A South Florida developer is proposing a new 46-story luxury condo tower for a 2.3-acre oceanfront site in Sunny Isles Beach, according to a new report from CondoVultures.com.
The proposed 79-unit Mansions at Acqualina – immediately south of the existing Acqualina Ocean Residences & Resort condo at 17885 Collins Ave. – is slated to be constructed at 17749 Collins Ave. in Northeast Miami-Dade County, according to an application filed with the city of Sunny Isles Beach.
The proposed Mansion at Acqualina with nearly 427,000 square feet is scheduled to be discussed at upcoming city of Sunny Isles Beach zoning hearing on Dec. 22, 2011, according to a public notice advertised in the Miami Herald.
Developed in 2006, the original Acqualina condo project is a 50-story tower with 247 residential units that sold out for more than $290 million in June 2009, according to an analysis based on the Condo Vultures® Official Condo Buyers Guide To Sunny Isles Beach™ and Miami-Dade County Property Appraiser records.
The newly proposed Mansions at Acqualina is one of the four condo towers planned for Sunny Isles Beach, according to recent issues of the Market Intelligence Report.
Overall, developers are proposing 20 new towers with more than 4,000 units near the coast in the tricounty South Florida region, according to the CondoVultures.com Preconstruction Condo Projects list.
In addition to the four proposed towers in Sunny Isles Beach, developers are planning 10 new towers in Greater Downtown Miami, two new towers in Miami Beach, two new towers in Downtown West Palm Beach, one project in the Miami-Dade County city of Aventura, and one project on the sand in the city of Hollywood in Southeast Broward County, according to a recent CondoVultures.com report.
Developers are proceeding with plans for the new projects despite about 4,700 new units from the last South Florida real estate boom still remaining unsold as of Sept. 30, 2011, according to a recent CondoVultures.com report.
In Sunny Isles Beach, some 675 new condos remain unsold as of Sept. 30, 2011 out of a pool of nearly 6,400 units created during the South Florida real estate boom that began in 2003, according to a recent CondoVultures.com report.
Sunny Isles Beach is a 40-block stretch from the city of Golden Beach boundary south to Haulover Beach Park, Biscayne Bay east to the Atlantic Ocean. Sunny Isles Beach is divided up into three neighborhoods separated by causeways: North, Central, and South.
As of Dec. 12, 2011, there are nearly 375 new Sunny Isles Beach units – created since 2003 – on the resale market at a median asking price of $515 per square foot, according to an analysis by the licensed Florida real estate brokerage CVR Realty™.
Units range in price from less than $215 per square foot to more than $1,800 per square foot, according to data from the Florida Realtors association.
More than 125 units created during the condo boom are available for rent at a median asking price of $3.02 per square foot per month as of Dec. 12, 2011, according to the data.
In 2011, renters have leased nearly 300 units created during the condo boom at a median price of $2.07 per square foot per month as of Dec. 12, according to the data.
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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