In Miami, 45% of all new condos remain unsold.

But the $1.25 billion Icon Brickell building is the poster boy of Floridian excess. The Icon Brickell has "1,646 condos, a 28,000-square-foot fitness area and a two-acre pool deck with a 12-foot-high limestone fireplace. The 22-foot-tall sculptured columns, 100 of them, marking the entryway were inspired by the monumental moai statues on Easter Island and cost $15 million."

Only 30 of the 500 units that were ready for closing in December have actually closed, and many buyers are trying to get out of their contracts. And developer Jorge Perez is nervous...

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Crux note: Read this and this to learn how Tom Dyson traveled to Miami and predicted the condo bust...