With at least 133 new condo towers already proposed for South Florida, developers have announced five additional projects in Greater Downtown Miami as the tricounty real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.
The newly proposed condo towers – Crimson Residences (exclusively listed by the licensed Florida real estate brokerage Baker-CVR LLC) , Le Parc At Brickell, an unnamed project on the former Element condo site, an unnamed project on the former ICE condo site, and an unnamed project on the former Platinum II condo site – come at a time when developers are now proposing at least 25 new towers with more than 8,300 condo units in Greater Downtown Miami, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, developers are now proposing more than 18,500 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of May 16, 2013, according to Cranespotters.com.
CondoVultures.com is scheduled to profile condo trends in the first quarter of 2013 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of April 15, 2013.
The Condo Vultures® Market Intelligence Report™ plans to publish a 10-part weekly series that analyzes the markets of Greater Downtown Miami, South Beach, Bal Harbour / Surfside / Bay Harbor Islands, Sunny Isles Beach, Aventura, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Pompano Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island.
Of the five newly proposed condo projects, only one of the projects – Le Parc At Brickell in the Brickell Avenue Area – is not slated to be developed in the emerging Edgewater area of the Biscayne Boulevard Corridor of Greater Downtown Miami, according to the Miami Herald.
From north to south in the Biscayne Boulevard Corridor, a developer – AXA Developers and Strategic Properties Group – has paid $22.5 million for a site – previously proposed to be the ICE condominium project during the last real estate boom – on the north side of 31st Street fronting Biscayne Bay with plans to build a yet-to-be-named condo tower, according to the Miami Herald and Miami-Dade County records.
Across the street on the south side of 31st Street fronting Biscayne Bay, Miami’s Related Group plans to build a yet-to-be-named condominium tower on a site – previously proposed to be the Element condo project during the last real estate boom – that was acquired for $29 million in April 2013, according to the press report.
It is unclear how many stories and units both project would have on their sites, respectively.
To the south, a developer – GTIS Partners and Eastview Development – plans to build a yet-to-be-named condo tower with 42 stories and 394 units on a site – previously proposed to be the Platinum II condo project during the last real estate boom – that was acquired for $29.1 million on Northeast 30th Street fronting Biscayne Bay, according to the press report.
A few blocks to the south on 27th Street fronting Biscayne Bay, a developer – the Aventura-based private equity firm mckafka Development Group – has launched presales for the new 19-story Crimson Residences condo tower with 90 units fronting Biscayne Bay, according to the press report.
Some six years after the South Florida condo market began to stall, one new condo tower has already been completed in the tricounty region and 19 other highrises – Aventura’s Bellini At Williams Island; Greater Downtown Miami’s 1100 Millecento Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, ICON Bay, and MyBrickell projects; Hollywood’s Apogee Beach; Key Biscayne’s Oceana (two towers); Miami’s 4300 Biscayne Boulevard in the Morningside area; Miami Beach’s Faena House Saxony and Residences At Miami Beach Edition; Palm Beach County’s 4001 North Ocean project; and Sunny Isles Beach’s Chateau Beach, Mansions At Acqualina, Porsche Design Tower, and Regalia – are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
The push for new condo construction comes as boom-era unit inventory is dwindling in Greater Downtown Miami.
As of March 31, 2013, about 600 new condos are unsold out of a total of more than 22,200 units created in Greater Downtown Miami market during the last South Florida boom that began in 2003, according to a recent CondoVultures.com report.
On the resale market, more than 1,330 condos are available for purchase at a median asking price of about $438 per square foot in Greater Downtown Miami as of May 16, 2013, according to the licensed Florida brokerage CVR Realty™.
Of the condos being marketed for resale in Greater Downtown Miami, about 82 percent of the units were created since 2003. The median resale asking price for the condo units created since 2003 is more than $450 per square foot, according to Florida Realtors association data.
On the rental market, nearly 850 condos are available for lease at a median price of $2.36 per square foot monthly in Greater Downtown Miami, according to the data.
Of the condos being marketed for rent in Greater Downtown Miami, about 70 percent of the units were created since 2003. The median asking rental price for the condo units created since 2003 is also $2.36 per square foot monthly, according to the 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 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.
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