of 2010. The average price per square foot was $326, for a total of $37.6 million in sales, up from just $8.3 million in the third quarter, when 11 individual units were sold. Since 2011 began, ST has sold two condos for an average of $295 per square foot. Original prices at the Mint tower, which was developed by Key International, began at $489 per square foot and ranged as high as $563 per square foot. ST gained control of the Mint after acquiring the construction loan from the failed Corus Bank.