South Florida's 1st Website Dedicated Exclusively To Preconstruction Condos Published on 12/18/2012 3:56:00 PM
As South Florida prepares to surpass the 100-proposed-condo-towers threshold sometime early next year, the tricounty region's first new website - CraneSpotters.com - and newsletter - CraneSpotters.com Bulletin - dedicated exclusively to preconstruction condo projects in Miami-Dade, Broward, and Palm Beach counties is scheduled to debut in January 2013 some five years after the local real estate crash began in 2007.
Powered by the licensed Florida brokerage CVR Realty™, the soon-to-be-launched CraneSpotters.com website will be dedicated exclusively to the tricounty region's burgeoning preconstruction condo market east of Interstate 95 from Coral Gables to Jupiter.
CVR Realty™ - the market intelligence source behind CraneSpotters.com - will continue to operate a 2,000-page website and full-service boutique brokerage dedicated exclusively to South Florida's condo market.
"The South Florida preconstruction condo market is proving to be confusing and overwhelming for prospective buyers who are trying to understand and evaluate the rapidly changing market," said licensed real estate broker Jenny Huertas, who manages CVR Realty™ and formerly ran the international division of Condo Vultures® Realty LLC. "With CraneSpotters.com, we intend to provide preconstruction buyers with a definitive source on the growing list of newly proposed condo projects - and the respective developers - proceeding forward in South Florida. The goal is to reinforce our position as South Florida's condo experts for existing and proposed projects."
Designed to be a realtime market intelligence source in the legacy of CondoVultures.com, the soon-to-be-launched CraneSpotters.com website will focus on providing actionable information on preconstruction projects, pricing, and parties in South Florida.
For the last year, members of the the Preconstruction Condo Desk™ (PCD) of CVR Realty™ have been collecting data, examining architectural plans, analyzing price schedules, walking project sites, and meeting with developers in pursuit of understanding every new condo tower being proposed in South Florida's coastal condo markets.
In time, the CraneSpotters.com website aspires to evolve into the clearinghouse of proposed condo tower information that has been collected and vetted by the veteran real estate professionals on the Preconstruction Condo Desk™ (PCD) of CVR Realty™.
Members of the PCD are now available to assist buyers and investors who are interested in discussing the pros and cons of purchasing preconstruction condo units in South Florida.
Several preconstruction condo project issues are expected to surface in 2013.
At the end of 2012, at least 94 new condo towers with more than 14,200 units have been proposed for South Florida since the real estate crash of 2007, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
Some five years after the South Florida condo market began to stall, one new condo tower has already been completed in the tricounty region and 14 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citicentre (two towers), BrickellHouse, and MyBrickell projects; Hollywood's Apogee Beach; Key Biscayne's Oceana (two towers); Miami Beach's Residences At Miami Beach Edition; Palm Beach County's 4001 North Ocean project; and Sunny Isles Beach's Chateau Beach, Mansions At Acqualina and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
Fueled by investors primarily from overseas, less than 2,900 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 Miami, South Beach, Sunny Isles Beach, Hollywood / Hallandale Beach, Downtown Fort Lauderdale and the Beach, Boca Raton / Deerfield Beach, and Downtown West Palm Beach and Palm Beach Island as of November 5, 2012, 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™.
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.
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.
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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