59 Units Released for Astor Condo in Miami
59 units were added by the Astor Companies to their Nordica Condominium in Miami. The building was developed during the height of the real estate boom.
Along with the additional units, Astor has also included $300,000-dollar renovation on the existing ones and the common areas. The move is seen as highly strategic considering the current atmosphere of Miami’s housing market.
Demands for high-end luxury condominiums are rising in the city. Several developers now have plans to put up a number of towers throughout South Florida to respond to the increasing demand for new homes. Many of the buyers were reported to be foreign-born with specific tastes.
The action of Astor to renovate and add units at the Nordica Condominium was timely.
The falling supply of homes and increasing prices pushed several residential developments to soon break ground. According to the Miami Downtown Development Authority, there is now less than 500 units remaining unsold.
It is estimated that hundreds of new units will be sold in 2014 but Astor is taking advantage of the current market situation by offering condo units immediately available for occupancy. Also, buyers can still take hold of traditional financing for Nordica’s new units as opposed to the new financial models of pre-construction condominiums.
The Nordica is located at 2525 SW 3rd Avenue. The building is an 18-story boutique located in close proximity to Brickell Avenue and Downtown Miami, as well as Coral Gables, Coconut Grove and Key Biscayne.