1,200 New Condo Units Proposed For Miami Beach, North Bay Village Markets Published on 4/28/2013 5:29:46 PM
With at least 128 new condo towers already proposed for South Florida since the real estate crash of 2007, four different developers are proposing five additional boutique buildings with a combined 235 more units in the neighboring barrier island municipalities of Miami Beach and North Bay Village in Miami-Dade County, according to a new report from CondoVultures.com.
The newly proposed condo towers - The Mimosa condo-hotel, Atlantiqua, and an unnamed waterfront project on South Shore Drive in Miami Beach as well as an unnamed waterfront project on the Kennedy Causeway in North Bay Village - come at a time when developers are now proposing at least 18 new towers with more than 1,200 condo units in the southern half of the barrier islands in Miami-Dade County, according to the Cranespotters.com Preconstruction Condo Projects Database™ compiled by the licensed Florida brokerage CVR Realty™.
Overall in South Florida, developers are now proposing more than 17,900 units for the tricounty region of coastal Miami-Dade, Broward, and Palm Beach as of April 28, 2013, according to Cranespotters.com.
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 Condo Vultures® Market Intelligence Report™ plans 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.
Of the four newly proposed condo projects on the barrier islands in Miami-Dade County, the largest project is slated to have 134 units fronting Biscayne Bay on a nearly two-acre site where The Crab House restaurant currently operates in North Bay Village, according to the South Florida Business Journal.
Less than a mile east of the North Bay Village project, a developer is renewing plans from the previous construction boom to build a pair of four-story condo buildings - previously dubbed the Normandy Shores Lofts - with a combined 28 units fronting the Intracoastal Waterway, according to city of Miami Beach records.
To the southeast, a third project - The Mimosa with nine floors and 69 units fronting the Atlantic Ocean - is slated to be developed on vacant land east of an existing condo-hotel located in the 6500 block of Collins Avenue, according to Miami Beach records.
The fourth project - the luxury Atlantiqua condo with units that are an entire floor and feature individual swimming pools - is slated to be a five-story building with four units in the 200 block of 30th Street just north of the new Residences At Miami Beach Edition project where prices reportedly start at more than $3,000 per square foot, according to government records.
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 Residences, Brickell Citycentre (two towers), BrickellHouse, Habitat II, ICON 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 Beach, Mansions At Acqualina, Porsche Design Tower, and Regalia - are under construction as the post-crash development era gains momentum, according to a recent CondoVultures.com report.
The push for new condo construction comes as boom-era unit inventory is selling at a slow pace in South Beach.
As of March 31, 2013, nearly 600 new condos remain unsold - for a third consecutive quarter - out of a total of nearly 5,600 units created in the South Beach market during the last South Florida boom that began in 2003, according to a new CondoVultures.com report.
On the resale market, more than 850 condos are available for purchase at a median asking price of about $510 per square foot in the South Beach market as of April 28, 2013, according to the licensed Florida brokerage CVR Realty™.
Of the condos being marketed for resale in South Beach, nearly 24 percent of the units were created since 2003. The median resale asking price for the condo units created since 2003 is more than $975 per square foot, according to Florida Realtors association data.
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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