3 New Condo Towers Planned For Miami Beach, Downtown Miami Markets Published on 12/1/2011 8:38:00 AM
Developers are proposing three more new condo towers - two in Greater Downtown Miami and one in South Beach - for the South Florida coastal region despite the existence of about 4,700 units that remain unsold from the last real estate boom, according to a new report from CondoVultures.com.
With the three latest projects, developers are now proposing to construct a combined 20 towers with more than 4,000 units east of Interstate 95 in the tricounty region of Miami-Dade, Broward, and Palm Beach counties, according to the CondoVultures.com Preconstruction Condo Projects list.
Fueled by a surge in cash buyers from overseas, developers are proposing 10 towers in Greater Downtown Miami, four towers in Sunny Isles Beach, two towers in Miami Beach, two towers in Downtown West Palm Beach, and one tower each in the Aventura and the Hollywood / Hallandale Beach markets, according to the report.
CondoVultures.com is scheduled to analyze trends in the seven largest coastal condo markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties through the third quarter of 2011.
Since the week of Oct. 20, the Condo Vultures® Market Intelligence Report™ has been publishing a seven-part series analyzing new condo sales trends in Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
On the new construction front, the first proposed condo tower near the coast to assemble a crane for vertical development is the 23 Biscayne Bay project in the Biscayne Boulevard Corridor of Greater Downtown Miami, according to a CondoVultures.com report.
The proposed Apogee Beach condo tower on the sand in the city of Hollywood in Southeast Broward County is scheduled to launch construction by the end of 2011, according to the South Florida Sun-Sentinel.
It is unclear how many other proposed towers could get developed in the short term as construction financing is challenging - and expensive - to secure, industry watchers said.
To overcome the financing hurdle, most of the newly proposed projects are requiring prospective buyers to commit to deposits - to be paid in phases - of as much as 80 percent of the preconstruction contract price, industry watchers said.
During the most recent South Florida condo boom, preconstruction buyers were generally asked for deposits of about 20 percent, industry watchers said.
On Nov. 22, 2011, the South Florida Business Journal reported that the Related Group - South Florida's biggest vertical condo developer - is planning to construct a second MyBrickell project with 192 units and a 250-unit tower on the site of what was once proposed to be the Onyx 2 condo tower.
On Nov. 29, 2011, the Miami Herald reported that a Boca Raton developer has assembled land in South Beach neighborhood of Miami Beach with plans to build a mixed-use condo tower in the Sunset Harbour area just west of Alton Road and the Miami Beach Golf Club.
Overall, the most recent South Florida condo boom produced nearly 49,000 units in the seven largest coastal markets of Greater Downtown Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide™ eBook series.
As of Sept. 30, 2011, less than 10 percent of the coastal South Florida condo product created during the boom that began in 2003 remains unsold, according to an advanced copy of a new CondoVultures.com report.
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.
The CondoVultures.com new condo sales report is based on completed transactions where a deed is recorded and taxes paid as a result of the sale.
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.
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