Shop or dine at nearby Bayside Marketplace, catch a Miami Heat basketball game or concert at American Airlines Arena, and easily get around downtown by using the Metro Mover. Opera Tower offers residents all the conveniences of downtown Miami, a myriad of recreation and entertainment venues all within walking distance. The condos are designed to take full advantage of the water views. Now, with little developer inventory on the Miami market except at Vizcayne (75% of condos sold), and properties like 1100 Millecento and BrickellHouse taking sales reservations but still two years away from construction completion, the developer felt the time was right to put the remaining 388 Opera Tower condos back on the market. Opera Tower was one of those properties that had a financially strong developer, but lots of units to sell. Competition was fierce. Prices were dropping. Buyer financing wasn’t available. And Opera Tower was a monster-sized property sitting 2/3 empty. Turning the condos into rental units until the market heated up again was a good idea. Opera Tower has 635 condos, about 250 of which have been sold.Īt the time, the real estate market had collapsed right after the largest boom of new inventory hit the market ever. Over 17,500 new condos became available again when buyers who contracted to buy them in 20, before the crash, walked away from their contracts, forcing developers to take them back, and causing some of the developers to lose their properties to the banks.
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