That makes tenants one of the strongest amenities offered by existing towers, which often can provide buyers a condo along with the cash flow that comes with an occupied unit.
The Midtown complex is centered around the 3300 block of Northeast 1st Avenue, which is the address of 4 Midtown.
The 600-unit Opera Tower, a short drive south of Midtown, has virtually no vacant units but more than 300 for sale. The idea of a tenant-occupied unit appeals to many Opera buyers.
“Opera Tower is mainly investor product.’’ said Sanchez, who oversees the Elliman sales team at Opera. “The people purchasing at Opera want to put their money to work.”
Added Craig Studnicky, whose ISG brokerage in Aventura manages sales for downtown’s Vizcayne condo tower: “Truthfully, there’s very little demand from locals. You’re mostly seeing landlords from Latin America, and second-home buyers from Latin America and New York.”
Krongold predicts Midtown will buck the investor trend and appeal to local buyers.
Gold Krown, which includes the former governor’s son, Jeb Bush Jr., investor Gary Goldbloom and apartment mogul Sam Beznos, has brought on Fortune Realty to sell 304 units in the 33-story building called 4 Midtown. Prices start at $232,000 for the smallest units and run to $2.4 million, averaging about $350 a square foot, Krongold said.
As the owner of all unsold units in the three towers that make up the Midtown complex, his team sees the area as a natural fit for young professionals looking to buy into an area that has emerged as Miami’s newest retail district. A derelict industrial area when the housing boom began, the 26-acre Midtown shopping area is now home to more than three dozen restaurants and shops, and once a year becomes the center of Art Basel’s circuit of satellite fairs. And while sales at Midtown continue, most of the units for sale already have residents paying monthly rent in buildings that boast nearly 100 percent occupancy rates.
“This is a neighborhood,” Krongold said. “We’re getting a lot of local people who want to live in this area.”
Part of that effort includes sprucing up the 4-year-old building.
“We’re tripling the pool furniture,” Krongold said during a tour of the seventh-floor sundeck, which includes a small hot tub and sprawling pool overlooking Biscayne Bay in the distance. Caution tape blocks off spots outside as crews make their way down a list that includes a redesigned lobby.
The group has already sold 60 units in the sister building that sits across a vacant lot that was supposed to be 3 Midtown by now but was idled by the crash. Across the street from 4 Midtown, Gold Krown owns about 175 units in the nine-story Midtown building called Midblock. Those are for sale, too, but Krongold said he’s beginning to rethink the urgency for unloading them.
“We’ve been marketing them,’’ he said, “but we may be changing our minds because the prices keep increasing.”