St Regis Bal Harbour Condo Project Experiences Strong Sales In 1st Month Published on 12/13/2011 11:22:00 AM
New condo transactions at the St. Regis Bal Harbour Resort & Residences on the barrier island in Northeast Miami-Dade County have started off fast, with 15 units trading for more than $50 million in the first month of sales, according to a new report from CondoVultures.com.
Buyers purchased nearly 40,500 square feet of livable space at an average price of more than $1,300 per square foot between Nov. 15 and Dec. 13, 2011, according to an analysis of Miami-Dade County records.
Individual transactions have ranged in price from less than $1,000 per square foot to more than $1,650 per square foot with units trading for between $1.6 million and nearly $10.5 million, according to the report based on recorded deeds.
The St. Regis Bal Harbour Resort & Residences is comprised of three towers up to 27 stories with more than 500 condos, condo-hotels, fractional condos, and hotel rooms.
The North and South towers feature a combined 205 traditional condo units - officially known as the Bal Harbour North South Condominium - while the Center Tower is to be comprised of a St. Regis hotel that includes condo-hotel units, fractional residences, and traditional condominiums.
The St. Regis Bal Harbour Resort & Residences features four swimming pools, a 12,000-square-foot Remede spa, and signature restaurants on a nearly nine-acre oceanfront site across from the Bal Harbour Shops on Collins Avenue.
Bal Harbour is a ultra-wealthy village of 3,300 people located on a barrier island between Miami Beach and Sunny Isles Beach.
Bal Harbour is a destination for boat owners as the village is located on the south bank of the only inlet on the barrier island between the Atlantic Ocean and the Intracoastal Waterway between Miami Beach's trendy neighborhood of South Beach and Fort Lauderdale.
As the South Florida real estate market was crashing in 2008, the developers of the proposed St. Regis Bal Harbour Resort & Residences were launching construction of the three-tower condominium and hotel project on a site that fronts the Atlantic Ocean.
Fast forward three years to the present. The complex's developer began converting preconstruction contracts into transactions in the fourth quarter of 2011. The official grand opening is scheduled for Jan. 19, 2012.
As of Dec. 13, 2011, the St. Regis Bal Harbour Resort & Residences has eight condos being marketed on the Multiple Listing Service at a median asking price of more than $1,280 per square foot with individual units ranging from less than $1,050 per square foot to nearly $1,550 per square foot, according to an analysis by CVR Realty™.
Overall in Bal Harbour, nearly 200 condominium units are on the resale market at a median price of about $565 per square foot as of Dec. 13, 2011, according to the analysis based on Florida Realtors association data.
An additional 32 Bal Harbour condo units - at a median asking price of more than $365 per square foot - are currently under contract waiting to transact, according to the data.
In the first 11 months of 2011, buyers have acquired nearly 145 units at a median price of about $400 per square foot in Bal Harbour, according to the analysis.
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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