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25th New Residential Tower Planned For South Florida Coastal Region
25th New Residential Tower Planned For South Florida Coastal Region
Published on 3/7/2012 10:13:00 AM

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In another sign the South Florida real estate market is recovering, a development company is proposing to construct a 40-story, mixed-use tower fronting the Atlantic Ocean in the Hollywood / Hallandale Beach coastal condo market in Southeast Broward County, according to a new report from CondoVultures.com

The company - Shefaor Development with founders Jacques Claudio Stivelman and Gilbert Benhamou of Aventura - plans to build a 477-room condo-hotel or hotel - that can include up to 200,000 square feet of residential condo space in the project - on a 1.6-acre site at the intersection of Ocean Drive and Hallandale Beach Boulevard, according to a company statement

Shefaor Development - which previously built South Florida condo projects including the Artech Residences and Uptown Marina Lofts in the city of Aventura in Northeast Miami-Dade County - has a "contract" to purchase the project site and is seeking a "joint-venture partner," according to the company statement.  

Shefaor Development's proposed project marks the 25th new South Florida condo tower proposed - and the third tower in the Hollywood / Hallandale Beach market - for the coastal region since the local real estate crash began in 2007, according to the CondoVultures.com Preconstruction Condo Projects list. 

Condo Vultures® founder Peter Zalewski discussed the dynamics of South Florida's latest condo boom at the 4th Annual "State Of The South Florida Condo Market" Seminar that was held on Feb. 28, 2012 in Greater Downtown Miami. The event was sponsored by the Continental GroupMiami Association Of Realtors, the Miami Downtown Development Authority, ACAP financing, and Creative Avatar Co. website solutions.  

Overall, the proposed Shefaor Development project would increase the total number of new condo units planned to more than 5,000 for the coastal area of the tricounty South Florida region despite 4,300 developer units remaining unsold as of Dec. 31, 2011, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide™ series. 

At least four projects have already hosted groundbreaking ceremonies in the last year, according to a recent CondoVultures.com report.  

As of March 8, 2012 in the Hollywood / Hallandale Beach market, there are more than 750 condo units on the resale market at a median asking price of more than $219 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.  

Units range in price from less than $50 per square foot to nearly $1,350 per square foot, according to data from the Florida Realtors association.

In 2011, buyers acquired more than 1,700 condo units at a median price of $140 per square foot, according to the data.

On the rental front in the Hollywood / Hallandale Beach market, nearly 550 residences are available for lease at a median asking price of nearly $1.71 per square foot per month as of March 8, 2012, according to the report. 

In 2011, renters leased nearly 1,700 residences at a median price of nearly $1.15 per square foot per month between January and December, according to the data. 

The Hollywood / Hallandale Beach coastal market is defined as Sheridan Street south to the Miami-Dade County line, and the Atlantic Ocean west to Federal Highway (U.S. 1), according to the Condo Vultures® Official Condo Buyers Guide™ series. 

It is important to note there are various stages to a residential real estate transaction in South Florida.

A transaction begins when a property is made available for sale and ends when a title is conveyed from one party to another party as a result of the recording of a deed with the local government. 

As part of the process, a property typically goes under contract and into a due diligence phase by which a deal can be canceled.  

Condo Vultures® LLC is a real estate consultancy and marketing company based at 1005 Kane Concourse, Suite 205, Bal Harbour, Florida, 33154. You can reach Condo Vultures® LLC at 800-750-0517.

Don't forget to sign up for our weekly Market Intelligence Report™ for detailed condo reports to stay informed on the latest market trends and to find out about our various Condo Vultures® Seminars. Looking for a property at a deep discount? Take a peek at the Vultures Database™ or view our Video Library. Looking for bulk projects direct from developers or lenders? Visit the Condo Vultures® Bulk Deals Database™. Our new books, the Official Condo Buyers Guide to Miami™Official Condo Buyers Guide To South Beach™Official Condo Buyers Guide to Sunny Isles Beach™Official Condo Buyers Guide to Downtown Fort Lauderdale and the Beach™Official Condo Buyers Guide to Hollywood / Hallandale Beach™Official Condo Buyers Guide to Downtown West Palm Beach™, and Official Condo Buyers Guide to Boca Raton / Deerfield Beach™, are now available. Want to see every foreclosure filed in South Florida since 2007? Check out our Foreclosure Database™.

© Copyright 2012. Condo Vultures® LLC. All Rights Reserved.   


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