Miami's new condo-hotel, the Elser, boasts luxury with epic views

A new, luxury tower, the 49-story Elser Hotel & Residences, opened this month in downtown Miami, with units starting at $600,000.

The intrigue: The project was conceived as apartments, but developers decided to offer units for sale due to the strong demand for condos, especially ones that owners can lease as short-term rentals.

• "It's a good product to have in Miami, and frankly I don't think there's enough," developer Ryan Shear, of Property Markets Group (PMG), told The Real Deal. High rent prices are prompting people to buy, he said.

Details: The Elser is named after the Elser Pier, a bustling center that stood in the same location overlooking Biscayne Bay back in the early 1900s.

• Units range from studios to three bedrooms.

What to watch: PMG is also developing a Waldorf Astoria Miami and a hotel/condo in conjunction with E11EVEN Nightclub.