Swire has released a new rendering of The Mandarin Oriental Residences, Miami upon the announcement that they have transferred from reservations to contracts with nearly $1 billion in reservations. Over $150 million of these contracts have already converted.
“The market response in relation to the sales reservations since December 2023 has exceeded expectations,” the company said in a release to investors on August 8 according to The Next Miami.
Rendering of The Residences at Mandarin Oriental, Miami
What Does This Mean?
Typically the first investors of a project will be offered the lowest pricing. This is an incentive in return for their faith in a project that is only able to offer limited details, permits and approvals.
You might place a deposit and reserve a residence based upon a paper floor plan and an image online, knowing that the floor plan may change. Buyers who go in at this point do so because they have a firm belief in the developer, the architect, the location and the plan. And they are financially rewarded for their belief.
As the project moves forward, approvals are granted and details are solidified. With each step the prices increase, as does the level of security in the project for investors.
The next step for The Mandarin Oriental Residences, Miami will likely be the acquisition of a construction loan, whether the developer really needs it or not. Leveraging the project not only frees up the developer’s cash for unforseen circumstances, it also demonstrates the financial strength of a project as construction loans are among the most difficult to obtain.
Rendering of The Residences at Mandarin Oriental, Miami One Island Drive Brickell Key
About The Residences at Mandarin Oriental, Miami
The Residences at Mandarin Oriental, Miami held a soft launch earlier this year with preliminary details and a tremendous amount of pre-sales.
Soon, the southernmost tip of Brickell Key will be home to a 66-story tower that rises 850 feet and offer 228 residences. The homes will range from two- to five-bedroom layouts starting at $4.9 million.
We have covered this project extensively, since it is one of our top-rated preconstruction opportunities in the area. This includes a piece I wrote earlier this year, detailing all of the reasons I really appreciate the Mandarin Oriental Residences, Miami for this market.
Construction on the first of the two towers will begin in 2025, with occupancy expected by 2029.
Residences at Mandarin Oriental, Miami One Island Drive Brickell
The Residences at Mandarin Oriental, Miami preview lounge is available by appointment only.
If you are interested in an invitation for a private presentation of The Residences at Mandarin Oriental Miami in the preview lounge, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@htvdirect.net.
