Miami Beach’s Peloro Luxury Condos Quickly Reaches Reserve Limit

Though sales have only been offered since the end of November for units in the Peloro residential condominium tower, the 118-unit project nearly reached its reserve limit ahead of opening up for hard sales contracts earlier this month. Peloro is positioned in mid-Miami Beach, unlike other projects like Ocean House and MyBrickell, offering residents a much quieter location but not far from booming areas such as Bal Harbour and Sunny Isles. Funded by the family of the late Roy Disney, Peloro is one of two projects in Miami Beach bankrolled by Disney; the other being the 50-unit Palau at Sunset Harbour.

Designed by renowned Latino architect Luis Revuelta, the project will begin its construction phase during mid-year 2013 after the demolition of the bay front wall running across Collins Avenue. Price points at the Peloro start at around $500 per square foot in an area where many locations are now north of $1,000 per square foot and rising. On deciding for a location in Mid-Beach, Peloro Managing Partner Greg Martin commented:

“With the development that’s going on right now, there’s a big uptick in Miami Beach, and huge energy. It’s important to be an early mover.”

What do you think? Are projects like Peloro the start of a new wave of condo developments that will thrive into the future, or is real estate primed for another thrashing vis-à-vis the 2008 market crash? Share your opinion about the Peloro and the Miami real estate market in the comments section below.