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, according to a new report from Bal Harbour-based brokerage Condo Vultures.
The average price per square foot was $326 (about 3,500 / M2), 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.
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