Boca Raton: 1st New Condo Tower Planned For Downtown Area Since Crash Published on 3/17/2013 6:45:15 PM
A developer is planning the first new condo tower - dubbed the Tower One Fifty Five - for the Boca Raton / Deerfield Beach coastal market since the South Florida real estate market crashed in 2007, according to a new report from CondoVultures.com.
With the newly proposed nine-story condo project, more than 120 towers with nearly 16,400 units have been planned for the tricounty South Florida region of coastal Miami-Dade, Broward, and Palm Beach as of March 17, 2013, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
CondoVultures.com has been profiling 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 since the week of Jan. 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 Boca Raton / Deerfield Beach coastal market stretches from Spanish River Boulevard south to Hillsboro Boulevard, and and the Atlantic Ocean west to Federal Highway, according to the Condo Vultures® Official Condo Buyers Guide™ series.
In Boca Raton, a development group - a venture between architect Derek Vander Ploeg and Compson Associates - is proposing to construct the 209-unit Tower One Fifty Five on a nearly 1.3-acre site just south of the Mizner Park mixed-use development in the downtown area, according to city of Boca Raton records and the South Florida SunSentinel.
As of Dec. 31, 2012, nearly 290 new condos were unsold out of a pool of nearly 1,050 units created in the Boca Raton / Deerfield Beach coastal market during the last South Florida boom that began in 2003, according to a new CondoVultures.com report.
On the resale market, less than 330 condos are available at a median asking price of nearly $350 per square foot in the Boca Raton / Deerfield Beach coastal market as of March 16, 2013, according to the licensed Florida brokerage CVR Realty™.
Of the condos being marketed for resale in the Boca Raton / Deerfield Beach coastal market, some 16 percent of the units were created since 2003. The median resale asking price for the condo units created since 2003 is nearly $410 per square foot, according to Florida Realtors association data.
On the preconstruction front, 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 16 other highrises - Aventura's Bellini At Williams Island; Greater Downtown Miami's 1100 Millecento Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, and MyBrickell projects; Hollywood's Apogee Beach; Key Biscayne's Oceana (two towers); 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 and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
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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