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12th New Condo Tower Set To Launch Construction In South Florida Region
12th New Condo Tower Set To Launch Construction In South Florida Region
Published on 9/25/2012 12:48:56 PM

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With one new condo tower already completed in South Florida, developers are preparing to launch construction on a 12th new highrise - the latest being the 1100 Millecento Residences being developed by Jorge Perez of the Related Group in the Brickell Avenue Area of Greater Downtown Miami - with a groundbreaking scheduled for Oct. 3, 2012 as the post-crash development era gains momentum, according to a new report from CondoVultures.com

The groundbreaking for the 1100 Millecento - proposed to be a 382-unit tower on South Miami Avenue in Greater Downtown Miami - comes less than two months after a similar ceremony on Aug. 7, 2012 for the planned 79-unit Mansions At Acqualina project in Sunny Isles Beach in Northeast Miami-Dade County, according to a recent CondoVultures.com report.

Overall, the Related Group is proposing to develop at least eight new condo towers - two of which are already under construction - with about 1,700 condo units and hotel suites in the tricounty South Florida region, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.  

As of Sept. 26, 2012, at least 70 condo towers with more than 10,000 units are proposed, planned, under construction, or recently completed in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach, according to the Preconstruction Condo Projects list.  

Some five years after the South Florida condo market began to stall, the new 23 Biscayne Bay condo tower has already been completed in the tricounty region and 11 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's Brickell Citicentre (two towers), BrickellHouse, and MyBrickell projects; Hollywood's Apogee Beach; Key Biscayne's Oceana (two towers); Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Mansions At Acqualina and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report

A majority of the newly proposed condo units are not expected to be completed until 2014 when the unsold developer inventory from South Florida's last real estate boom and bust is projected to be sold. 

Fueled by investors primarily from overseas, less than 3,400 new condo units remain unsold from a supply of nearly 49,000 units created since 2003 in South Florida’s seven largest coastal markets of Greater Downtown MiamiSouth BeachSunny Isles BeachHollywood / Hallandale BeachDowntown Fort Lauderdale and the BeachBoca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of June 30, 2012, according to a recent CondoVultures.com report.

It is unclear how many of the other proposed towers could get built in the short term as construction financing is challenging - and expensive - to secure, industry watchers said.  

To overcome the obvious 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.  

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 in the 225 Midtown Building at 225 NE 34th St., Suite 209B, Downtown Miami, Florida, 33137. Condo Vultures® LLC can be reached 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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