St. Regis Bal Harbour Condo Project 'Statistically' Sold Out As Of Q3 2013 Published on 10/31/2013 10:52:00 AM
Less than 10 new condos are left to be sold in the St. Regis Bal Harbour Resort & Residences on the barrier island in Northeast Miami-Dade County as of September 30 as a result of buyers purchasing 10 units for nearly $40.2 million in the third quarter of 2013, according to a new report from CondoVultures.com.
Buyers acquired more than 22,100 square feet of livable space in the St. Regis Bal Harbour Resort & Residences at an average price of nearly $1,820 per square foot between July and September of 2013, according to an analysis of Miami-Dade County records.
Individual transactions in the ultra-exclusive project ranged in price from less than $1,500 per square foot to nearly $2,250 per square foot with units trading for between $2.2 million and $7.5 million in the third quarter of 2013, according to the report based on Miami-Dade Property Appraiser records.
"In less than two years of developer sales, the St. Regis Bal Harbour Residences has statistically sold out its inventory of nearly 500 units for nearly $1.05 billion or $1,220 per square foot," said Peter Zalewski, a principal with the Downtown Miami-based real estate consultancy Condo Vultures® LLC. "An argument can be made that the St. Regis Bal Harbour project - in attracting ultra-wealthy buyers from around the world - has bolstered the overall value of condos in the Bal Harbour / Surfside / Bay Harbor Islands market. A case can also be made that a list of developers would not be currently proposing nearly two dozen new condo towers for the Bal Harbour / Surfside / Bay Harbor Islands market if not for the St. Regis Bal Harbour project's sales activity."
CondoVultures.com is scheduled to profile condo trends in the third 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 October 14, 2013.
The Condo Vultures® Market Intelligence Report™ is scheduled 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.
The St. Regis Bal Harbour is located in the Bal Harbour / Surfside / Bay Harbor Islands market that stretches 20 blocks long from 87th Street north to the Haulover Beach Park, and the Atlantic Ocean west to the Intracoastal Waterways on the barrier island in Northeast Miami-Dade County, according to the Condo Vultures® Official Condo Buyers Guide™ series.
Based on the St. Regis Bal Harbour project's sales, developers are proposing 23 new condo towers with more than a combined 1,165 units in the Bal Harbour / Surfside / Bay Harbor Islands market, according to the Preconstruction Condo Projects Database™ from CVR Realty™.
The St. Regis Bal Harbour Resort & Residences is comprised of three towers - each up to 27 stories - with nearly 500 condos, condo-hotels, 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 269-unit Center Tower is comprised of a St. Regis hotel that includes condo-hotel units 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 to the present. The complex's developer began converting preconstruction contracts into transactions in the fourth quarter of 2011. The official grand opening occurred in January 2012, according to the Miami Herald.
As of October 30, 2013, the St. Regis Bal Harbour Resort & Residences has at least 30 condos being marketed on the Multiple Listing Service at an average asking price of more than $2,175 per square foot, according to an analysis by the licensed Florida brokerage CVR Realty™.
Overall in Bal Harbour, nearly 175 condominium units are on the resale market at an average price of more than $965 per square foot as of October 30, 2013, according to the analysis based on Florida Realtors association data.
Additionally, more than 25 Bal Harbour condo units - at an average asking price of about $556 per square foot - are currently under contract waiting to transact, according to the data.
In the third quarter of 2013, buyers acquired more than 35 units at an average price of nearly $565 per square foot in Bal Harbour, according to the analysis.
As of June 30, 2013, buyers had purchased more than 96 percent of the new condo units out of a pool of the 49,000 units created in South Florida's seven largest coast markets beginning in 2003, according to a recent CondoVultures.com report.
The total number of unsold new condos does not include any of the more than 8,000 units that were purchased in bulk transactions by investment groups that plan to one day resell the units at a premium, according to the Condo Vultures® Bulk Deals Database™.
In anticipation of the eventual sellout of the new condos created during the last boom, developers are already proposing nearly 175 new condo towers with more than 22,650 units are in each of the counties of South Florida, according to the Preconstruction Condo Projects Database™ from CVR Realty™.
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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