5 New Condo Towers Planned For Bal Harbour / Surfside / Bay Harbor Islands Published on 8/4/2013 4:16:32 PM 
With at least 147 new condo towers already proposed for South Florida, developers are planning an additional five new condo project in the barrier island market of Bal Harbour / Surfside / Bay Harbor Islands in Northeast Miami-Dade County as the region's real estate market shows signs of recovering from the dramatic downturn of 2007, according to a new report from CondoVultures.com.
The new condo projects - dubbed the Bay Harbor I, Bay Harbor 101, 1120 Bay Breeze, 1150 Condominium, and Bay View 102 - are slated to be developed at a time when 14 towers with nearly 1,000 units have already been proposed for the Bal Harbour / Surfside / Bay Harbor Islands market, according to the Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, developers are now proposing nearly 19,900 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of Aug. 4, 2013, according to the report.
"The Bal Harbour / Surfside / Bay Harbor Islands area is one of the busiest South Florida markets in terms of newly proposed condo towers," said Peter Zalewski, a principal with the Downtown Miami-based real estate consultancy Condo Vultures® LLC. "The new condo sales success - more than $1 billion and counting - at the St. Regis Bal Harbour complex has been the catalyst attracting developers to the Bal Harbour / Surfside / Bay Harbor Islands market. To date, developers are proposing at least 19 condo towers with more than 1,150 units in the Bal Harbour / Surfside / Bay Harbor Islands market.
"The unanswered question is, whether the buyer demand is deep enough to justify the development of all of the proposed condo projects slated to go up in the Bal Harbour / Surfside / Bay Harbor Islands market."
CondoVultures.com is scheduled to profile condo trends in the second 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 July 15, 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 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 Bay Harbor Islands, developers are proceeding with plans for the 1120 Bay Breeze, a six-story project with 17 units in the 1100 block of 98th Street; the 1150 Condominium, a seven-story project with 17 units in the 1100 block of 101st Street; the Bay Harbor I, an eight-story project with 36 units in the 1100 block of 100th Street; the Bay Harbor 101, an eight-story project with 42 units in the 1100 block of 101st Street; and the Bay View 102, an eight-story project with 42 units in the 1100 block of 102nd Street, according to town of Bay Harbor Island records.
Buyers have been increasingly active in the Bal Harbour / Surfside / Bay Harbor Islands market for at least the last 18 months following the January 2012 grand opening of the St. Regis Bal Harbour Resort & Residences located on 9700 block of Collins Avenue.
In the second half of 2013, buyers purchased 21 new condo units in the St. Regis Bal Harbour Resort & Residences for more than $78 million, according to a new CondoVultures.com report.
With the average new condo sales price averaging more than $1,610 per square foot at the St. Regis Bal Harbour in the second 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 list of CVR Realty™.
Some six years after the South Florida real estate crash began in 2007, one new condo tower has already been completed in the tricounty region and 24 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; Hallandale Beach's Beachwalk; Hollywood's Apogee Beach and Costa Hollywood (two towers); Key Biscayne's Oceana (two towers); Miami's Baltus House in the Morningside area and Grove At Grand Bay (two towers) in the Coconut Grove are ; 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 CondoVultures.com report.
The push for new condo construction comes as the boom-era unit inventory is dwindling in South Florida.
Overall in South Florida, less than 2,150 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 March 31, 2013, 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.
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