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ST Residential, backed by the Federal Deposit Insurance Corpo ration and

an investor group, is entering the Miami market and rethinking everything. The massive South Florida portfolio includes six high-end condominium commu-nities that ST Residential either owns or finances: Tao (Sunrise), Infinity (Brickell), Artech (Aventura), Mint (downtown Miami), Paramount Bay (Miami’s Biscayne Boulevard corridor)

and Jade Ocean (Sunny Isles Beach). Peggy Fucci, senior vice president, director of sales and market-ing for ST Residential, discusses the company’s plans amid our real estate landscape’s tricky—yet still promising—current climate.

OCEAN DRIVE: How are you tailoring your business approach to today’s real estate market? Peggy Fucci: First of all, we’re bringing a sense of stability to an arena that has clearly undergone some challenging times. At all of our buildings,

we identify what’s needed or miss-ing, and how we can make each better. For example, at Mint we’re adding finishing touches to the building—including the lobby fur-niture, pool and spa area. We’re improving the entire 13.5-acre Miami waterfront community with a lot of greenery. Since it’s one of the few places downtown where you can have a family, we’re plan-ning an amazing playground.

How do current real estate prices compare with the original developer numbers? All over South Florida, units are going for about 20 to 40 percent less than they were at the market’s

peak at the end of 2005. We’re pricing units right for today’s market, not a penny less or more.

What kinds of residents does Tao attract? There are approximately 250 units left of nearly 400. Many of our buyers are South American, and the building offers everything an international buyer would want: unbelievable pricing, as well as a prime location near highways and a major mall. It makes a great second home.

Tell me about your strategy at Infinity. This building is undergoing a major face-lift. We’re completing all new model units throughout, and there will be an amazing exclusive rooftop club for residents of floors 40 and higher.

And at Paramount Bay on Biscayne? Paramount Bay is a jewel—it’s very high-end. We’re going to spend several million dollars on that building, redesigning and completing several aspects including the porte cochère, pool area, fitness center and lobby. We will be ready for sales in the spring or summer of this year.

How are sales up north, at Jade Ocean and Artech? We have about 80 units left to sell at Jade Ocean. Sales never stop! And we just put Artech on the market. We only have about 65 units left there. od

Time and TideRiding waves of change in Magic City luxury real estate By Ana Maria Lima

Miami’s Paramount Bay

Artech in Aventura

Jade Ocean in Sunny Isles Beach

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Peggy Fucci