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2 Waterfront Development Sites Trade In Bay Harbor Islands In April
2 Waterfront Development Sites Trade In Bay Harbor Islands In April
Published on 5/5/2013 4:56:01 PM

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Investors paid a combined $11.2 million in April 2013 for a pair of waterfront development sites in the Bal Harbour / Surfside / Bay Harbor Islands market of the barrier island in Northeast Miami-Dade County where nearly 1,000 new condo units are proposed, according to a new report from CondoVultures.com

It is unclear what the new owners plan to do the development sites located on West Bay Harbor Drive fronting the Intracoastal Waterway in the town of Bay Harbor Islands.

A combination of local and international developers - in unrelated projects - have proposed 14 towers with a combined 140 floors of units on primarily waterfront locations that front the Atlantic Ocean or the Intracoastal Waterway in the Bal Harbour / Surfside / Bay Harbor Islands market as of May 5, 2013, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.

Overall, developers in South Florida are proposed more than 130 condo towers with nearly 18,000 units in the tricounty coastal market of Miami-Dade, Broward, and Palm Beach as of May 5, 2013, according to research collected by CraneSpotters.com

"After years of limited new development, Bay Harbor Islands is suddenly a hot market," said Peter Zalewski, a principal with the Greater Downtown Miami-based consultancy Condo Vultures® LLC. "Right now, investors are descending upon the Bal Harbour / Surfside / Bay Harbor Islands area looking for developable land in an attempt to try to capitalize on the strong pricing - an average of more than $1,500 per square foot - being achieved for new condos at the nearby St. Regis Bal Harbour Resort & Residences. The unanswered question is, whether buyers will pay a premium for condos in the area that are not part of the St. Regis complex."

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 Bal Harbour / Surfside / Bay Harbor Islands market of the barrier island stretches 20 blocks long from 87th Street north to the Haulover Beach Inlet, and the Atlantic Ocean west to the Intracoastal Waterways between South Beach and Sunny Isles Beach in Northeast Miami-Dade County, according to the Condo Vultures® Official Condo Buyers Guide™ series.

In the first land deal in Bay Harbor Islands, a Florida corporation - Bay Harbor Residences LLC - paid $5 million to New Bay Harbor LLC for three parcels with a combined 33,800 square feet of waterfront land in the 9900 block of West Bay Harbor Drive in a transaction recorded on April 3, 2013, according to Miami-Dade County records. 

A seven-story condo tower with 60 units has been proposed for the site, according to town of Bay Harbor Island records. 

In the second land deal, a Florida corporation - Bay Village Condos LLC - paid $6.2 million for two parcels with a combined 31,100 square feet of land in the 9500 block of West Bay Harbor Drive in a deal recorded April 19, 2013, according to government records. 

Prior to the second land deal, the seller - Monarch at Bay Harbor LLC - purchased the development rights from nearby property owners for an additional 12 units in the town of Bay Harbor Islands in February 2013, according to Miami-Dade County records.

Additionally, the seller - Monarch at Bay Harbor LLC - had previously obtained "approval of a planned unit development" for a 96-unit hotel with retail space on the site in January 2012, according to government records.      

It is unclear if the land buyers - Bay Harbor Residences LLC and Bay Village Condos LLC - are related as the individual ownership information has been omitted from the corporate documents posted online but the registered agent for both groups is listed as Jennifer Snyder with the same Biscayne Boulevard address in Aventura, according to the Florida Division of Corporations.

Buyers have been increasingly active in the Bal Harbour / Surfside / Bay Harbor Islands market for at least the last year following the January 2012 grand opening of the St. Regis Bal Harbour Resort & Residences located on 9700 block of Collins Avenue. 

In the first quarter of 2013, buyers purchased 30 new condo units in the St. Regis Bal Harbour Resort & Residences for more than $130 million, according to a new CondoVultures.com report.   

With the average new condo sales price totaling nearly $1,550 per square foot at the St. Regis Bal Harbour in the first quarter of 2013, developers are proposing a variety of new projects in the area with differing price ranges and amenities, including the 27-story Consultatio Bal Harbour with 260 units in Bal Harbour, the 12-story Chateau Ocean with 85 units in Surfside, and the eight-story Island House with 93 units in Bay Harbor Islands, according to the Preconstruction Condo Projects Database™ of CVR Realty™.

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 ResidencesBrickell Citycentre (two towers), BrickellHouseHabitat IIICON 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 BeachMansions At AcqualinaPorsche Design Tower, 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 2,500 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 Dec. 31, 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 number 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 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 2013. Condo Vultures® LLC. All Rights Reserved.  


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