1,000 New Condos Proposed For Bal Harbour / Surfside / Bay Harbor Islands Published on 1/30/2013 12:01:39 AM
Developers are proposing nearly 1,000 new condo units in the Bal Harbour / Surfside / Bay Harbor Islands market of the barrier island in Northeast Miami-Dade County at a time when South Florida real estate shows signs of improving from a crash that began in 2007, according to a new report from CondoVultures.com.
A combination of local and international developers - in unrelated projects - are proposing to construct 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 Jan. 31, 2013, according to the Preconstruction Condo Projects list compiled by the licensed Florida brokerage CVR Realty™.
Overall, developers in South Florida are proposed more than 100 condo towers with nearly 14,500 units in the tricounty coastal market of Miami-Dade, Broward, and Palm Beach as of Jan. 31, 2013, according to research collected by the Preconstruction Condo Desk of CVR Realty™.
"On paper, the Bal Harbour / Surfside / Bay Harbor Islands market is one of the hottest submarkets on the barrier island for proposed condo projects," said Peter Zalewski, a principal with the Greater Downtown Miami-based consultancy Condo Vultures® LLC. "On the street in the Bal Harbour / Surfside / Bay Harbor Islands market, it is virtually impossible to sense what is planned as practically none of the proposed condo towers have started presales, let alone construction. Indications are, many of the proposed condo projects will begin moving forward in the year 2013 with delivery scheduled around 2015."
Zalewski is scheduled to provide the keynote presentation at the 5th Annual State Of The South Florida Condo Market Seminar on Feb. 27, 2013 at the Met 1 condo tower in Greater Downtown Miami. The event is sponsored by The Continental Group, the Miami Association Of Realtors, the Creative Avatar Co, and CVR Realty™.
CondoVultures.com is scheduled to profile condo trends in the fourth quarter of 2012 in the 10 largest coastal markets in the tricounty South Florida region of Miami-Dade, Broward, and Palm Beach counties beginning the week of Jan. 14, 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.
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 2012, buyers purchased 185 new condo units in the St. Regis Bal Harbour Resort & Residences for more than $700 million, according to a new CondoVultures.com report.
With the average new condo sales price topping $1,480 per square foot at the St. Regis Bal Harbour in 2012, 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 condo market began to stall, the new 23 Biscayne Bay condo tower has already been completed in the tricounty region and 15 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citicentre (two towers), BrickellHouse, Habitat II, 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 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.