One Ocean is now Complited

Apr 18, 2016 @ 10:45 AM
One Ocean has been completed in the city of Miami Beach during this current South Florida real estate cycle.

Developed by the Related Group, led by Jorge Perez, at least a dozen units in the One Ocean project located at the beginning of Ocean Drive have traded for a combined $44.3 million, which works out to a price of about $3.7 million each, for an average of nearly $1,335 per square foot as of Monday, according to government records.

Individual units in the One Ocean project have transacted at prices ranging from $2.1 million to more $5.1 million each. On a price-per-square-foot basis, individual condos have traded from less than $1,030 to nearly $1,700, according to government records.

Currently, two units in the One Ocean project are listed for sale at an average price of more than $4.7 million each, for a blended rate of more than $1,930 per square foot as of Monday, according to data from the Southeast Florida MLXchange and government records.

The completion of the One Ocean project comes less than six months after the nearby Marea South Beach condo project in the 800 block of South Pointe Drive was completed in October 2015.

By Peter Zalewski,
Credit TheRealDeal

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