MIAMI—If you wondered if Miami’s appeal among international buyers has reached a fevered pitch yet, BrickellHouse is proving the point. The luxury condo project under development in the Brickell Financial District has sold 50% of its 374 units less than four months after launching.

“Our sales velocity is an indication of the strong demand for high end, quality new product in Miami,” Harvey Hernandez, president of Newgard Development Group, the project developer, tells GlobeSt.com. “This demand comes from across the globe. International buyers appreciate Miami’s status as an international destination and see the value in the new level of sophistication BrickellHouse is bringing to Miami’s Brickell District.”

Fewer than 1,500 condos in the Brickell Financial District are currently on the market, according to a June 2011 market study by the Miami Downtown Development Authority. With the continuation of this sales velocity, the remaining unsold inventory could be sold out in the next year leaving an inventory gap never seen before in Miami. The need to meet the demand for new condominiums is what drove Newgard Development Group’s decision to launch BrickellHouse in October 2011.